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Are Currency Appreciations Contractionary in China?
Shi, Jianhuai - 2007
with the undervaluation of renminbi (RMB). But the Chinese Government hesitates to allow RMB to appreciate because of the … worry that RMB appreciations are contractionary thus have negative impact on China's economic growth and employment. The … purpose of this paper is to empirically assess the effects of RMB real exchange rate on China's output. The econometric …
Persistent link: https://www.econbiz.de/10012778299
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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 … dependent, suggest that the impacts of Renminbi (RMB) revaluation on the surplus are proportionally larger than on trade flows …, and that changes in trade flows can be substantial. Different treatments of China's processing trade have small impact on …
Persistent link: https://www.econbiz.de/10012759718
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Ownership Characteristics, Real Exchange Rate Movements and Labor Market Adjustment in China
Mao, Risheng - 2011
implications of Renminbi (RMB) real exchange rate appreciation for adjustments in employment and wage rates. We stress differences …
Persistent link: https://www.econbiz.de/10013118843
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Persistent Appreciations and Overshooting : A Normative Analysis
Caballero, Ricardo J. - 2010
Most economies experience episodes of persistent real exchange rate appreciations, when the question arises whether there is a need for intervention to protect the export sector. In this paper we present a model of irreversible destruction where exchange rate intervention may be justified if the...
Persistent link: https://www.econbiz.de/10012760099
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Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence
Blanchard, Olivier J. - 2015
The workhorse open-economy macro model suggests that capital inflows are contractionary because they appreciate the currency and reduce net exports. Emerging market policy makers however believe that inflows lead to credit booms and rising output, and the evidence appears to go their way. To...
Persistent link: https://www.econbiz.de/10013013930
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Reverse Speculative Attacks
Amador, Manuel - 2016
In January 2015, in the face of sustained capital inflows, the Swiss National Bank abandoned the floor for the Swiss Franc against the Euro, a decision which led to the appreciation of the Swiss Franc. The objective of this paper is to present a simple framework that helps to better understand...
Persistent link: https://www.econbiz.de/10012989737
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Interest Rates and the Exchange Rate : A Non-Monotonic Tale
Hnatkovska, Viktoria V. - 2010
What is the relationship between interest rates and the exchange rate? The empirical literature in this area has been inconclusive. We use an optimizing model of a small open economy to rationalize the mixed empirical findings. The model has three key margins. First, higher domestic interest...
Persistent link: https://www.econbiz.de/10012759403
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Dollar Appreciation and Manufacturing Employment and Output
Branson, William H.; Love, James P. - 2022
This paper examines the impact of the movements in the real exchange rate on employment and output in U.S. manufacturing industries. We use a simple model of supply and demand to estimate the elasticity of manufacturing employment and outputwith respect to the real exchange rate, at different...
Persistent link: https://www.econbiz.de/10013313677
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The Desirability of a Dollar Appreciation, Given a Contractionary U.S. Monetary Policy
Frankel, Jeffrey A. - 2022
Undesirable real effects have been attributed to floating exchange rates in general, and the 1980-83 appreciation of the dollar in particular.In the appreciating country, the U.S., export industries lose competitiveness and so output falls. In the other country, say Europe, the exchange rate...
Persistent link: https://www.econbiz.de/10013308503
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The External Impact of China's Exchange Rate Policy : Evidence from Firm Level Data
Eichengreen, Barry - 2011
China's exchange rate policy in 2005 and 2010 and data on 6,050 firms in 44 countries. Renminbi appreciation has a positive …We examine the impact of renminbi revaluation on firm valuations, considering two surprise announcements of changes in … effect on firms exporting to China but little positive or even a negative impact on those providing inputs for China …
Persistent link: https://www.econbiz.de/10013118251