Real Exchange Rate Behavior And Economic Growth
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Author | : Mr.Ghiath Shabsigh |
Publisher | : International Monetary Fund |
Total Pages | : 25 |
Release | : 1999-03-01 |
Genre | : Business & Economics |
ISBN | : 1451845952 |
Download Real Exchange Rate Behavior and Economic Growth Book in PDF, Epub and Kindle
This paper examines the effect of the real exchange rate misalignment (RERMIS) on the collective economic growth of Egypt, Jordan, Morocco, and Tunisia. The paper constructs three measures of exchange rate misalignment based on purchasing power parity; a black market exchange rate; and a structured model. The empirical investigation confirmed the adverse effect of RERMIS on growth, using all measures of RERMIS, as predicted by endogenous growth models. The results also highlighted the role of other factors; specifically, capital growth and population have the theoretical signs predicted by the Solow growth model and are statistically significant.
Author | : Domaç |
Publisher | : |
Total Pages | : 0 |
Release | : 1999 |
Genre | : |
ISBN | : |
Download Real Exchange Rate Behavior and Economic Growth: Evidence from Egypt, Jordan, Marocco, and Tunisia Book in PDF, Epub and Kindle
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 | : Yanliang Miao |
Publisher | : International Monetary Fund |
Total Pages | : 26 |
Release | : 2010-03-01 |
Genre | : Business & Economics |
ISBN | : 1451963750 |
Download The Real Exchange Rate and Growth Revisited Book in PDF, Epub and Kindle
There is good reason and much evidence to suggest that the real exchange rate matters for economic growth, but why? The "Washington Consensus" (WC) view holds that real exchange rate misalignment implies macroeconomic imbalances that are themselves bad for growth. In contrast, Rodrik (2008) argues that undervaluation relative to purchasing power parity is good for growth because it promotes the otherwise inefficiently small tradable sector. Our main result is that WC and the Rodrik views of the role of misalignment in growth are observationally equivalent for the main growth regressions he reports. There is an identification problem: Determinants of misalignment are also likely to be independent drivers of growth, and these types of growth regressions are hard-pressed to disentangle the different channels. However, we confirm that not only are overvaluations bad but undervaluations are also good for growth, a result squarely consistent with the Rodrik story but one that requires some gymnastics from the WC viewpoint.
Author | : Peter Isard |
Publisher | : Cambridge University Press |
Total Pages | : 298 |
Release | : 1995-09-28 |
Genre | : Business & Economics |
ISBN | : 9780521466004 |
Download Exchange Rate Economics Book in PDF, Epub and Kindle
This book describes and evaluates the literature on exchange rate economics. It provides a wide-ranging survey, with background on the history of international monetary regimes and the institutional characteristics of foreign exchange markets, an overview of the development of conceptual and empirical models of exchange rate behavior, and perspectives on the key issues that policymakers confront in deciding whether, and how, to try to stabilize exchange rates. The treatment of most topics is reasonably compact, with extensive references to the literature for those desiring to pursue individual topics further. The level of exposition is relatively easy to comprehend; the historical and institutional material (part I) and the discussion of policy issues (part III) contain no equations or technical notation, while the chapters on models of exchange rate behavior (part II) are written at a level intelligible to first-year graduate students or advanced undergraduates. The book will enlighten both students and policymakers, and should also serve as a valuable reference for many research economists.
Author | : Yin-Wong Cheung |
Publisher | : |
Total Pages | : 30 |
Release | : 1998 |
Genre | : Asia |
ISBN | : |
Download Economic Growth and Stationarity of Real Exchange Rates Book in PDF, Epub and Kindle
Author | : Takatoshi Ito |
Publisher | : University of Chicago Press |
Total Pages | : 466 |
Release | : 2007-12-01 |
Genre | : Business & Economics |
ISBN | : 0226386937 |
Download Changes in Exchange Rates in Rapidly Developing Countries Book in PDF, Epub and Kindle
The exchange rate is a crucial variable linking a nation's domestic economy to the international market. Thus choice of an exchange rate regime is a central component in the economic policy of developing countries and a key factor affecting economic growth. Historically, most developing nations have employed strict exchange rate controls and heavy protection of domestic industry-policies now thought to be at odds with sustainable and desirable rates of economic growth. By contrast, many East Asian nations maintained exchange rate regimes designed to achieve an attractive climate for exports and an "outer-oriented" development strategy. The result has been rapid and consistent economic growth over the past few decades. Changes in Exchange Rates in Rapidly Developing Countries explores the impact of such diverse exchange control regimes in both historical and regional contexts, focusing particular attention on East Asia. This comprehensive, carefully researched volume will surely become a standard reference for scholars and policymakers.
Author | : Sebastian Edwards |
Publisher | : |
Total Pages | : 68 |
Release | : 1988 |
Genre | : Foreign exchange |
ISBN | : |
Download Real and Monetary Determinants of Real Exchange Rate Behavior Book in PDF, Epub and Kindle
This paper develops a dynamic model of real exchange rate behavior in developing countries. A three goods economy (exportables, importables and nontradables) is considered. Residents of this country hold domestic and foreign assets, and there is a dual exchange rate regime. There is a government that consumes importables and nontradables. A distinction is made between equilibrium and disequilibrium movements of the RER. The determinants of real exchange rate misalignment are studied with emphasis placed on the role of devaluations and balance of payments crisis. The implications of the model are tested using data for 12 developing countries. The results obtained are generally favorable for the model. The issue of RER stationarity is also analyzed.
Author | : Peter J. Montiel |
Publisher | : World Bank Publications |
Total Pages | : 36 |
Release | : 2008 |
Genre | : Currencies and Exchange Rates |
ISBN | : |
Download Real Exchange Rates, Saving and Growth: Book in PDF, Epub and Kindle
Abstract: The view that policies directed at the real exchange rate can have an important effect on economic growth has been gaining adherents in recent years. Unlike the traditional "misalignment" view that temporary departures of the real exchange rate from its equilibrium level harm growth by distorting a key relative price in the economy, the recent literature stresses the growth effects of the equilibrium real exchange rate itself, with the claim being that a depreciated equilibrium real exchange rate promotes economic growth. While there is no consensus on the precise channels through which this effect is generated, an increasingly common view in policy circles points to saving as the channel of transmission, with the claim that a depreciated real exchange rate raises the domestic saving rate - which in turn stimulates growth by increasing the rate of capital accumulation. This paper offers a preliminary exploration of this claim. Drawing from standard analytical models, stylized facts on saving and real exchange rates, and existing empirical research on saving determinants, the paper assesses the link between the real exchange rate and saving. Overall, the conclusion is that saving is unlikely to provide the mechanism through which the real exchange rate affects growth.
Author | : Peter J. Montiel |
Publisher | : |
Total Pages | : 36 |
Release | : 2016 |
Genre | : |
ISBN | : |
Download Real Exchange Rates, Saving and Growth Book in PDF, Epub and Kindle
The view that policies directed at the real exchange rate can have an important effect on economic growth has been gaining adherents in recent years. Unlike the traditional misalignment view that temporary departures of the real exchange rate from its equilibrium level harm growth by distorting a key relative price in the economy, the recent literature stresses the growth effects of the equilibrium real exchange rate itself, with the claim being that a depreciated equilibrium real exchange rate promotes economic growth. While there is no consensus on the precise channels through which this effect is generated, an increasingly common view in policy circles points to saving as the channel of transmission, with the claim that a depreciated real exchange rate raises the domestic saving rate - which in turn stimulates growth by increasing the rate of capital accumulation. This paper offers a preliminary exploration of this claim. Drawing from standard analytical models, stylized facts on saving and real exchange rates, and existing empirical research on saving determinants, the paper assesses the link between the real exchange rate and saving. Overall, the conclusion is that saving is unlikely to provide the mechanism through which the real exchange rate affects growth.