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Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 24 |
Release | : 1988-05-03 |
Genre | : Business & Economics |
ISBN | : 1451977700 |
Download Trade and Investment Performance Under Floating Exchange Rates Book in PDF, ePub and Kindle
Contrary to the arguments of several scholars, we have failed to find either a conclusive theoretical case or clear empirical evidence of an effect, harmful or otherwise, of exchange rate variability (as measured by either short-term volatility or long-run misalignment) on overall levels of international trade. In this paper, after reviewing the theories and evidence on this issue, we go on to consider the impact of exchange rate variability on direct foreign investment. We summarize and amplify upon the scant theoretical literature of this issue, and proceed to test U.S. data for the presence of such an impact. We find none.
Author | : Martin J. Bailey |
Publisher | : |
Total Pages | : 34 |
Release | : 1988 |
Genre | : Foreign exchange |
ISBN | : |
Download Trade and Investment Performance Under Floating Exchange Rates Book in PDF, ePub and Kindle
Author | : Martin J. Bailey |
Publisher | : |
Total Pages | : 22 |
Release | : 1988 |
Genre | : Foreign exchange |
ISBN | : |
Download Trade and Investment Performance Under Floating Exchange Rates Book in PDF, ePub and Kindle
Author | : Martin J. Bailey |
Publisher | : |
Total Pages | : 24 |
Release | : 2006 |
Genre | : |
ISBN | : |
Download Trade and Investment Performance Under Floating Exchange Rates Book in PDF, ePub and Kindle
Contrary to the arguments of several scholars, we have failed to find either a conclusive theoretical case or clear empirical evidence of an effect, harmful or otherwise, of exchange rate variability (as measured by either short-terra volatility or long-run misalignment) on overall levels of international trade. In this paper, after reviewing the theories and evidence on this issue, we go on to consider the impact of exchange rate variability on direct foreign investment. We summarize and amplify upon the scant theoretical literature of this issue, and proceed to test U.S. data for the presence of such an impact. We find none.
Author | : Martin J. Bailey |
Publisher | : |
Total Pages | : 22 |
Release | : 1988 |
Genre | : |
ISBN | : |
Download Trade and Investment Proformance Under Floating Exchange Rates Book in PDF, ePub and Kindle
Author | : Bahar Erdal |
Publisher | : Routledge |
Total Pages | : 150 |
Release | : 2017-05-18 |
Genre | : Business & Economics |
ISBN | : 1351801716 |
Download The Effects of Real Exchange Rate Volatility on Sectoral Investment Book in PDF, ePub and Kindle
Originally published in 1997. This study investigates what the effects of real exchange rate volatility are on sectorial investment in the fixed and flexible exchange rate systems. It lays out the results of research into the effects of the levels and volatility of real exchange rates on investment in the manufacturing sectors of the countries in the European Monetary System as well as of the countries in the flexible exchange rate system, with data from between 1973 and 1993. Examining the differences between the two systems in the results this book also looks at exchange rate effects on interest rates at the time.
Author | : Joshua Aizenman |
Publisher | : |
Total Pages | : 58 |
Release | : 1991 |
Genre | : Capital movements |
ISBN | : |
Download Foreign Direct Investment, Productive Capacity and Exchange Rate Regimes Book in PDF, ePub and Kindle
The purpose of this paper is to examine the implications of foreign direct investment and endogenous capacity choice on the welfare ranking of exchange rate regimes, and to analyze the linkages between volatility of shocks, the volume of trade and investment. We construct an intertemporal version of a monopolistic competitive framework, where producers may diversify internationally by foreign direct investment. Volatility is shown to induce both higher international trade in goods, as well as higher foreign direct investment, with the possibility of increasing the productive capacity in diversified industries. We apply the above framework to the welfare ranking of exchange rate regimes in the presence of nominal contracts. We show that the volatility of employment in the presence of real shocks is lower under a floating exchange rate regime, but that a by-product of the relative stability of employment is a lower expected GNP in a flexible exchange rate regime. Nominal shocks in a floating exchange rate regime are shown to generate international diversification, which leads to a higher capital cost of diversified industries. This effect implies a lower number of? independent producers and of varieties offered, ultimately leading to a lower expected utility of consumption. We show that attempts to reduce foreign direct investment by capital controls will tend to reduce welfare, without affecting our results regarding the ranking of exchange rate regimes. These observations lead us to conclude that volatility effects reduce the relative attractiveness of floating exchange rates. This conclusion applies to both real and nominal shocks.
Author | : Anthony Lanyi |
Publisher | : Princeton, N.J. : International Finance Section, Princeton University |
Total Pages | : 48 |
Release | : 1969 |
Genre | : Business & Economics |
ISBN | : |
Download The Case for Floating Exchange Rates Reconsidered Book in PDF, ePub and Kindle
Author | : Atish R. Ghosh |
Publisher | : MIT Press |
Total Pages | : 252 |
Release | : 2002 |
Genre | : Business & Economics |
ISBN | : 9780262072403 |
Download Exchange Rate Regimes Book in PDF, ePub and Kindle
An empirical study of exchange rate regimes based on data compiled from 150 member countries of the International Monetary Fund over the past thirty years. Few topics in international economics are as controversial as the choice of an exchange rate regime. Since the breakdown of the Bretton Woods system in the early 1970s, countries have adopted a wide variety of regimes, ranging from pure floats at one extreme to currency boards and dollarization at the other. While a vast theoretical literature explores the choice and consequences of exchange rate regimes, the abundance of possible effects makes it difficult to establish clear relationships between regimes and common macroeconomic policy targets such as inflation and growth. This book takes a systematic look at the evidence on macroeconomic performance under alternative exchange rate regimes, drawing on the experience of some 150 member countries of the International Monetary Fund over the past thirty years. Among other questions, it asks whether pegging the exchange rate leads to lower inflation, whether floating exchange rates are associated with faster output growth, and whether pegged regimes are particularly prone to currency and other crises. The book draws on history and theory to delineate the debate and on standard statistical methods to assess the empirical evidence, and includes a CD-ROM containing the data set used.
Author | : H Fournier |
Publisher | : Martinus Nijhoff Publishers |
Total Pages | : 241 |
Release | : 1976-04 |
Genre | : Law |
ISBN | : 9004633987 |
Download Floating Exchange Rates Book in PDF, ePub and Kindle