Exchange Rate Misalignment And Growth A Myth
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Author | : Carlos Goncalves |
Publisher | : International Monetary Fund |
Total Pages | : 15 |
Release | : 2017-12-21 |
Genre | : Business & Economics |
ISBN | : 148433602X |
Download Exchange Rate Misalignment and Growth: A Myth? Book in PDF, Epub and Kindle
The impact of real exchange rate movements on GDP growth is a hotly debated issue both in policy and academic circles. In this paper, we provide evidence suggesting that the association between exchange rate misalignment and growth for a broad panel of countries is very weak. Controlling for country fixed effects, time effects and initial GDP, a more depreciated currency is associated with higher growth if one does not exclude outliers. However, this positive association always vanishes after controling for the savings rate. Importantly, this applies for both a large panel of countries and for the emerging economies subsample.
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 34 |
Release | : 2010-12-01 |
Genre | : Business & Economics |
ISBN | : 1455210781 |
Download When and Why Worry About Real Exchange Rate Appreciation? The Missing Link Between Dutch Disease and Growth Book in PDF, Epub and Kindle
We review the literature on Dutch disease, and document that shocks that trigger foreign exchange inflows (such as natural resource booms, surges in foreign aid, remittances, or capital inflows) appreciate the real exchange rate, generate factor reallocation, and reduce manufacturing output and net exports. We also observe that real exchange rate misalignment due to overvaluation and higher volatility of the real exchange rate lower growth. Regarding the effect of undervaluation of the exchange rate on economic growth, the evidence is mixed and inconclusive. However, there is no evidence in the literature that Dutch disease reduces overall economic growth. Policy responses should aim at adequately managing the boom and the risks associated with it.
Author | : Claire GIORDANO |
Publisher | : |
Total Pages | : 0 |
Release | : 2022 |
Genre | : |
ISBN | : |
Download Revisiting the Real Exchange Rate Misalignment-economic Growth Nexus Via the Across-sector Misallocation Channel Book in PDF, Epub and Kindle
Author | : Ha Nguyen |
Publisher | : |
Total Pages | : 48 |
Release | : 2012 |
Genre | : |
ISBN | : |
Download Correcting Real Exchange Rate Misalignment Book in PDF, Epub and Kindle
Author | : Jaromír Baxa |
Publisher | : |
Total Pages | : |
Release | : 2020 |
Genre | : |
ISBN | : |
Download Exchange Rate Misalignments, Growth, and Institutions Book in PDF, Epub and Kindle
In this paper, we revisit the relationship between economic growth and exchange rate misalignments, especially undervaluations. In particular, we ask which countries benefit from undervaluations at most, and whether the impact of undervaluations on growth depends on institutional quality as suggested in previous literature. First, we separate countries into groups according to their institutional quality using the cluster analysis. Then, we estimate the relationship between growth and exchange rate misalignment while allowing for variation in coefficients across these clusters. Our results confirm the positive relationship between undervaluation and growth, and this relationship is the highest for countries with the highest quality of institutions rather than with a poor level of institutional quality. Therefore, our results reconcile the importance of good institutions and do not support the hopes that the countries can compensate for the poor institutional quality via undervaluation of currencies successfully.
Author | : Thomas Palley |
Publisher | : Edward Elgar Publishing |
Total Pages | : 144 |
Release | : 2021-04-30 |
Genre | : Business & Economics |
ISBN | : 1800881479 |
Download Thirlwall's Law at 40 Book in PDF, Epub and Kindle
2019 marked the 40th anniversary of the publication of Anthony P. Thirlwall’s classic paper that laid out what became known as Thirlwall’s law. This article introduced and provided empirical evidence in favor of the proposition that the long-run rate of growth of an economy compatible with balance-of-payments equilibrium can be approximated by the simple rule of the ratio of the growth of exports to the income elasticity of demand for imports.
Author | : International Monetary Fund. Western Hemisphere Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 134 |
Release | : 2018-05-11 |
Genre | : Business & Economics |
ISBN | : 1484339878 |
Download Regional Economic Outlook, April 2018, Western Hemisphere Department Book in PDF, Epub and Kindle
The world economy and global trade are experiencing a broad-based cyclical upswing. Since October 2017, global growth outcomes and the outlook for 2018–19 have improved across all regions, reinforced by the expected positive near-term spillovers from tax policy changes in the United States. Accommodative global financial conditions, despite some tightening and market volatility in early February 2018, have been providing support to economic recovery. Higher commodity prices are contributing to an improved outlook for commodity exporters. The US and Canadian economies posted solid gains in 2017 and are expected to grow above potential in the near term. Despite the improved near-term outlook, however, medium-term prospects are tilted downwards. Growth prospects for advanced economies are subdued and many emerging market and developing economies are projected to grow in per capita terms more slowly than advanced economies, raising concerns about income convergence. While risks appear broadly balanced in the near term, they skew to the downside over the medium term, including a possible sharp tightening of financial conditions, waning popular support for global economic integration, growing trade tensions and risks of a shift toward protectionist policies, and geopolitical strains.
Author | : Ms.Valerie Cerra |
Publisher | : International Monetary Fund |
Total Pages | : 50 |
Release | : 2020-05-29 |
Genre | : Business & Economics |
ISBN | : 1513536990 |
Download Hysteresis and Business Cycles Book in PDF, Epub and Kindle
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Author | : Assaf Razin |
Publisher | : Cambridge University Press |
Total Pages | : 436 |
Release | : 1999-04-13 |
Genre | : Business & Economics |
ISBN | : 9780521622684 |
Download The Economics of Globalization Book in PDF, Epub and Kindle
The growing economic openness expressed in the globalization of independent economic systems has created problems as well as opportunities that cross formal borders in unexpected ways. Professors Assaf Razin and Efraim Sadka explore the ramifications of globalization in selected public finance issue areas. Seven main topics are covered by the sixteen papers in the volume: the international mobility of technology; capital flows and exchange rate misalignments; tax incentives and patterns of capital flows; income redistribution and social insurance in federal systems; tax harmonization and coordination; political economy aspects of international tax competition; the migration of skilled and unskilled labour; and the fiscal aspects of monetary unification.
Author | : José Antonio Ocampo |
Publisher | : Oxford University Press |
Total Pages | : 296 |
Release | : 2017 |
Genre | : Business & Economics |
ISBN | : 019871811X |
Download Resetting the International Monetary (Non)System Book in PDF, Epub and Kindle
This volume provides an analysis of the global monetary system and proposes a comprehensive yet evolutionary reform of the system aimed at creating better monetary cooperation for the twenty-first century.