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Real exchange rate dynamics in Macedonia: Old wisdoms and new insights
Bogoev, Jane; Bojceva Terzijan, Sultanija; Égert, Balázs - Institut für Weltwirtschaft (IfW) - 2007
The ambition of this paper is to analyse real exchange rate dynamics in Macedonia relying on a highly disaggregated dataset. We complement the indirect evidence reported in Loko and Tuladhar (2005) and we provide direct evidence on the irrelevance of the Balassa-Samuelson effect for overall...
Persistent link: https://www.econbiz.de/10005026944
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Factors affecting the efficiency of the BRICSs' national innovation systems: A comparative study based on DEA and Panel Data Analysis
Cai, Yuezhou - Institut für Weltwirtschaft (IfW) - 2011
Efficiency scores of the National Innovation System (NIS) for 22 countries, including the BRICS, G7, are calculated with the Data Envelopment Analysis (DEA). Relevant factors that may affect the innovation system efficiency are summarized based on the NIS Approach and the New Growth Theory....
Persistent link: https://www.econbiz.de/10009370688
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The Effects of the Real Exchange Rate Volatility and Misalignments on Foreign Trade Flows in Uzbekistan
Olimov, Ulugbek; Sirajiddinov, Nishanbay - Institut für Weltwirtschaft (IfW) - 2008
period of 1994q32005q2. The results suggest that the real exchange rate volatility and misalignment have depressing effects … volatility proving that the policy-induced changes in exchange rate has a stabilizing effect on trade flows. The implied … elasticity for the most significant real exchange rate volatility coefficient is 0.20. Using a two-step Engle-Granger technique …
Persistent link: https://www.econbiz.de/10005083383
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Sectoral R&D Intensity and Exchange Rate Volatility: A Panel Study for OECD Countries
Mahagaonkar, Prashanth; Schweickert, Rainer; Chavali, … - Institut für Weltwirtschaft (IfW) - 2009
A recent literature has pointed at potential negative effects of exchange rate volatility on innovation. In this paper … years 1987 - 2003. We find that the direct negative effect of volatility is pronounced in manufacturing sector but is … dominated by the indirect effect via the export channel. Services do not face any effects of volatility on R&D intensities …
Persistent link: https://www.econbiz.de/10005079107
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Equity market liberalization, credit constraints and income inequality
Sun, Puyang; Sen, Somnath; Jin, Shujing - Institut für Weltwirtschaft (IfW) - 2012
This paper provides compelling evidence that equity market liberalization, the most efficient way to smooth financial market frictions such as credit constraints, can alleviate persistent cross-dynastic income inequality through increasing the accumulation of human capital. We examine the impact...
Persistent link: https://www.econbiz.de/10010956105
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Trend Growth and Learning About Monetary Policy Rules in a Two-Block World Economy
Schaling, Eric; Tesfaselassie, Mewael F. - Institut für Weltwirtschaft (IfW) - 2013
Available evidence supports the view that growth is faster in more open economies. In order to analyze the implications of openness and growth on determinacy and learnability of worldwide rational expectations equilibria we develop a two-country New Keynesian model with growth. We analyze these...
Persistent link: https://www.econbiz.de/10010886862
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FX Intervention in the Yen-US Dollar Market: A Coordination Channel Perspective
Stefan Reitz ; Taylor, Mark P. - Institut für Weltwirtschaft (IfW) - 2012
The coordination channel has recently been established as an additional means by which foreign exchange market intervention may be effective. It is conjectured that strong and persistent misalignments of the exchange rate are caused by a coordination failure among fundamentals-based traders. In...
Persistent link: https://www.econbiz.de/10010886895
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Financial Intermediation and the Role of Price Discrimination in a Two-Tier Market
Reitz, Stefan; Schmidt, Markus A.; Taylor, Mark P. - Institut für Weltwirtschaft (IfW) - 2012
Though unambiguously outperforming all other financial markets in terms of liquidity, foreign exchange trading is still performed in opaque and decentralized markets. In particular, the two-tier market structure consisting of a customer segment and an interdealer segment to which only market...
Persistent link: https://www.econbiz.de/10010886958
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Asymmetric exchange rate pass-through in the Euro area: New evidence from smooth transition models
Ben Cheikh, Nidhaleddine - Institut für Weltwirtschaft (IfW) - 2012
This paper examines the presence of asymmetric behavior in exchange rate pass-through (ERPT) to CPI inflation in 12 euro area (EA) countries. Using a class of nonlinear smooth transition models, we test for asymmetry with respect to the direction and the magnitude of exchange rate changes. On...
Persistent link: https://www.econbiz.de/10010956023
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The challenges of monetary convergence in Europe
Schweickert, Rainer - Institut für Weltwirtschaft (IfW) - 1997
The paper outlines the challenges for entry into EMU set up by Germany and the extent to which potential members accepted these challenges. Three groups of countries are identified: the core group (D-mark zone), the outsider group (countries not willing to participate), and the convergence group...
Persistent link: https://www.econbiz.de/10009276441