Author : Tamim Bayoumi
Publisher :
Page : 58 pages
File Size : 15,39 MB
Release : 1994
Category : Foreign exchange rates
ISBN :
Author : Mr.Guillermo Calvo
Publisher : International Monetary Fund
Page : 50 pages
File Size : 43,12 MB
Release : 1994-02-01
Category : Business & Economics
ISBN : 1451921217
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 : Ronald MacDonald
Publisher : Springer Science & Business Media
Page : 364 pages
File Size : 46,16 MB
Release : 1999-07-31
Category : Business & Economics
ISBN : 9780792384243
How successful is PPP, and its extension in the monetary model, as a measure of the equilibrium exchange rate? What are the determinants and dynamics of equilibrium real exchange rates? How can misalignments be measured, and what are their causes? What are the effects of specific policies upon the equilibrium exchange rate? The answers to these questions are important to academic theorists, policymakers, international bankers and investment fund managers. This volume encompasses all of the competing views of equilibrium exchange rate determination, from PPP, through other reduced form models, to the macroeconomic balance approach. This volume is essentially empirical: what do we know about exchange rates? The different econometric and theoretical approaches taken by the various authors in this volume lead to mutually consistent conclusions. This consistency gives us confidence that significant progress has been made in understanding what are the fundamental determinants of exchange rates and what are the forces operating to bring them back in line with the fundamentals.
Author : Paul J.J. Welfens
Publisher : Springer Science & Business Media
Page : 304 pages
File Size : 43,21 MB
Release : 2005
Category : Business & Economics
ISBN :
Structural change, economic growth and adequate exchange rate adjustment are key challenges in the context of EU eastern enlargement as are consistent macroeconomic policies. The authors focus on sectoral adjustment across industries in catching-up countries and explain changes in the composition of output – this includes new aspects of the Chenery model. They describe and analyze the spatial pattern of specialization and adjustment in many countries. Theoretical and empirical analysis of foreign direct investment, innovation and structural change shed new light on economic dynamics in Old Europe and New Europe. As regards exchange rate dynamics both traditional aspects (such as the Balassa-Samuelson effect) and new approaches to understanding exchange rate developments are presented. Links between exchange rate changes and innovation are particularly emphasized.
Author : Balázs Égert
Publisher :
Page : 68 pages
File Size : 37,16 MB
Release : 2004
Category : Foreign exchange
ISBN :
Author : Sebastian Edwards
Publisher : Johns Hopkins University Press
Page : 110 pages
File Size : 26,14 MB
Release : 1988
Category : Business & Economics
ISBN :
This article analyzes the theory of equilibrium real exchange rates and defines misalignment as a deviation of the real exchange rate (RER) from its equilibrium level. The role of macroeconomic policies is then analyzed under three alternative nominal exchange rate regimes: predetermined nominal exchange rates; floating nominal rates; and dual or black market nominal exchange rates. This discussion points out how inconsistent macroeconomic policies often lead to real exchange rate misalignment. Corrective measures, including nominal devaluation and several alternative approaches, are then evaluated.
Author : Ronald MacDonald
Publisher : Routledge
Page : 334 pages
File Size : 34,60 MB
Release : 2005
Category : Foreign exchange
ISBN : 1134838220
''In summary, the book is valuable as a textbook both at the advanced undergraduate level and at the graduate level. It is also very useful for the economist who wants to be brought up-to-date on theoretical and empirical research on exchange rate behaviour.'' ""Journal of International Economics""
Author : Balázs Égert
Publisher :
Page : 68 pages
File Size : 32,56 MB
Release : 2004
Category : Foreign exchange
ISBN :
Author : Guillermo A. Calvo
Publisher : MIT Press
Page : 536 pages
File Size : 39,67 MB
Release : 1996
Category : Business & Economics
ISBN : 9780262032360
Guillermo Calvo, who foresaw the financial crisis that followed the devaluationn of Mexico's peso, has spent much of his career thinking beyond the conventional wisdom. In a quiet and understated way, Calvo has made seminal contributions to several major research areas in macroeconomics, particularly monetary policy, exchange rates, public debt, and stabilization in Latin America and post-communist countries. Money, Exchange Rates, and Output brings together these contributions in a broad selection of the author's work over the past two decades. There are introductions to each section, and an introduction to the entire collection that outlines the connections throughout and survey the current state of macroeconomic theory. Specific issues covered are predetermined exchange rates, currency substitution, domestic public debt and seigniorage, and stabilizing transition economics.
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 132 pages
File Size : 36,6 MB
Release : 2004-05-19
Category : Business & Economics
ISBN : 1498330282
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