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Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies
Mendoza, Enrique G. - International Monetary Fund (IMF) - 2006
This paper shows that the dominant view that the high variability of real exchange rates is due to movements in exchange rate-adjusted prices of tradable goods does not hold for Mexican data for periods with a managed exchange rate. The relative price of nontradables accounts for up to 70...
Persistent link: https://www.econbiz.de/10005264110
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Capital Inflows, Exchange Rate Flexibility, and Credit Booms
Magud, Nicolas E.; Vesperoni, Esteban; Reinhart, Carmen - International Monetary Fund (IMF) - 2012
The prospects of expansionary monetary policies in the advanced countries for the foreseeable future have renewed the debate over policy options to cope with large capital inflows that are, at least partly, driven by low interest rates in the financial centers. Historically, capital flow...
Persistent link: https://www.econbiz.de/10009654160
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Exchange Rates in the Periphery and International Adjustment Under the Gold Standard
Catão, Luis; Solomou, Solomos - International Monetary Fund (IMF) - 2003
builds a new dataset on trade-weighed exchange rates for the period 1870-1913 and finds that large currency movements in … exchange rates worldwide. We relate the phenomenon to the international trade structure at the time and show that such currency … fluctuations had powerful effects on trade flows. We conclude that nominal exchange rate flexibility in the periphery was an …
Persistent link: https://www.econbiz.de/10005769107