The marked turnaround in Russia's foreign trade in 2023 exerted strong downward pressure on the Russian rouble, which lost around 30% of its value. Global oil prices were declining in the first half of the year, the EU import embargo on Russian oil depressed prices even further; and on top of...

The appreciation of the Australian dollar has been a concern as Australia has become less competitive compared to neighbouring countries. This paper investigates to what extent exchange rates could adversely affect Australia's inbound tourism and whether volatility in exchange rates could...

We quantify the effect of exchange rate fluctuations on firm leverage. When home currency appreciates, firms who hold foreign currency debt and local currency assets observe higher net worth as appreciation lowers the value of their foreign currency debt. These firms can borrow more as a result...

On September 1, 2010, the Central Bank of Ethiopia announced a devaluation of the birr by 20%. With this devaluation measure, the value of the birr has declined by at least 45% since 2008. It is to be recalled that the birr was devalued by at least 10% in October 2008, by 9.9% in July 2009, and...

This study first assesses recent misalignments of the real effective exchange rate (REER) of the euro area and of the Harmonized Competitiveness Indicators (HCIs) of its main economies, based on a quarterly Behavioural Equilibrium Exchange Rate (BEER) model. Next, it draws a comparison with...

During crises, governments resort to extraordinary fiscal and financial measures to mitigate the recessionary impacts of crises. These macroeconomic intervention measures along with aggregate demand and supply shocks and policy choices would affect the exporting environment of a country through...