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Investigating the Balassa-Samuelson Hypothesis in Transition : Do We Understand What We See?
Égert, Balázs - 2007
economies during the period 1991:Q1 to 2001:Q2. However, productivity growth does not fully translate into price in-creases due … to the structure of CPI indexes. We thus argue that productivity growth will not hinder the ability of the five EU … accession candidates to meet the Maastricht criterion on inflation in the medium term. Moreover, the observed appreciation of …
Persistent link: https://www.econbiz.de/10014224061
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Exchange Rate Misalignment Estimates – Sources of Differences
Cheung, Yin-Wong - 2011
We study the differences in currency misalignment estimates obtained from alternative datasets derived from two International Comparison Program (ICP) surveys. A decomposition exercise reveals that the year 2005 misalignment estimates are substantially affected by the ICP price revision....
Persistent link: https://www.econbiz.de/10013119692
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Exchange Rate Misalignments : A Comparison of China Today Against Recent Historical Experiences of Japan, Germany, Singapore and Taiwan
He, Xinhua - 2011
propagating inflation in the home economy …
Persistent link: https://www.econbiz.de/10013121272
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De Facto Currency Baskets of China and East Asian Economies : The Rising Weights
Fang, Ying - 2014
We employ Bayesian method to estimate a time-varying coefficient version of the de facto currency basket model of Frankel and Wei (2007) for the RMB of China, using daily data from February 2005 to July 2011. We estimate jointly the implicit time-varying weights of all 11 currencies in the...
Persistent link: https://www.econbiz.de/10013066640
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Money Shocks in a Small Open Economy with Dollarization, Factor Price Rigidities, and Nontradeables
Sarajevs, Vadims - 2007
The impact of an unanticipated monetary shock in a small open economy with dollarization, factor price rigidities, and nontradeables is re-examined in an optimizing intertemporal general equilibrium model. The framework of an earlier study is extended to incorporate foreign real money balances...
Persistent link: https://www.econbiz.de/10012729029
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Choice of the Substitution Currency in Russia : How to Explain the Dollar's Dominance?
Dorbec, Anna - 2007
The analysis of external economic relations of Russia reveals a paradox: while Europe is the main trade and direct investment partner of Russia, this is far from being the case concerning its currency's role in Russia's financial activities. The dollar is much preferred by economic agents for...
Persistent link: https://www.econbiz.de/10012729550
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Truths and Myths About RMB Misalignment : A Meta-Analysis
Cheung, Yin-Wong - 2019
We conduct a meta-regression analysis of 69 studies that generated 937 renminbi (RMB) misalignment estimates. The Bayesian Model Averaging (BMA) approach is adopted to allow for model selection and sampling uncertainties in assessing effects of study characteristics on these RMB misalignment...
Persistent link: https://www.econbiz.de/10012891475
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The Credibility of Hong Kong's Currency Board System : Looking Through the Prism of MS-VAR Models with Time-Varying Transition Probabilities
Blagov, Boris - 2014
This paper takes seriously the idea that the coefficients of a VAR and the variance of shocks may be time-varying and so employs a Markov regime-switching VAR model to describe and analyse the time-varying credibility of Hong Kong's currency board system. The endogenously estimated discrete...
Persistent link: https://www.econbiz.de/10013048227
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Corporate Investment and the Exchange Rate : The Financial Channel
Banerjee, Ryan; Hofmann, Boris; Mehrotra, Aaron N. - 2021
Using firm-level data for 18 major global economies, we find that the exchange rate affects corporate investment through a financial channel: exchange rate depreciation dampens corporate investment through firm leverage and FX debt. These findings are consistent with the predictions of a...
Persistent link: https://www.econbiz.de/10013250472
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Exchange Rate Fluctuations and the Financial Channel in Emerging Economies
Beckmann, Joscha; Comunale, Mariarosaria - 2021
This paper assesses the financial channel of exchange rate fluctuations for emerging countries and the link to the conventional trade channel. We analyze whether the effective exchange rate affects GDP growth, the domestic credit and the global liquidity measure as the credit in foreign...
Persistent link: https://www.econbiz.de/10013214255