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Author : Anonim
Publisher : Unknown
Page : 128 pages
File Size : 42,8 Mb
Release : 1977
Category : Electronic
ISBN : OCLC:890329420
Author : Peter B. Clark,Peter Barton Clark,Dennis E. Logue,Richard James Sweeney
Publisher : Unknown
Page : 452 pages
File Size : 51,7 Mb
Release : 1977
Category : Balance of payments
ISBN : PURD:32754078696386
Author : Peter B. Clark,Dennis E. Logue,Richard James Sweeney
Publisher : Unknown
Page : 462 pages
File Size : 48,9 Mb
Release : 1977
Category : Balance of payments
ISBN : UOM:39015011870741
Author : Sebastian Edwards
Publisher : Unknown
Page : 394 pages
File Size : 51,6 Mb
Release : 1989
Category : Devaluation of currency
ISBN : STANFORD:36105018411756
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 : Mr.Atish R. Ghosh,MissMahvash Qureshi,Mr.Charalambos G. Tsangarides
Publisher : International Monetary Fund
Page : 43 pages
File Size : 43,8 Mb
Release : 2014-08-08
Category : Business & Economics
ISBN : 9781484331453
Milton Friedman argued that flexible exchange rates would facilitate external adjustment. Recent studies find surprisingly little robust evidence that they do. We argue that this is because they use composite (or aggregate) exchange rate regime classifications, which often mask very heterogeneous bilateral relationships between countries. Constructing a novel dataset of bilateral exchange rate regimes that differentiates by the degree of exchange rate flexibility, as well as by direct and indirect exchange rate relationships, for 181 countries over 1980–2011, we find a significant and empirically robust relationship between exchange rate flexibility and the speed of external adjustment. Our results are supported by several “natural experiments” of exogenous changes in bilateral exchange rate regimes.
Author : Mr.Vladimir Klyuev
Publisher : International Monetary Fund
Page : 37 pages
File Size : 41,6 Mb
Release : 2003-06-01
Category : Business & Economics
ISBN : 9781451855517
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.
Author : Mr.Yan Carriere-Swallow,Mr.Nicolas E Magud,Juan Yepez
Publisher : International Monetary Fund
Page : 30 pages
File Size : 42,8 Mb
Release : 2018-10-01
Category : Business & Economics
ISBN : 9781484379370
Theoretical models on the relationship between prices and exchange rates predict that the magnitude of expenditure switching affects the optimal choice of exchange rate regime. Focusing on the transmission of terms-of-trade shocks to domestic real variables we document that the magnitude of the expenditure switching effect is positively associated to the degree of exchange rate flexibility. Moreover, results show that flexible exchange rates allow for significant adjustment in relative prices, which in turn lowers the burden of adjustment on demand for domestic goods and, in some cases, facilitates a faster and more durable external adjustment process. These results, which are robust to accounting for possible non-linearities due to balance sheet effects or currency mismatches, shed new light on the shock absorbing properties of flexible exchange rates.
Author : Anonim
Publisher : World Bank Publications
Page : 49 pages
File Size : 52,5 Mb
Release : 2024-06-29
Category : Electronic
ISBN : 8210379456XXX
LDC adjustment packages Riccardo Faini and Jaime de Melo Developing countries have been hit by a fall in their terms of trade, high real interest rates on their external debt, and a drought in commercial lending from abroad. Their subsequent adjustment packages, often supported by loans from the IMF and World Bank, focused on a sharp real exchange rate depreciation to restore external balance and a host of microeconomic reforms to secure a simultaneous supply-side improvement. This paper examines the success of these ‘adjustment with growth' packages in a large sample of developing countries. We find these packages have been much more successful in LDCs which export manufactures than they have in those concentrating on primary exports (primarily low-income African countries); the latter have not resumed sustainable growth, and most of their external adjustment has arisen from expenditure reduction, not an increase in supply. The longer-term prospects for manufacturing exporters are also brighter: there we detect signs of increased efficiency and a smaller decline in investment than in primary exporters. But we also find that a high external debt burden and an unstable macroeconomic environment impede investment in all LDCs. In the longer term, adjustment with growth packages will succeed only if they are accompanied by a more stable macroeconomic environment and appropriate debt relief
Author : Richard J Sweeney
Publisher : Routledge
Page : 347 pages
File Size : 49,9 Mb
Release : 2019-03-13
Category : Political Science
ISBN : 9780429721069
With the loss of Soviet control in Central and Eastern Europe, as well as the move toward economic liberalization in many developing countries, a huge increase in the number of convertible currencies in the world has occurred. A key aspect of the management of these currencies involves their relationships with the world economy, which is determined
Author : Mr.Morris Goldstein
Publisher : International Monetary Fund
Page : 66 pages
File Size : 50,6 Mb
Release : 1986-03-19
Category : Business & Economics
ISBN : 0939934574
This is the second of a group of papers dealing with various aspects of Fund-supported adjustment Programs.
Author : Ms.Isabelle Mejean,Mr.Pau Rabanal,Mr.Damiano Sandri
Publisher : International Monetary Fund
Page : 31 pages
File Size : 49,9 Mb
Release : 2011-03-01
Category : Business & Economics
ISBN : 9781455218967
A reduction in the U.S. current account deficit vis-à-vis emerging Asia involves a shift in demand from U.S. to emerging Asia tradable goods and a change in international relative prices. This paper quantifies the required adjustment in the terms of trade and real exchange rates in a three-country open economy model of the U.S., China, and other emerging Asia. We compare scenarios where both Chinese and other emerging Asian export prices change by the same proportion to the case where export prices remain constant in one country and increase in the other. Our results are robust to different assumptions about elasticities of substitution and to introducing a high degree of vertical fragmentation in production in the model.
Author : Peter Clark (Sozialhistoriker, Wirtschaftshistoriker, Grossbritannien),Dennis E. Logue,Richard James Sweeney
Publisher : Unknown
Page : 436 pages
File Size : 49,5 Mb
Release : 1974
Category : Electronic
ISBN : OCLC:632732478
Author : L. Gomes
Publisher : Springer
Page : 351 pages
File Size : 44,7 Mb
Release : 1993-07-20
Category : Business & Economics
ISBN : 9780230375420
This book is about the history of thought and policy on the international adjustment mechanism. Economics emerged as a discipline in its own right largely out of the accumulated reflections, analyses and judgements of a group of writers from the sixteenth to the early nineteenth century who shared a common perspective on matters relating to the adjustment of the balance of payments. The present survey starts with the development of the doctrine at that time and continues the story up to the present debate on economic and monetary union in Europe.
Author : Franz Gehrels,Horst Herberg,Helmut Schneider,Hans-Jürgen Vosgerau
Publisher : Springer Science & Business Media
Page : 308 pages
File Size : 46,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642841989
Helmut Schneider 1. The Formulation of the Research Programme 1. In the late sixties the acceleration of US inflation revived the discussion of the fifties about the superiority of flexible exchange rates: The US balance of payments deteriorated since 1965, the dollar shortage after World War II changed to a dollar surplus. The import of US inflation by their main trading partners intensified political pressures so that at the beginning of the seventies most leading countries decided, contrary to the rules of the Bretton Woods agreement, to stop their intervention in the market for foreign exchange and to let the exchange rates be determined by market forces. It is worthwhile recalling that at that time one had only very limited experience with the regime of flexible exchange rates: The most important case, the floating of Canadian against the US dollar, could not be generalized to a world where nearly all important countries adhered to the regime of flexible exchange rates. ! - But one really had rich experience with destabilizing capital flows (or "hot money") that forced monetary authorities to adjust exchange rates in a system of managed flexibility to the expecta tions of "speculators".
Author : Fritz Machlup
Publisher : Irvington Publishers
Page : 122 pages
File Size : 49,6 Mb
Release : 1972
Category : Business & Economics
ISBN : UOM:39015048508975
