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Model Structure and the Combined Welfare and Trade Effects of China's Trade Related Policies
Dong, Yan - 2010
Because China's economic structure is different from that in OECD countries, using conventional neo … fully representative of modern China, but it does go some way beyond simple competitive models used elsewhere and points to … exchange rate have more impact on China's welfare than tariff liberalization. Policies of RMB appreciation and increasing China …
Persistent link: https://www.econbiz.de/10013150911
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The Real Exchange Rate, Mercantilism and the Learning by Doing Externality
Aizenman, Joshua - 2008
This paper examines the degree to which the learning by doing externality [LBD] calls for an undervalued exchange rate, a policy suggested by recent empirical studies which concluded that mildly undervalued real exchange rate may enhance growth. We obtain mixed results. For an economy where LBD...
Persistent link: https://www.econbiz.de/10012772382
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The Impacts of Renminbi Appreciation on Trades Flows and Reserve Accumulation in a Monetary Trade Model
Whalley, John - 2010
Given the rapidly growing reserves in Asia (China, Japan, Korea, Taiwan) and the pressures from trading partners to …, and that changes in trade flows can be substantial. Different treatments of China's processing trade have small impact on … changes in China's trade flow under RMB appreciation, but significant impacts on the change in the surplus. Results are …
Persistent link: https://www.econbiz.de/10012759718
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Exchange Market Pressure and Absorption by International Reserves : Emerging Markets and Fear of Reserve Loss During the 2008-09 Crisis
Aizenman, Joshua - 2010
This paper evaluates how the global financial crisis emanating from the U.S. was transmitted to emerging markets. Our focus is on the extent that the crisis caused external market pressures (EMP), and whether the absorption of the shock was mainly through exchange rate depreciation or the loss...
Persistent link: https://www.econbiz.de/10013138399
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Adjustment Patterns to Commodity Terms of Trade Shocks : The Role of Exchange Rate and International Reserves Policies
Aizenman, Joshua - 2011
We analyze the way in which Latin American countries have adjusted to commodity terms of trade (CTOT) shocks in the 1970-2007 period. Specifically, we investigate the degree to which the active management of international reserves and exchange rates impacted the transmission of international...
Persistent link: https://www.econbiz.de/10013117207
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Reserves and Baskets
Bordo, Michael D. - 2011
We discuss three well known plans that were offered in the twentieth century to provide an artificial replacement for gold and key currencies as international reserves: Keynes' Bancor, the SDR and the Ecu( predecessor to the euro).The latter two of these reserve substitutes were...
Persistent link: https://www.econbiz.de/10013119771
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Optimal Holdings of International Reserves : Self-Insurance Against Sudden Stop
Calvo, Guillermo A. - 2012
This paper addresses the issue of the optimal stock of international reserves in terms of a statistical model in which reserves affect both the probability of a Sudden Stop-as well as associated output costs-by reducing the balance-sheet effects of liability dollarization. Optimal reserves are...
Persistent link: https://www.econbiz.de/10013103810
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The Financial Crisis and Sizable International Reserves Depletion : From 'Fear of Floating' to the 'Fear of Losing International Reserves'?
Aizenman, Joshua - 2010
In this paper we study the degree to which Emerging Markets (EMs) adjusted to the global liquidity crisis by drawing down their international reserves (IR). Overall, we find a mixed and complex picture. Intriguingly, only about half of the EMs depleted their IR as part of the adjustment...
Persistent link: https://www.econbiz.de/10013150740
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Capital Inflows and Reserve Accumulation : The Recent Evidence
Reinhart, Carmen M. - 2008
Over the past decade, policymakers in many emerging market economies have opted to limit fluctuations of the value of their domestic currencies relative to the U.S. dollar. A simple interest-parity relationship is used to identify the potential sources of upward pressure on the value of a...
Persistent link: https://www.econbiz.de/10012772450
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Target Zones with Limited Reserves
Krugman, Paul R. - 2008
Like a fixed exchange rate, a target zone system may be subject to speculative attacks when the reserves of the central bank are limited. Thispaper analyzes such speculative attacks and their implications; it shows that the recently developed quot;smooth pastingquot; model of target zones should...
Persistent link: https://www.econbiz.de/10012774869