Cross Regime Behavior Of Real Exchange Rates Evidence From The European Monetary System
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Author | : ANUSHA CHARI |
Publisher | : |
Total Pages | : 42 |
Release | : 2002 |
Genre | : |
ISBN | : |
Download CROSS-REGIME BEHAVIOR OF REAL EXCHANGE RATES: EVIDENCE FROM THE EUROPEAN MONETARY SYSTEM. Book in PDF, Epub and Kindle
Author | : Mr.Kenneth Rogoff |
Publisher | : International Monetary Fund |
Total Pages | : 85 |
Release | : 2003-12-01 |
Genre | : Business & Economics |
ISBN | : 1451875843 |
Download Evolution and Performance of Exchange Rate Regimes Book in PDF, Epub and Kindle
Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis suggests that as economies mature, the value of exchange rate flexibility rises. For countries at a relatively early stage of financial development and integration, fixed or relatively rigid regimes appear to offer some anti-inflation credibility gain without compromising growth objectives. As countries develop economically and institutionally, there appear to be considerable benefits to more flexible regimes. For developed countries that are not in a currency union, relatively flexible exchange rate regimes appear to offer higher growth without any cost in credibility.
Author | : Barry J. Eichengreen |
Publisher | : |
Total Pages | : 12 |
Release | : 1987 |
Genre | : Foreign exchange |
ISBN | : |
Download Real Exchange Rate Behavior Under Alternative International Monetary Regimes Book in PDF, Epub and Kindle
Author | : Ali Zafar |
Publisher | : World Bank Publications |
Total Pages | : 33 |
Release | : 2005 |
Genre | : Euro |
ISBN | : |
Download The Impact of the Strong Euro on the Real Effective Exchange Rates of the Two Francophone African CFA Zones Book in PDF, Epub and Kindle
"The author estimates the degree of misalignment of the CFA franc since the introduction of the euro in 1999. Using a relative purchasing power parity-based methodology, he develops a monthly panel time series dataset for both the Economic and Monetary Community of Central Africa (CEMAC) zone and the West African Economic and Monetary Union (UEMOA) zone to compute a trade-weighted real effective exchange rate indexed series from January 1999 to December 2004. The author's main finding is that the real effective exchange rate appreciated by close to 8 percent in UEMOA and 7 percent in CEMAC, influenced by volatility in the euro-dollar bilateral exchange rate and conservative monetary policies in the two zones, resulting in a partial loss of competitiveness in export markets. The lower appreciation in Central Africa can be explained by lower inflation in CEMAC than in UEMOA and by the greater trade with higher inflation East Asian countries, partially offset by the peg to the dollar. However, the inclusion of "unrecorded trade" results in an appreciation of only 6 percent in the UEMOA zone and 6 percent in the CEMAC zone due to higher inflation in the two countries with unmonitored cross-border flows, Ghana and Nigeria. Using time series econometrics, an Engle-Granger two stage procedure for cointegration, and an error correction framework, a single equation modeling of the real exchange rate from 1970 to 2005 as a function of terms of trade, economic openness, aid inflows, and a dummy representing the 1994 devaluation, the author finds little statistical evidence of a long-run equilibrium exchange rate that is a vector of economic fundamentals. The dummy explains most of the real exchange rate behavior in the two zones, while openness in UEMOA has contributed to an appreciation of the real effective exchange rate. "--World Bank web site.
Author | : Alberto Giovannini |
Publisher | : |
Total Pages | : 76 |
Release | : 1988 |
Genre | : European Economic Community countries |
ISBN | : |
Download How Do Fixed-exchange-rates Regimes Work Book in PDF, Epub and Kindle
This paper defines two competing hypotheses on the working of fixed exchange rates. The "symmetry" hypothesis states that every country is concerned with the good functioning of the system, and cannot afford to deviate from world averages. Every country is just left to follow the rules of the game," that is to avoid sterilizing balance of payments flows. The world price level is pegged down either by an external numeraire like gold, or by cooperation among central banks, in a fiat currency system. The competing hypothesis states that fixed-exchange rates regimes are inherently asymmetric: they are characterized by a 'center country" which provides the nominal anchor for the others, either by managing the gold parity in a centralized fashion, or by arbitrarily setting some other nominal anchor. I discuss the empirical evidence to discriminate between the two hypotheses, by studying the institutional features and the data on three experiences of fixed rates: the International Gold Standard, the Bretton Woods regime, and the European Monetary System
Author | : Tamara M. Mast |
Publisher | : |
Total Pages | : 550 |
Release | : 1996 |
Genre | : Foreign exchange administration |
ISBN | : |
Download The Impact and Feedback Effects of Nominal Exchange Rates on Real Exchange Rates Book in PDF, Epub and Kindle
Author | : Charles Wyplosz |
Publisher | : |
Total Pages | : 56 |
Release | : 2000 |
Genre | : Commerce |
ISBN | : |
Download Exchange Rate Regimes Book in PDF, Epub and Kindle
Author | : James W. Linehan |
Publisher | : |
Total Pages | : 110 |
Release | : 2003 |
Genre | : Foreign exchange |
ISBN | : |
Download Real Exchange Rate Behaviour in Fixed and Floating Exchange Rate Regimes Book in PDF, Epub and Kindle
Author | : Stilianos Fountas |
Publisher | : |
Total Pages | : 23 |
Release | : 1999 |
Genre | : European Union countries |
ISBN | : |
Download The Impact of the Exchange Rate Regime on Exports Book in PDF, Epub and Kindle
Author | : Mr.Gian Milesi-Ferretti |
Publisher | : International Monetary Fund |
Total Pages | : 38 |
Release | : 1994-02-01 |
Genre | : Business & Economics |
ISBN | : 1451922515 |
Download Real Exchange Rates and the Prices of Nontradable Goods Book in PDF, Epub and Kindle
This paper attempts to provide a perspective on real exchange rate developments following the inception of the EMS. The focus is on structural determinants of real exchange rates, notably the behavior of tradables and nontradable prices and productivity. It is found that changes in the relative price of tradable goods in terms of nontradables account for a sizable fraction of real exchange rate dynamics during the EMS period. Sectoral productivity growth differential help explain the behavior of the relative price of tradable goods, especially in the long run. There is also some evidence that the EMS has extended on relative price behavior.