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A Multiple-Horizon Search for the Role of Trade and Financial Factors in Bilateral Real Exchange Rate Volatility
Cheung, Yin-Wong - 2009
This study investigates the sources of bilateral real exchange rate (RER) volatility in industrial countries. Going … RER volatility at different time horizons. The results suggest that RER volatility tends to increase with financial …. Financial factors (financial openness and financial depth) are found to influence RER volatility at primarily short horizons …
Persistent link: https://www.econbiz.de/10013158418
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A convergence-sensitive optimum-currency-area index
Skořepa, Michal - 2011
A number of authors have used the concept of an optimum currency area (or OCA) index to assess the relative proximity of various pairs of economies to the ideal of an optimum currency area. Alas, a significant deficiency of this approach as used so far is that it provides no room for long-term...
Persistent link: https://www.econbiz.de/10009229362
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Estimating medieval market integration : evidence from exchange rates
Volckart, Oliver; Wolf, Nikolaus - 2004
In this paper we present a new method for estimating market integration under a commodity money system such as that which existed in Europe until the demise of the gold standard. The approach is based on the analysis of deviations between exchange rates and parity, which under conditions of a...
Persistent link: https://www.econbiz.de/10009303501
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The renminbi and poor-country growth
Garroway, Chris; Hacibedel, Burcu; Reisen, Helmut; … - 2011
The paper estimates i) the degree of currency undervaluation and its relationship with per capita income (convergence), as informed by the Harrod-Balassa-Samuelson (HBS) framework. ii) The role of the real effective exchange rate, both its level and its stability over time, for underpinning...
Persistent link: https://www.econbiz.de/10011401201
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Exchange Rates and Consumer Prices : Evidence from Brexit
Breinlich, Holger - 2020
This paper studies how the depreciation of sterling following the Brexit referendum affected consumer prices in the United Kingdom. Our identification strategy uses input-output linkages to account for heterogeneity in exposure to import costs across product groups. We show that, after the...
Persistent link: https://www.econbiz.de/10012844422
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Fundamentals of the Real Exchange Rate of the CFA Franc in WAEMU : An Application of Non-Stationary Panel Data Econometrics
Wonyra, Kwami Ossadzifo - 2018
Identifying the fundamentals of the real exchange rate of the CFA franc in WAEMU is the main objective of this paper. To achieve this, we used panel data over a period from 1984 to 2014. The results obtained using the Pooled Mean Group (PMG) method show that investment, government spending,...
Persistent link: https://www.econbiz.de/10012931146
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Testing Purchasing Power Parity for the New EU Members and Turkey : A Panel Cointegration Analysis with Disaggregated CPI
Saygili, Hulya - 2009
This study applies multivariate panel cointegration technique to evaluate purchasing power parity (PPP) hypothesis by using consumer price sub-indices of new EU member transition economies and Turkey. We aim not only to compare the parameter estimates across the sectors of an economy but also...
Persistent link: https://www.econbiz.de/10012719706
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The role of the Chinese dollar peg for macroeconomic stability in China and the world economy
Schnabl, Gunther - 2010
During the 1997/98 Asian crisis and the 2007-2010 world financial and economic crisis, China has proved to be a stabilizer for East Asia and the world. The paper stresses the crucial role of the dollar peg for macroeconomic stability in China. The paper explores the current role of China's...
Persistent link: https://www.econbiz.de/10009012482
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A tale of two surplus countries : China and Germany
Cheung, Yin-Wong; Steinkamp, Sven; Westermann, Frank - 2019
We analyze current account imbalances through the lens of the two largest surplus countries; China and Germany. We observe two striking patterns visible since the 2007/8 Global Financial Crisis. First, while China has been gradually reducing its current account surplus, Germany's surplus has...
Persistent link: https://www.econbiz.de/10012008403
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A tale of two surplus countries : China and Germany
Cheung, Yin-Wong; Steinkamp, Sven; Westermann, Frank - 2019
We analyze current account imbalances through the lens of the two largest surplus countries; China and Germany. We observe two striking patterns visible since the 2007/8 Global Financial Crisis. First, while China has been gradually reducing its current account surplus, Germany’s surplus has...
Persistent link: https://www.econbiz.de/10012024585