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What lessons can Asia draw from capital controls in Brazil during 2008 - 2012?

Jinjarak, Yothin; Noy, Ilan; Zheng, Huanhuan - 2013

implementing them. We focus on Brazil, which instituted five changes in its capital account regime over 2008 - 2011. Using the … synthetic control method, we construct counterfactuals (i.e., Brazil with no policy change) for each of these changes. We find … regarding the government's larger intentions and sensibilities. In the case of Brazil, its left-of-center government …

Persistent link: https://www.econbiz.de/10010397230

Why are Real Interest Rates in New Zealand so High? Evidence and Drivers

Labuschagne, Natalie; Vowles, Polly - 2010

New Zealand real interest rates have on average over the past two decades been high relative to most other countries in the Organisation for Economic Co-operation and Development (OECD). This paper argues that New Zealand's relatively high interest rates are currently the outcome of domestic...

Persistent link: https://www.econbiz.de/10012115624

Wechselkurs- und Leistungsbilanzentwicklungen in Tschechien und der Slowakei

Frensch, Richard; Brandmeier, Michael - 1997

Persistent link: https://www.econbiz.de/10010322668

External imbalances and the US current account: how supply-side changes affect an exchange rate adjustment

Engler, Philipp; Fidora, Michael; Thimann, Christian - 2007

The influential work of Obstfeld and Rogoff argues that a closing-up of the US current account deficit involves a large exchange rate adjustment. However, the Obstfeld-Rogoff model works exclusively via demand-side channels and abstracts from possible supply-side changes. We extend the framework...

Persistent link: https://www.econbiz.de/10011604807

Real convergence in Central and Eastern European EU Member States: which role for exchange rate volatility?

Arratibel, Olga; Furceri, Davide; Martin, Reiner - 2008

This paper analyzes the relation between exchange rate volatility and several macroeconomic variables, namely real per capita output growth, the credit cycle, the stock of inward foreign direct investment (FDI) and the current account balance, in the Central and Eastern European EU Member...

Persistent link: https://www.econbiz.de/10011604975

What explains global exchange rate movements during the financial crisis?

Fratzscher, Marcel - 2009

A striking and unexpected feature of the financial crisis has been the sharp appreciation of the US dollar against virtually all currencies globally. The paper finds that negative US-specific macroeconomic shocks during the crisis have triggered a significant strengthening of the US dollar,...

Persistent link: https://www.econbiz.de/10011605106

Methodological advances in the assessment of equilibrium exchange rates

Bussière, Matthieu; Ca' Zorzi, Michele; Chudik, Alexander - 2010

This paper reviews three different concepts of equilibrium exchange rates that are widely used in policy analysis and constitute the backbone of the IMF CGER assessment: the Macroeconomic Balance, the External Sustainability and the reduced form approaches. We raise a number of econometric...

Persistent link: https://www.econbiz.de/10011605197

Is the Renminbi undervalued? The myths of China's trade surplus and global imbalances

Plasschaert, Sylvain - 2011

Alarmed by the persistent and large US trade deficit vis-à-vis China and the rapidly swelling Chinese foreign exchange reserves, influential US policymakers are urging the Chinese authorities to allow a substantial appreciation of the Renminbi (RMB). This paper establishes that the arguments...

Persistent link: https://www.econbiz.de/10011790336

Elasticities of Turkish Exports and Imports

Oğuş Binatlı, Ayla; Sohrabji, Niloufer - 2009

The Turkish current account has been exploding in the last few years leading to concerns of a crisis. One of the primary factors identified in the rising deficits is the appreciating lira. In addition, income elasticity of exports and imports can also shed light on continuing trade deficits. In...

Persistent link: https://www.econbiz.de/10011807199

Abbau globaler Handelsungleichgewichte: muss China aufwerten?

Belke, Ansgar; Dreger, Christian; Erber, Georg - In: DIW Wochenbericht 77 (2010) 40, pp. 2-8

Die zunehmenden Handelsbilanzüberschüsse Chinas gegenüber den USA haben eine Diskussion darüber ausgelöst, ob der Yuan gegenüber dem US-Dollar fundamental unterbewertet sei. Der Forderung, die heimische Währung deutlich aufzuwerten, hat sich China bisher widersetzt. Das schafft gerade...

Persistent link: https://www.econbiz.de/10011602239

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