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Exchange Rate Policies: Fact or Fiction in the Rise of High Performance Asian Economies
Subaşat, Turan - 2008
Many economists believe that the nature of exchange rate management was an important reason for rapid economic growth in East Asia. In this view, Asian countries avoided extreme exchange rate appreciations and kept their nominal exchange rates close to market clearing levels. In contrast, the...
Persistent link: https://www.econbiz.de/10011807188
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Macroeconomic determinants of exit from aid-dependence
Hailu, Degol; Shiferaw, Admasu - 2012
This paper analyses macroeconomic aspects of exit from aid-dependence. By 'exit from aid', we mean substantial and enduring decline over time in Official Development Assistance (ODA) as a share of Gross Domestic Product (GDP). The relevant macroeconomic variables are identified by systematically...
Persistent link: https://www.econbiz.de/10010293266
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Patience and prosperity
Strulik, Holger - 2009
adjustment dynamics in line with the historical facts on savings and economic growth in Europe from the High Middle Ages to today …. Along a virtuous cycle of development more wealth leads to more patience, which leads to more savings and even higher wealth …. Savings rates and income growth rates are thus jointly increasing during the process of development until they converge …
Persistent link: https://www.econbiz.de/10010270036
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Does financial liberalization influence saving, investment and economic growth? Evidence from 25 emerging market economies, 1973 - 96
Hermes, Niels; Lensink, Robert - 2005
This paper aims to investigate the relationship between financial liberalization on the one hand and saving, investment and economic growth on the other hand, using a new dataset for measuring financial liberalization for a sample of 25 developing economies over the period 1973-96. We find no...
Persistent link: https://www.econbiz.de/10010284781
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Wage, Price and Unemployment Dynamics in the Spanish Transition to EMU Membership
Jusélius, Katarina; Ordóñez, Javier - 2008
This paper provides an empirical investigation of the wage, price and unemployment dynamics that have taken place in Spain during the last two decades. The aim of this paper is to shed light on the impact of the European economic integration process on Spanish labour market and the convergence...
Persistent link: https://www.econbiz.de/10010295277
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PPP: a Disaggregated View
Fischer, Christoph - 2004
By disaggregating price indices, it becomes apparent that the real exchange rate consists of the real exchange rate for a single good and a weighted sum of relative prices between goods. When applying a battery of panel unit root tests to this sum and its components, it is found that both the...
Persistent link: https://www.econbiz.de/10010295634
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Concepts to Calculate Equilibrium Exchange Rates: An Overview
MacDonald, Ronald - 2000
In this paper we present a critical overview of differnt methods of constructing an equilibrium exchange rate. The recent literature on purchasing power parity (PPP) indicates that on its own PPP is not a good vehicle for defining an equilibrium exchange rate. Rather, we argue that the latter...
Persistent link: https://www.econbiz.de/10010295691
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A reappraisal of the evidence on PPP: a systematic investigation into MA roots in panel unit root tests and their implications
Fischer, Christoph; Porath, Daniel - 2006
Panel unit root tests of real exchange rates - as opposed to univariate tests - usually reject non-stationarity. These tests, however, could be biased if the real exchange rate contained MA roots. Indeed, two independent arguments claim that the real exchange rate, being a sum of a stationary...
Persistent link: https://www.econbiz.de/10010295811
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An assessment of the trends in international price competitiveness among EMU countries
Fischer, Christoph - 2007
Inflation differentials within European Monetary Union (EMU) are increasingly seen as exerting adverse effects on the price competitiveness of member countries' firms and – given the common monetary policy within EMU – as being detrimental to euro-area economies, in particular to those with...
Persistent link: https://www.econbiz.de/10010295845
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Does Purchasing Power Parity Hold Sometimes? Regime Switching in Real Exchange Rates
Lee, Hwa-Taek; Yoon, Gawon - 2007
Real exchange rates are quite persistent. Standard unit root tests are not very powerful in drawing a conclusion regarding the validity of purchasing power parity [PPP]. Rather than asking if PPP holds throughout the whole sample period, we examine if PPP holds sometimes by employing...
Persistent link: https://www.econbiz.de/10010296288