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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 … effect on firms exporting to China but little positive or even a negative impact on those providing inputs for China …'s processing exports. Stock prices rise for firms competing with China in their home market while falling for firms importing …

Persistent link: https://www.econbiz.de/10013118251

Exchange Rates in Emerging Countries : Eleven Empirical Regularities from Latin America and East Asia

Edwards, Sebastian - 2011

In this paper I discuss some of the most important lessons on exchange rate policies in emerging markets during the last 35 years. The analysis is undertaken from the perspective of both the Latin American and East Asian nations. Some of the topics addressed include: the relationship between...

Persistent link: https://www.econbiz.de/10013124845

Relaxing the External Constraint : Europe in the 1930s

Eichengreen, Barry - 2011

This paper documents the effects of exchange rates and the external constraint during the interwar years. In the absence of international policy coordination, exchange rate depreciation is shown to have been a necessary precondition for the adoption of policies promoting recovery from the Great...

Persistent link: https://www.econbiz.de/10013125958

Financial Intermediation, Exchange Rates, and Unconventional Policy in an Open Economy

Cespedes, Luis Felipe - 2012

This paper develops an open economy model in which financial intermediation is subject to occasionally binding collateral constraints, and uses the model to study unconventional policies such as credit facilities and foreign exchange intervention. The model highlights the interaction between the...

Persistent link: https://www.econbiz.de/10013099827

Policy Responses to Exchange-Rate Movements

Ball, Laurence - 2009

This paper examines policy responses to exchange-rate movements in a simple model of an open economy. The optimal response of monetary policy to an exchange-rate change depends on the source of the change: on whether the underlying shock is a shift in capital flows, manufactured exports, or...

Persistent link: https://www.econbiz.de/10013157763

Exchange Rate Volatility and Misalignment : Evaluating Some Proposals for Reform

Frenkel, Jacob A. - 2008

In this paper, we analyze several proposals for reducing the volatility and/or misalignment of key-currency exchange rates. The proposals examined are a system of target zones, the imposition of controls or taxes on international capital flows, and a strengthening of international coordination...

Persistent link: https://www.econbiz.de/10012774537

Stochastic Devaluation Risk and the Empirical Fit of Target Zone Models

Bertola, Giuseppe - 2008

This paper proposes a tractable and realistic nonlinear model of exchange rate dynamics, and argues that its predictions are consistent with available empirical evidence on exchange rate and interest differential behavior in real-life target zones. In our model, the exchange rate fluctuates...

Persistent link: https://www.econbiz.de/10012774856

Fiscal Policies and the Dollar/Pound Exchange Rate : 1870-1984

Grilli, Vittorio U. - 2007

This paper investigates the consequences of fiscal policies for the exchange rate. After developing a simple theory of how government financing policies should effect the exchange rate, we test it using data on the dollar/pound exchange rate. Previous analyses have concentrated mainly on the...

Persistent link: https://www.econbiz.de/10012777221

Expectations and Exchange Rate Policy

Devereux, Michael B. - 2006

Both empirical evidence and theoretical discussion have long emphasized the impact of %u201Cnews%u201D on exchange rates. In most exchange rate models, the exchange rate acts as an asset price, and as such responds to news about future returns on assets. But the exchange rate also plays a role...

Persistent link: https://www.econbiz.de/10012780131

The Global Factor in Neutral Policy Rates : Some Implications for Exchange Rates, Monetary Policy, and Policy Coordination

Clarida, Richard - 2017

This paper highlights some of the theoretical and practical implications for monetary policy and exchange rates that derive specifically from the presence of a global general equilibrium factor embedded in neutral real policy rates in open economies. Using a standard two country DSGE model, we...

Persistent link: https://www.econbiz.de/10012952504

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