Trade Policy And The Real Exchange Rate PDF Download
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Author | : Ms.Xiangming Li |
Publisher | : International Monetary Fund |
Total Pages | : 39 |
Release | : 2003-06-01 |
Genre | : Business & Economics |
ISBN | : 1451854749 |
Download Trade Liberalization and Real Exchange Rate Movement Book in PDF, ePub and Kindle
Although theory suggests that the real exchange rate should depreciate after a credible trade liberalization but could appreciate temporarily with a noncredible one, little empirical evidence exists. Unlike existing studies that use either indirect tests or unreliable openness measures, this paper uses an event study based on carefully documented trade liberalization in 45 countries. The result shows that real exchange rates depreciate after countries open their economies to trade. In countries with multiple liberalization episodes, however, real exchange rates appreciate during early episodes, suggesting that partial or noncredible trade liberalizations are associated with real appreciation.
Author | : Chief Economist Latin America and Caribbean Region Sebastian Edwards |
Publisher | : |
Total Pages | : 0 |
Release | : 1989-08-04 |
Genre | : |
ISBN | : 9780262519014 |
Download Real Exchange Rates, Devaluation, and Adjustment Book in PDF, ePub and Kindle
Real Exchange Rates, Devaluation, and Adjustment provides a unified theoretical and empirical investigation of exchange rate policy and performance in scores of developing countries. It develops a theory of equilibrium and disequilibrium real exchange rates, takes up the question of why devaluations are the most controversial policy measures in poorer nations, and discusses what determines their success or failure. In a lucid fashion, Edwards organizes vast amounts of data on exchange rates - both real and nominal - and discusses their effect on net trade balances, net asset positions, output growth, real wages, and rates of price inflation, analyzed both in time series and through cross country comparisons. Edwards's investigation singles out 39 major devaluation episodes for before and after comparative analyses while simultaneously isolating the separate effects of other important explanatory variables, such as bank credit expansion and changes in the terms of trade. The first part of the book focuses on theoretical models of devaluation and real exchange rate behavior in less developed countries. Special attention is paid to intertemporal channels in the transmission of disturbances. The second part uses a large cross country data set to analyze the way the real exchange rate has behaved in these nations. The data are also used to test the implications of several theories of real exchange rate determination. The third part analyzes actual devaluation experiences between 1962 and 1982. These chapters examine the events leading to a balance of payments crisis and to a devaluation, exploring the relation between macroeconomic disequilibrium, and the imposition of trade and exchange controls. They also investigate the effect of nominal devaluation on key variables such as the balance of payments, the current account, the real exchange rate, real output real wages, and income distribution.
Author | : |
Publisher | : |
Total Pages | : 257 |
Release | : 1988 |
Genre | : |
ISBN | : |
Download Trade Policy and the Real Exchange Rate Book in PDF, ePub and Kindle
Author | : Mr.Luis Catão |
Publisher | : International Monetary Fund |
Total Pages | : 48 |
Release | : 2013-05-17 |
Genre | : Business & Economics |
ISBN | : 1484397878 |
Download World Food Prices, the Terms of Trade-Real Exchange Rate Nexus, and Monetary Policy Book in PDF, ePub and Kindle
How should monetary policy respond to large fluctuations in world food prices? We study this question in an open economy model in which imported food has a larger weight in domestic consumption than abroad and international risk sharing can be imperfect. A key novelty is that the real exchange rate and the terms of trade can move in opposite directions in response to world food price shocks. This exacerbates the policy trade-off between stabilizing output prices vis a vis the real exchange rate, to an extent that depends on risk sharing and the price elasticity of exports. Under perfect risk sharing, targeting the headline CPI welfare-dominates targeting the PPI if the variance of food price shocks is not too small and the export price elasticity is realistically high. In such a case, however, targeting forecast CPI is a superior choice. With incomplete risk sharing, PPI targeting is clearly a winner.
Author | : Miguel Alberto Kiguel |
Publisher | : World Bank Publications |
Total Pages | : 35 |
Release | : 1992 |
Genre | : Inflacion - America Latina |
ISBN | : |
Download Exchange Rate Policy, the Real Exchange Rate and Inflation Book in PDF, ePub and Kindle
Author | : Howard J. Shatz |
Publisher | : World Bank Publications |
Total Pages | : 36 |
Release | : 2000 |
Genre | : Black market in foreign exchange |
ISBN | : |
Download Exchange Rate Overvaluation and Trade Protection Book in PDF, ePub and Kindle
"Lessons from world experience about the consequences of exchange rate overvaluation (the frequent cause of trade crises), the consequences of trying to defend an overvalued exchange rate, and the most appropriate policies for resolving an overvaluation"--Cover.
Author | : Jan Kees Martijn |
Publisher | : Purdue University Press |
Total Pages | : 292 |
Release | : 1993 |
Genre | : Business & Economics |
ISBN | : |
Download Exchange-rate Variability and Trade Book in PDF, ePub and Kindle
Contains essays on the impact of exchange-rate variability on trade policy and trade flows
Author | : W. Max Corden |
Publisher | : University of Chicago Press |
Total Pages | : 335 |
Release | : 1994 |
Genre | : Business & Economics |
ISBN | : 0226115917 |
Download Economic Policy, Exchange Rates, and the International System Book in PDF, ePub and Kindle
This account of exchange rates in the international monetary system considers the issues in international macroeconomics. Using theoretical models of international economics it explains the effects of various policies and issues in macroeconomics.
Author | : Robert A. Amano |
Publisher | : |
Total Pages | : 52 |
Release | : 1993 |
Genre | : Foreign exchange rates |
ISBN | : |
Download Terms of Trade and Real Exchange Rates Book in PDF, ePub and Kindle
Author | : Assaf Razin |
Publisher | : Springer Science & Business Media |
Total Pages | : 300 |
Release | : 2012-12-06 |
Genre | : Business & Economics |
ISBN | : 3642608469 |
Download Trade and Tax Policy, Inflation and Exchange Rates Book in PDF, ePub and Kindle
Ass a f R a z i nand Hans-Jiirgen Vosgerau The eight chapters of this volume have been grouped into two parts. Part A of contains chapters which are mainly monetary in character, whereas real aspects international economics are treated in Part B. It goes without saying that this is only a device for structuring the field. In substance most chapters reveal the close connections between real and monetary aspects. Part A on "Inflation, Exchange Rates, and Macro-Economic Adjustment in the Global Economy" consists of four papers. In recent years, an inflation targeting framework for monetary policy has been adopted by New Zealand, Canada, the United Kingdom, Finland, Sweden, Australia, and Spain (in chronological order). The use of inflation targeting can be viewed as a further step in the evolution of monetary policy techniques adopted by central banks. A common feature of the countries that have adopted inflation targets is the relatively poor inflation record over the last 30 years compared with other industrial countries such as Germany, Switzerland, Japan and the United States. Because of their relatively good inflation record, this latter group of countries has not explicitly adopted inflation targeting. With, or without, explicit inflation targeting the monetary policy credibility hinges on the independence of the central bank. Alex Cukierman addresses the issue of central bank independence by surveying alternative ways to characterize independence.