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The aim of this paper is to provide some new empirical evidence on the determinants of volatility of real exchange rates in emerging countries, focusing on the role of international financial integration in particular. A reduced-form model is estimated using the GMM method for dynamic panels...
Persistent link: https://www.econbiz.de/10013117985
distinct impact of financial integration and globalization on several dimensions of real activity. We find that: financial … financial integration predict better growth prospects; both advances in financial integration and globalization are associated … financial integration and globalization indeed foster countries' growth, and there appears to be no trade-off between these …
Persistent link: https://www.econbiz.de/10013091562
estimate the purchasing power parity (PPP) bias in Penn World Table incomes and provide corrected incomes. The bias is …
Persistent link: https://www.econbiz.de/10013135914
Historical data for over hundred years and 14 countries is used to estimate the long-run effect of productivity on the real exchange rate. We find large variations in the productivity effect across four distinct monetary regimes in the sample period. Although the traditional Balassa-Samuelson...
Persistent link: https://www.econbiz.de/10013050476
The conventional view, as expounded by sticky-price models, is that price adjustment determines the PPP reversion rate. This study examines the mechanism by which PPP deviations are corrected. Nominal exchange rate adjustment, not price adjustment, is shown to be the key engine governing the...
Persistent link: https://www.econbiz.de/10013319983
The paper investigates the role of real exchange rate misalignment on long-run growth for a set of ninety countries using time series data from 1980 to 2004. We first estimate a panel data model (using fixed and random effects) for the real exchange rate, with different model specifications, in...
Persistent link: https://www.econbiz.de/10013142797
the estimation results, two currencies, the Swiss franc and (to a lesser extent) the US dollar qualify as safe haven …
Persistent link: https://www.econbiz.de/10013030487
Greater international economic interconnectedness over recent decades has been changing inflation dynamics. This paper presents evidence that the expansion of global value chains (GVCs), ie cross-border trade in intermediate goods and services, is an important channel through which global...
Persistent link: https://www.econbiz.de/10012958886
We analyze whether globalization affects the composition of public expenditures for education by integrating arguments … towards lower education. In industrialized countries, on the other hand, globalization has an ambiguous effect on the …
Persistent link: https://www.econbiz.de/10013148296
This paper re-examines the link between globalization and income inequality. We use data for 140 countries over the … period 1970-2014 and employ an IV approach to deal with the endogeneity of globalization measures. We find that the link … between globalization and income inequality differs across different groups of countries. There is a robust positive …
Persistent link: https://www.econbiz.de/10013315438