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China : Sources of Real Exchange Rate Fluctuations

Wang, Tao - 2004

This paper reviews the evolution of China''s real effective exchange rate between 1980 and 2002, and uses a structural vector autoregression model to study the relative importance of different types of macroeconomic shocks for fluctuations in the real exchange rate. The structural decomposition...

Persistent link: https://www.econbiz.de/10014404124

The Linkage between the Oil and Non-oil Sectors : A Panel VAR Approach

Klein, Nir - 2010

Recent empirical studies have shown an inverse relation between natural resource intensity and long-term growth, implying that the natural resources generally impede economic growth through various channels (the “natural resource curse”). This paper departs from these studies by exploring...

Persistent link: https://www.econbiz.de/10014403237

Equilibrium Exchange Rates in Transition Economies

Halpern, Lionel - 1996

A stylized fact of the transition process is an early profound exchange rate depreciation followed by continuing real appreciation. Absent historical reference points, it is difficult to judge whether the real appreciation is threatening competitiveness. This paper interprets the stylized facts...

Persistent link: https://www.econbiz.de/10014398011

Interpreting Real Exchange Rate Movements in Transition Countries

International Monetary Fund - 2001

Several transition countries have experienced strong real exchange rate appreciations. This paper tests the hypothesis that these appreciations reflect underlying productivity gains in the tradable sector. Using panel data over the period 1993-98, the results show clear evidence of...

Persistent link: https://www.econbiz.de/10014403602

Is the Parallel Market Premium a Reliable Indicator of Real Exchange Rate Misalignment in Developing Countries

Ostry, Jonathan David - 1993

It is often argued that the parallel market premium is a useful indicator of real exchange rate misalignment in developing countries. The empirical evidence does not, however, suggest the existence of a robust correlation between these two endogenous variables that is independent of the nature...

Persistent link: https://www.econbiz.de/10014396125

External Shocks and Inflation in Developing Countries Under a Real Exchange Rate Rule

Ostry, Jonathan David - 1992

This paper shows that the response of inflation to external shocks is very different when the authorities target the real exchange rate than when they follow a fixed exchange rate or a preannounced crawling peg. Specifically, shocks that would have no effect on the steady-state inflation rate...

Persistent link: https://www.econbiz.de/10014396522

External Shocks, the Real Exchange Rate, and Tax Policy

Tokarick, Stephen Philip - 1994

This paper uses a computable general equilibrium model of the economy of Trinidad and Tobago to assess the effects of trade liberalization and terms-of-trade shocks on the real exchange rate and the overall fiscal position of the government. The model is also used to evaluate the implications of...

Persistent link: https://www.econbiz.de/10014398103

Current Account and Real Exchange Rate Dynamics in the G-7 Countries

Chinn, Menzie David - 2002

The canonical predictions of intertemporal open-economy macro models are tested by a structural VAR analysis of Group of Seven countries. The analysis is distinguished from the previous literature in that it adopts minimal assumptions for identification. Consistent with a large set of...

Persistent link: https://www.econbiz.de/10014399571

The U.S. Dollar and the Trade Deficit : What Accounts for the Late 1990's?

Hunt, Benjamin F. - 2003

between the United States and the rest of the world, this paper asks to what extent an asymmetric productivity shock in the … second half of the 1990s. The paper concludes that the Balassa-Samuelson effect of such a productivity shock is only part of … the story. A second shock, a broadly defined “risk premium” shock, and some uncertainty about the persistence of both …

Persistent link: https://www.econbiz.de/10014399692

Real Exchange Rates and Productivity : Closed-Form Solutions and Some Empirical Evidence

Begum, Jahanara - 2000

This paper examines the impact of productivity shocks on real exchange rate fluctuations in a dynamic international general equilibrium model with nontraded goods. The model predicts a close association between relative technology shocks and bilateral real exchange rate movements. Empirical...

Persistent link: https://www.econbiz.de/10014399831