Real Exchange Rates Devaluation And Adjustment PDF Download
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Author | : Sebastian Edwards |
Publisher | : |
Total Pages | : 394 |
Release | : 1989 |
Genre | : Devaluation of currency |
ISBN | : |
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 | : Sebastian Edwards |
Publisher | : |
Total Pages | : 371 |
Release | : 1991 |
Genre | : |
ISBN | : |
Download Real Exchange Rates, Devaluation, and Adjustment Exchange Rate in Developing Countries Book in PDF, ePub and Kindle
Author | : Sebastian Edwards |
Publisher | : |
Total Pages | : 34 |
Release | : 1988 |
Genre | : Foreign exchange |
ISBN | : |
Download Introduction to Real Exchange Rates, Devaluation and Adjustment Book in PDF, ePub and Kindle
Author | : Sebastian Edwards |
Publisher | : University of Chicago Press |
Total Pages | : 460 |
Release | : 2007-12-01 |
Genre | : Business & Economics |
ISBN | : 0226184730 |
Download Economic Adjustment and Exchange Rates in Developing Countries Book in PDF, ePub and Kindle
In spite of the attention paid exchange rates in recent economic debates on developing countries, relatively few studies have systematically analyzed in detail the various ramifications of exchange rate policy in these countries. In this new volume from the National Bureau of Economic Research, leading economists use rigorous models to tackle various exchange rate issues, while also illuminating policy implications that emerge from their analyses. The volume, divided into four main sections, addresses: the role of exchange rates in stabilization programs and the adjustment process; the importance of exchange rate policy during liberalization reform in developing countries; exchange rate problems relevant and unique to developing countries, illustrated by case studies; and the problems defining, measuring, and identifying determinants of real exchange rates. Authors of individual papers examine the relation between commercial policies and exchange rates, the role of exchange rate policy in stabilization programs, the effectiveness of devaluations as a policy tool, and the interaction between exchange rate terms of trade an capital flow. This research will not only prove crucial to our understanding of the role of exchange rates in developing countries, but will clearly set the standard for future work in the field.
Author | : Sebastian Edwards |
Publisher | : |
Total Pages | : 44 |
Release | : 1988 |
Genre | : Foreign exchange |
ISBN | : |
Download Conclusion and Bibliography of Real Exchange Rates, Devaluation and Adjustment Book in PDF, ePub and Kindle
Author | : Ariel T. Burstein |
Publisher | : |
Total Pages | : 66 |
Release | : 2004 |
Genre | : Devaluation of currency |
ISBN | : |
Download Large Devaluations and the Real Exchange Rate Book in PDF, ePub and Kindle
"In this paper we argue that the primary force behind the large drop in real exchange rates that occurs after large devaluations is the slow adjustment in the price of nontradable goods and services. Our empirical analysis uses data from five large devaluation episodes: Argentina (2001), Brazil (1999), Korea (1997), Mexico (1994), and Thailand (1997). We conduct a detailed analysis of the Argentina case using disaggregated CPI data, data from our own survey of prices in Buenos Aires, and scanner data from supermarkets. We assess the robustness of our findings by studying large real-exchange-rate appreciations, medium devaluations, and small exchange-rate movements"--National Bureau of Economic Research web site.
Author | : Mr.Guillermo Calvo |
Publisher | : International Monetary Fund |
Total Pages | : 50 |
Release | : 1994-02-01 |
Genre | : Business & Economics |
ISBN | : 1451921217 |
Download Targeting the Real Exchange Rate Book in PDF, ePub and Kindle
This paper presents a theoretical and empirical analysis of policies aimed at setting a more depreciated level of the real exchange rate. An intertemporal optimizing model suggests that, in the absence of changes in fiscal policy, a more depreciated level of the real exchange can only be attained temporarily. This can be achieved by means of higher inflation and/or higher real interest rates, depending on the degree of capital mobility. Evidence for Brazil, Chile, and Colombia supports the model’s prediction that undervalued real exchange rates are associated with higher inflation.
Author | : Riccardo Faini |
Publisher | : |
Total Pages | : 54 |
Release | : 1990 |
Genre | : Ajuste economico - Paises en desarrollo |
ISBN | : |
Download Adjustment, Investment, and the Real Exchange Rate in Developing Countries Book in PDF, ePub and Kindle
This review of adjustment experience suggests that sharp devaluation of the exchange rate is probably ineffective in countries exporting primary goods. To encourage investment, adjustment packages must do more to ensure a stable macroeconomic environment and appropriate debt relief.
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 | : Mr.Vladimir Klyuev |
Publisher | : International Monetary Fund |
Total Pages | : 37 |
Release | : 2003-06-01 |
Genre | : Business & Economics |
ISBN | : 1451855516 |
Download The Distributional Consequences of Real Exchange Rate Adjustment Book in PDF, ePub and Kindle
The paper focuses on distributional consequences of macroeconomic adjustment. The preferences of economic agents over the level of the real exchange rate derived from standard models are monotonic, with agents favoring either an infinitely appreciated or depreciated rate. To generate less extreme preferences, a model is presented where appreciation would depress economic activity, while a large depreciation would hit the tradable sector by limiting the availability of labor, offsetting the favorable price effect. The model is in the spirit of the dependent economy model, but built on explicit microfoundations. The results can be used to analyze political economy aspects of macroeconomic adjustment.