Download or read book A Primer on Real Effective Exchange Rates written by Menzie David Chinn and published by . This book was released on 2005 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Several alternative measures of "effective" exchange rates are discussed in the context of their theoretical underpinnings and actual construction. Focusing on contemporary indices and recently developed econometric methods, the empirical characteristics of these differing series are examined, including the exchange rates for the U.S., the euro area and several East Asian countries. The issues that confront the applied economist or policymaker in using the measures of real effective exchange rates available are illustrated in several case studies from current interest: (i) evaluating exchange rate misalignment, (ii) testing the Balassa-Samuelson effect, (iii) estimating the price responsiveness of trade flows, and (iv) assessing the potential impact of competitive devaluations"--NBER website

Download or read book Fundamental Determinants of Exchange Rates written by Jerome L. Stein and published by Oxford University Press. This book was released on 1997 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book greatly enhances our understanding of the behavior of real exchange rates. It provides an elegant model based on a solid theoretical foundation that links real exchange rates to their fundamental economic determinants and takes proper account of stock and flow considerations. The authors provide a masterful account of how changes in productivity and thrift affect the real exchange rate, and show that the long-run impact depends crucially on whether the change reflects the former fundamental (investment) or the latter (consumption). The empirical implementation uses state-of-the-art cointegration and error correction methodologies that are eminently well suited to capture the short-run adjustment of the real exchange rate to its medium- to long-run equilibrium value. The empirical results are extremely encouraging, as the economic fundamentals identified by the authors can explain a substantial part of the movement in the real exchange rate of a number of countries."--Peter Clark, International Monetary Fund

Download or read book What Determines Real Exchange Rates The Long and Short of it written by Ronald MacDonald and published by International Monetary Fund. This book was released on 1997-02 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a reduced-form model of the real exchange rate. Using multilateral cointegration methods, the model is implemented for the real effective exchange rates of the dollar, the mark, and the yen, over the period 1974-1993. In contrast to much other research using real exchange rates, there is evidence of significant and sensible long-run relationships for a simplified version as well as for the full version of the model. The estimated long-run relationships are used to produce dynamic equations, which outperform a random walk and produce sensible dynamic patterns in the context of an impulse response analysis.

Download or read book A Primeron the IMF s Information Notice System written by Mr.Dominique Desruelle and published by International Monetary Fund. This book was released on 1997-05-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper describes the methodology and the data used to compute nominal and real effective exchange rate indices in the International Monetary Fund’s Information Notice System (INS). In particular, it highlights improvements to the INS implemented over 1994-96, including modifications to the computational methodology, use of updated data, and extension of the INS to recent Fund members.

Download or read book Real Exchange Rates and Fundamentals written by Luca Antonio Ricci and published by International Monetary Fund. This book was released on 2008 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper employs newly constructed measures for productivity differentials, external imbalances, and commodity terms of trade to estimate a panel cointegrating relationship between real exchange rates and a set of fundamentals for a sample of 48 industrial countries and emerging markets. It finds evidence of a strong positive relation between the CPI-based real exchange rate and commodity terms of trade. The estimated impact of productivity growth differentials between traded and nontraded goods, while statistically significant, is small. Increases in net foreign assets and in government consumption tend to be associated with appreciating real exchange rates.

Download or read book Real Exchange Rates Economic Complexity and Investment written by Steve Brito and published by International Monetary Fund. This book was released on 2018-05-10 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that the response of firm-level investment to real exchange rate movements varies depending on the production structure of the economy. Firms in advanced economies and in emerging Asia increase investment when the domestic currency weakens, in line with the traditional Mundell-Fleming model. However, in other emerging market and developing economies, as well as some advanced economies with a low degree of structural economic complexity, corporate investment increases when the domestic currency strengthens. This result is consistent with Diaz Alejandro (1963)—in economies where capital goods are mostly imported, a stronger real exchange rate reduces investment costs for domestic firms.

Download or read book The Measurement of Real Effective Exchange Rates written by Menzie David Chinn and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The theoretical bases for different definitions of the real exchange rate are discussed. Alternative means of calculating "effective" exchange rates are presented. Some of the empirical characteristics of these series are examined in the context of several Pacific Rim countries. The use of real effective exchange rates is presented in several context, including (i) evaluating exchange rate overvaluation, (ii) relating real exchange rates to productivity differentials, (iii) estimating the relative price responsiveness of trade flows, and (iv) assessing the impact of competitive devaluation.

Download or read book Exchange Rate Rules written by John Williamson and published by . This book was released on 1981 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Exchange Rate System written by John Williamson and published by . This book was released on 1985 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book A Primer on the Imf s Information Notice System written by A. Zanello and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper describes the methodology and the data used to compute nominal and real effective exchange rate indices in the International Monetary Fund's Information Notice System (INS). In particular, it highlights improvements to the INS implemented over 1994-96, including modifications to the computational methodology, use of updated data, and extension of the INS to recent Fund members.

Download or read book Measures of Real Effective Exchange Rates written by Stephen Wright and published by . This book was released on 1993 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Real Effective Exchange Rates 1870 1913 written by Solomos Solomou and published by . This book was released on 1994 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Real Exchange Rates and the Prices of Nontradable Goods written by Stefano Micossi and published by . This book was released on 1994 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book International Financial Statistics April 2003 written by International Monetary Fund. Statistics Dept. and published by International Monetary Fund. This book was released on 2014-06-23 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF’s principal statistical publication, International Financial Statistics (IFS) Online, is the standard source of international statistics on all aspects of international and domestic finance. For most countries, IFS Online reports data on balance of payments, international investment position, international liquidity, monetary and financial statistics, exchange rates, interest rates, prices, production, government accounts, national accounts, and population. Updated monthly.

Download or read book Exchange Rates and Economic Fundamentals written by Mr.Tamim Bayoumi and published by International Monetary Fund. This book was released on 1994-09-15 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper summarizes the methods and types of indicators that are often employed, both insid and outside the IMF, to assess whether exchange rates are broadly in line with economic fundamentals.

Download or read book The Princeton Encyclopedia of the World Economy Two volume set written by Kenneth A. Reinert and published by Princeton University Press. This book was released on 2010-08-02 with total page 1329 pages. Available in PDF, EPUB and Kindle. Book excerpt: An essential reference to all facets of the world economy Increasing economic globalization has made understanding the world economy more important than ever. From trade agreements to offshore outsourcing to foreign aid, this two-volume encyclopedia explains the key elements of the world economy and provides a first step to further research for students and scholars in public policy, international studies, business, and the broader social sciences, as well as for economic policy professionals. Written by an international team of contributors, this comprehensive reference includes more than 300 up-to-date entries covering a wide range of topics in international trade, finance, production, and economic development. These topics include concepts and principles, models and theory, institutions and agreements, policies and instruments, analysis and tools, and sectors and special issues. Each entry includes cross-references and a list of sources for further reading and research. Complete with an index and a table of contents that groups entries by topic, The Princeton Encyclopedia of the World Economy is an essential resource for anyone who needs to better understand the global economy. More than 300 alphabetically arranged articles on topics in international trade, finance, production, and economic development International team of contributors Annotated list of further reading with each article Topical list of entries Full index and cross-references Entry categories and sample topics: Concepts and principles: globalization, anti-globalization, fair trade, foreign direct investment, international migration, economic development, multinational enterprises Models and theory: Heckscher-Ohlin model, internalization theory, New Trade Theory, North-South trade, Triffin dilemma Institutions and agreements: European Union, International Monetary Fund, World Trade Organization, World Bank, Doha Round, international investment agreements Policies and instruments: dollar standard, international aid, sanctions, tariffs Analysis and tools: exchange rate forecasting, effective protection, monetary policy rules Sectors and special issues: child labor, corporate governance, the digital divide, health and globalization, illegal drugs trade, petroleum, steel

Download or read book The Impact of the Strong Euro on the Real Effective Exchange Rates of the Two Francophone African CFA Zones written by Ali Zafar and published by World Bank Publications. This book was released on 2005 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The author estimates the degree of misalignment of the CFA franc since the introduction of the euro in 1999. Using a relative purchasing power parity-based methodology, he develops a monthly panel time series dataset for both the Economic and Monetary Community of Central Africa (CEMAC) zone and the West African Economic and Monetary Union (UEMOA) zone to compute a trade-weighted real effective exchange rate indexed series from January 1999 to December 2004. The author's main finding is that the real effective exchange rate appreciated by close to 8 percent in UEMOA and 7 percent in CEMAC, influenced by volatility in the euro-dollar bilateral exchange rate and conservative monetary policies in the two zones, resulting in a partial loss of competitiveness in export markets. The lower appreciation in Central Africa can be explained by lower inflation in CEMAC than in UEMOA and by the greater trade with higher inflation East Asian countries, partially offset by the peg to the dollar. However, the inclusion of "unrecorded trade" results in an appreciation of only 6 percent in the UEMOA zone and 6 percent in the CEMAC zone due to higher inflation in the two countries with unmonitored cross-border flows, Ghana and Nigeria. Using time series econometrics, an Engle-Granger two stage procedure for cointegration, and an error correction framework, a single equation modeling of the real exchange rate from 1970 to 2005 as a function of terms of trade, economic openness, aid inflows, and a dummy representing the 1994 devaluation, the author finds little statistical evidence of a long-run equilibrium exchange rate that is a vector of economic fundamentals. The dummy explains most of the real exchange rate behavior in the two zones, while openness in UEMOA has contributed to an appreciation of the real effective exchange rate. "--World Bank web site.