Download or read book Drivers of Peru s Equilibrium Real Exchange Rate written by Melesse Tashu and published by International Monetary Fund. This book was released on 2015-02-11 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper tests the hypothesis of ‘commodity currency’ on the nuevo sol and, more generally, identifies the drivers of Peru’s equilibrium real exchange rate using a cointegration analysis. The results show that export commodity prices do not have a statistically significant impact on Peru’s real effective exchange rate, suggesting that the nuevo sol is not a commodity currency. The paper provides empirical evidence that large profit repatriation and foreign exchange intervention have effectivelly insulated Peru’s real exchange rate from the impact of commodity price shocks. Peru’s equilibrium real exchange rate is found to be driven mostly by productivity and government consumption.
Download or read book Peru written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2015-05-27 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper describes recent investment dynamics in Peru, and assesses the relationship between private investment and its fundamentals. Over the last decade, average growth in Peru exceeded 6 percent, anchored by a substantial contribution from investment. A series of structural reforms in the 1990s, growing political stability, and the implementation of a solid macroeconomic framework in the early 2000s set the stage for this investment boom. Actions were also taken to strengthen public investment implementation and to enhance the overall investment climate. Now that commodity prices have softened and interest rates are expected to rise, addressing the next generation of structural reforms will be crucial to sustain investment and growth.
Download or read book Peru written by Alejandro M. Werner and published by International Monetary Fund. This book was released on 2015-09-16 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt: Peru stands out among Latin American countries as an example of successful economic reforms over the past decade. This comprehensive look at Peru's economy traces that country's journey from a debt crisis in the 1980s to having buffers in place that allowed it to emerge unscathed from the global financial crisis. The book examines the steps Peru undertook to achieve these results and extracts lessons to be learned. Chapters are written by IMF staff and Peruvian economists.
Download or read book Recent Econometric Techniques for Macroeconomic and Financial Data written by Gilles Dufrénot and published by Springer Nature. This book was released on 2020-11-21 with total page 387 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book provides a comprehensive overview of the latest econometric methods for studying the dynamics of macroeconomic and financial time series. It examines alternative methodological approaches and concepts, including quantile spectra and co-spectra, and explores topics such as non-linear and non-stationary behavior, stochastic volatility models, and the econometrics of commodity markets and globalization. Furthermore, it demonstrates the application of recent techniques in various fields: in the frequency domain, in the analysis of persistent dynamics, in the estimation of state space models and new classes of volatility models. The book is divided into two parts: The first part applies econometrics to the field of macroeconomics, discussing trend/cycle decomposition, growth analysis, monetary policy and international trade. The second part applies econometrics to a wide range of topics in financial economics, including price dynamics in equity, commodity and foreign exchange markets and portfolio analysis. The book is essential reading for scholars, students, and practitioners in government and financial institutions interested in applying recent econometric time series methods to financial and economic data.
Download or read book Research Bulletin March 2015 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2015-03-24 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Articles in the March 2015 Research Bulletin focus on the oil market, energy subsidies, and output. The Research Summary on "An Exploration in Deep Corners of the Oil Market," authored by Rabah Arezki, Douglas Laxton, Armen Nurekyan, and Hou Wang, examines fluctuations in oil prices. "The State Budget May Afford It All," by Christian Ebeke and Constant Lonkeng Ngbouana, reviews energy subsidies and their fiscal, distributional, and environmental costs. In the “Q&A” column Pau Rabanal takes a look at “Seven Questions on Potential Output.” The Bulletin includes a listing of recent IMF Working Papers, Staff Discussion Notes, recommended readings from IMF Publications, and a call for papers for the next Annual Research Conference. A link with information and free access to IMF Economic Review is also included.
Download or read book Regional Economic Outlook October 2015 Western Hemisphere Department written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2015-10-07 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economies in the Western Hemisphere are generally seeing a slowdown in growth. The U.S. economy regained momentum after a slow start at the beginning of the year, while in Latin America and the Caribbean economic activity continues to decelerate. Stronger U.S. growth should benefit countries in the region, especially those with tighter links through trade, remittances, and tourism (Mexico, Central America, and the Caribbean). Weaker commodity prices for the foreseeable future, however, will continue to hurt South America's net commodity exporters, lowering national incomes, reducing investment, and worsening fiscal balances. These developments could, in turn, impede progress made in recent years in poverty reduction. These developments could, in turn, impede progress made in recent years in poverty reduction. Key risks, including an abrupt tightening of U.S. interest rates or a further slowdown in China, may disproportionately affect Latin America. Chapters in this report examine monetary policy in Latin America, including the region’s exposure to global financial shocks; the role of value chains and regional trade agreements in fostering trade integration; and financial market development in the region.
Download or read book Regional Economic Outlook April 2015 Western Hemisphere Department written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2015-04-29 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic outlook for Latin America and the Caribbean remains very challenging. Regional growth is projected to decline for a fifth consecutive year in 2015, dipping below 1 percent. Weakness is concentrated among South America's commodity exporters, where falling global commodity prices have compounded country-specific challenges. Meanwhile, growth is projected to be steady or stronger for most of the Caribbean, Central America, and Mexico, supported by lower oil bills for importers and robust economic recovery in the United States. The analysis in this report examines core challenges facing the region: the impact of lower commodity prices on fiscal and external positions, the drivers of the slowdown in investment, and the role of economic diversification for longer-term growth prospects.
Download or read book New Institutional Arrangements for the World Economy written by Hans-Jürgen Vosgerau and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 486 pages. Available in PDF, EPUB and Kindle. Book excerpt: New Institutional Arrangements for the World Economy Hans-Jiirgen Vosgerau, Konstanz I. The Problem During the first days of July 1987 the newly established Sonderforschungs bereich 178 "Internationalisierung der Wirtschaft" held its first symposium in Konstanz/Bodensee. "New Institutional Arrangements for the World Economy" were discussed by a group of economists and lawyers working in the fields of interna tional trade, international monetary economics, international finance, international public choice, and international economic law. Cooperation between these areas of research is an important condition for attaining the long-term aim of the Sonderforschungsbereich, viz. analysis of the complex interdependencies between international economic transactions of various kinds and international economy related institutions in a broad sense. The nature of these interdependencies seems to be crucial for the world economy's further development. A better understanding of their characteristics will be helpful for the solution of most imminent international economic problems. Four problem areas were especially addressed during the conference, each con sisting of three or four contributions. The revised papers are presented in this volume, each followed by a comment of the invited discussant, or by a summary of the discussion. The last contribution is meant as a summary conclusion and has no comment. The four problem areas discussed were: (1) Exchange rate stabilization and econ omic policy coordination, (2) International financial markets and their regulation, (3) Protectionism and the Uruguay GAIT-round, and (4) The institutional frame work for international production.
Download or read book The Fundamental Determinants of the Real Exchange Rate of the U S Dollar Relative to Other G 7 Currencies written by Mr.Jerome L. Stein and published by International Monetary Fund. This book was released on 1995-08-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
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 Who s Driving Whom Analyzing External and Intra Regional Linkages in the Americas written by Mr.Jeronimo Zettelmeyer and published by International Monetary Fund. This book was released on 2008-10-09 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a global economy beset by concerns over a growth recession, financial volatility, and rising inflation, countries in the Western Hemisphere have been among the few bright spots in recent years. This has not come as a surprise to those following the significant progress achieved by many countries in recent years, both in macroeconomic management and on the structural and institutional front. Hence, there can be little doubt, as this book argues, that economic and financial linkages between Latin America, the United States, and other important regions of the world economy have undergone profound change.
Download or read book The External Balance Assessment EBA Methodology written by Mr.Steven Phillips and published by International Monetary Fund. This book was released on 2014-01-13 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The External Balance Assessment (EBA) methodology has been developed by the IMF’s Research Department as a successor to the CGER methodology for assessing current accounts and exchange rates in a multilaterally consistent manner. Compared to other approaches, EBA emphasizes distinguishing between the positive empirical analysis and the normative assessment of current accounts and exchange rates, and highlights the roles of policies and policy distortions. This paper provides a comprehensive description and discussion of the 2013 version (“2.0”) of the EBA methodology, including areas for its further development.
Download or read book Peru written by Ms.Mercedes Garcia-Escribano and published by International Monetary Fund. This book was released on 2010-07-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Peru has successfully pursued a market-driven financial de-dollarization during the last decade. Dollarization of credit and deposit of commercial banks - across all sectors and maturities - has declined, with larger declines for commercial credit and time and saving deposits. The analysis presented in this paper confirms that de-dollarization has been driven by macroeconomic stability, introduction of prudential policies to better reflect currency risk (such as the management of reserve requirements), and the development of the capital market in soles. Further de-dollarization efforts could focus on these three fronts. Given the now consolidated macroeconomic stability, greater exchange rate flexibility could foster de-dollarization; additional prudential measures could further discourage banks’ lending and funding in foreign currency; while further capital market development in domestic currency would help overall financial de-dollarization.
Download or read book What is Driving Financial De Dollarization in Latin America written by Mr.Sebastian Sosa and published by International Monetary Fund. This book was released on 2011-01-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last decade, a group of Latin American countries (Bolivia, Paraguay, Peru, and Uruguay) experienced a gradual, yet sustained decline in financial dollarization. This paper documents the stylized facts and uses a standard VAR approach to examine the drivers of both deposit and credit de-dollarization. It finds that the exchange rate appreciation has been a key factor explaining deposit de-dollarization. The introduction of prudential measures to create incentives to internalize the risks of dollarization (including an active management of reserve requirement differentials), the development of a capital market in local currency, and de-dollarization of deposits have all contributed to a decline in credit dollarization. Continuing efforts on these fronts, while maintaining macroeconomic stability and strong fundamentals, would help deepening de-dollarization.
Download or read book Exchange Rates Capital Flows and Policy written by Rebecca Driver and published by Routledge. This book was released on 2013-04-15 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: Combining thorough scholarship with illuminating real-world examples, this edited collection provides insights on the causes and consequences of movements in both exchange rates and external assets and has a strong focus on the policy implications of operating in an open economy, particularly the choice of exchange rate and monetary policy, exchange rate intervention and policies on capital mobility.
Download or read book Regional Economic Outlook May 2013 Western Hemisphere written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2013-05-06 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite some global risks, external conditions for Latin America should remain stimulative. With monetary policy in advanced economies expected to stay accommodative, external financing conditions will remain favorable. Strong demand from emerging Asian economies and the gradual recovery of advanced economies will continue to support commodity prices, benefiting exporters. The main policy challenge for most of the region is to take advantage of current conditions to continue buttressing a foundation for sustained growth. Other issues important to the region include: (i) strengthening balance sheets; (ii) understanding how changes in external conditions could impact public and external debt dynamics; and (iii) making the best use of the windfall from the recent terms-of-trade boom.
Download or read book Open Economy Macroeconomics written by Martín Uribe and published by Princeton University Press. This book was released on 2017-04-04 with total page 646 pages. Available in PDF, EPUB and Kindle. Book excerpt: A cutting-edge graduate-level textbook on the macroeconomics of international trade Combining theoretical models and data in ways unimaginable just a few years ago, open economy macroeconomics has experienced enormous growth over the past several decades. This rigorous and self-contained textbook brings graduate students, scholars, and policymakers to the research frontier and provides the tools and context necessary for new research and policy proposals. Martín Uribe and Stephanie Schmitt-Grohé factor in the discipline's latest developments, including major theoretical advances in incorporating financial and nominal frictions into microfounded dynamic models of the open economy, the availability of macro- and microdata for emerging and developed countries, and a revolution in the tools available to simulate and estimate dynamic stochastic models. The authors begin with a canonical general equilibrium model of an open economy and then build levels of complexity through the coverage of important topics such as international business-cycle analysis, financial frictions as drivers and transmitters of business cycles and global crises, sovereign default, pecuniary externalities, involuntary unemployment, optimal macroprudential policy, and the role of nominal rigidities in shaping optimal exchange-rate policy. Based on courses taught at several universities, Open Economy Macroeconomics is an essential resource for students, researchers, and practitioners. Detailed exploration of international business-cycle analysis Coverage of financial frictions as drivers and transmitters of business cycles and global crises Extensive investigation of nominal rigidities and their role in shaping optimal exchange-rate policy Other topics include fixed exchange-rate regimes, involuntary unemployment, optimal macroprudential policy, and sovereign default and debt sustainability Chapters include exercises and replication codes
