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External Shocks, Policies, and Tail-Shifts in Real Exchange Rates

Magud, Nicolás E.; Pienknagura, Samuel - 2023

We use panel quantile regressions to study extreme (rather than average) movements in the distribution of the real effective exchange rate (REER) of small open economies. We document that global uncertainty (VIX) and global financial conditions (U.S. monetary policy) shocks have a strong impact...

Persistent link: https://www.econbiz.de/10014353697

Exchange Rate Misalignment and Growth : A Myth?

Goncalves, Carlos - 2018

The impact of real exchange rate movements on GDP growth is a hotly debated issue bothin policy and academic circles. In this paper, we provide evidence suggesting that theassociation between exchange rate misalignment and growth for a broad panel ofcountries is very weak. Controlling for...

Persistent link: https://www.econbiz.de/10012929924

Exchange Rates and Trade : A Disconnect?

Leigh, Daniel - 2017

We examine the stability and strength of the relationship between exchange rates and trade over time using three alternative approaches, mitigating the endogeneity of the relation. We find that both exchange rate pass-through and the price elasticity of trade volumes are largely stable over...

Persistent link: https://www.econbiz.de/10012956490

Drivers of Peru's Equilibrium Real Exchange Rate : Is the Nuevo Sol a Commodity Currency?

Tashu, Melesse Minale - 2015

Peru's equilibrium real exchange rate using a cointegration analysis. The results show that export commodity prices do not …

Persistent link: https://www.econbiz.de/10013026922

Farms, Fertiliser, and Financial Frictions : Yields from a DSGE Model

Walker, Sébastien - 2017

This paper develops a Dynamic Stochastic General Equilibrium (DSGE) model with a financial accelerator which captures key features of low-income countries (LICs). The predominance of supply shocks in LICs poses distinct challenges for policymakers, given the negative correlation between...

Persistent link: https://www.econbiz.de/10012945683

Inflation Targeting and Exchange Rate Management in Less Developed Countries

Airaudo, Marco - 2016

We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that management of the exchange rate greatly enhances the efficacy of inflation...

Persistent link: https://www.econbiz.de/10012993730

Loss-of-Learning and the Post-COVID Recovery in Low-Income Countries

Buffie, Edward F.; Adam, Christopher; Zanna, Luis-Felipe; … - 2022

We analyze the medium-term macroeconomic impact of the Covid-19 pandemic and associated lock-down measures on low-income countries. We focus on the impact over the medium-run of the degradation of health and human capital caused by the pandemic and its aftermath, exploring the trade-offs between...

Persistent link: https://www.econbiz.de/10013295135

The Consequences of Policy Uncertainty : Disconnects and Dilutions in the South African Real Effective Exchange Rate-Export Relationship

Hlatshwayo, Sandile - 2016

. While exports still rise in response to REER depreciations, the REER-export elasticity is below historical estimates. The …, can improve our understanding of export performance. We find that increased policy uncertainty diminishes the … responsiveness of exports to the REER and has short and long-run level effects on export performance. Finally, we show that a measure …

Persistent link: https://www.econbiz.de/10012977857

Global Value Chains and the Exchange Rate Elasticity of Exports

Ahmed Hannan, Swarnali - 2016

This paper analyzes how the formation of Global Value Chains (GVCs) has affected the exchange rate elasticity of exports. Using a panel framework covering 46 countries over the period 1996-2012, we first find some suggestive evidence that the elasticity of real manufacturing exports to the Real...

Persistent link: https://www.econbiz.de/10012999740

Export Performance and External Competitiveness in the Former Yugoslav Republic of Macedonia

Gutiérrez, Eva - 2007

, structural factors are found to hamper competitiveness. While a more competitive exchange rate might improve short-term export …

Persistent link: https://www.econbiz.de/10012777968

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