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Real exchange rate and international reserves in the era of growing financial and trade integration

Aizenman, Joshua; Riera-Crichton, Daniel - 2006

This paper evaluates the impact of international reserves, terms of trade shocks and capital flows on the real exchange rate (REER). We observe that international reserves cushions the impact of TOT shocks on the REER, and that this effect is important for developing but not for industrial...

Persistent link: https://www.econbiz.de/10010322720

Real exchange rate and international reserves in an era of growing financial and trade integration

Aizenman, Joshua; Riera-Crichton, Daniel - 2006

Persistent link: https://www.econbiz.de/10010285305

Exploring the robustness of the balance of payments-constrained growth idea in a multiple good framework

Razmi, Arslan - 2009

This paper derives the balance of payments-constrained growth (BPCG) model as a special case of a three good framework that incorporates exportables, importables, and non-tradables. The conditions under which the canonical form of the BPCG rate can be derived are made explicit and the...

Persistent link: https://www.econbiz.de/10010287837

Adjustment patterns to commodity terms of trade shocks: The role of exchange rate and international reserves policies

Aizenman, Joshua; Edwards, Sebastian; Riera-Crichton, Daniel - 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/10010288117

Self-enforcing trade agreements: Evidence from time-varying trade policy

Bown, Chad P.; Crowley, Meredith A. - 2012

The Bagwell and Staiger (1990) theory of cooperative trade agreements predicts new tariffs (i) increase with imports, (ii) increase with the inverse of the sum of the import demand and export supply elasticities, and (iii) decrease with the variance of imports. We find US import policy during...

Persistent link: https://www.econbiz.de/10010292097

Do world shocks drive domestic business cycles? Some evidence from structural estimation

Lubik, Thomas; Teo, Wing Leong - 2005

Existing results on the contribution of terms of trade and world interest rate shocks to output fluctuations in small open economies range from less than 10% to almost 90%. We argue that an identification problems lies at the heart of these vastly different results. In this paper, we overcome...

Persistent link: https://www.econbiz.de/10010293453

Immigration and native welfare

Felbermayr, Gabriel J.; Kohler, Wilhelm - 2004

We unify two approaches towards identifying native welfare effects of immigration, one emphasizing the immigration … surplus (Borjas, 1995,1999), the other identifying a welfare loss due to terms-of-trade effects (Davis & Weinstein, 2002). We … decompose the native welfare effect of immigration into the standard complementarity effect, augmented by a Stolper …

Persistent link: https://www.econbiz.de/10010294552

Fear of Sudden Stops: Lessons from Australia and Chile

Caballero, Ricardo J.; Cowan, Kevin; Kearns, Jonathan - 2005

Latin American economies are exposed to substantial external vulnerability. Domestic imbalances and terms of trade shocks are often exacerbated by sudden financial distress. This paper explores ways of overcoming external vulnerability, drawing lessons from a detailed comparison of the response...

Persistent link: https://www.econbiz.de/10010327063

Structural Volatility in Chile: A Policy Report

Caballero, Ricardo J. - 2000

This paper identifies Chile`s economic weaknesses and offers policy recommendations for increasing stability. Current problems include weak international financial links, a Central Bank mandate that is ill-designed to deal with terms of trade shocks, a propensity to waste scarce liquidity in the...

Persistent link: https://www.econbiz.de/10010327101

Stuck on gold: real exchange rate volatility and the rise and fall of the gold standard, 1870-1939

Chernyshoff, Natalia; Jacks, David S.; Taylor, Alan M. - 2005

Did adoption of the gold standard exacerbate or diminish macroeconomic volatility? Supporters thought so, critics thought not, and theory offers ambiguous messages. A hard exchange-rate regime such as the gold standard might limit monetary shocks if it ties the hands of policy makers. But any...

Persistent link: https://www.econbiz.de/10010266408

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