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(Asymmetric) Trade Costs, Real Exchange Rate Hedging, and Equity Home Bias in a Multi-Country Model
Pyun, Ju Hyun - 2017
There has been controversy between (two-country) theory and the empirics about whether hedging against real exchange … rate fluctuations in the goods market influences foreign equity holdings. This study reconciles the theory with the … exchange rate fluctuations. Further, our theory calls for a country's covariance-variance ratio to be constructed as the sum of …
Persistent link: https://www.econbiz.de/10012947564
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Chapter 9. Assessing International Efficiency
Heathcote, Jonathan; Perri, Fabrizio - In: Handbook of international economics : Volume 4, (pp. 523-584). 2014
This chapter is structured in three parts. The first part outlines the methodological steps, involving both theoretical and empirical work, for assessing whether an observed allocation of resources across countries is efficient. The second part applies the methodology to the long-run allocation...
Persistent link: https://www.econbiz.de/10014025377
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Economic integration and the exchange rate regime : how damaging are currency crises?
Weber, Axel A.; Beck, Günter W. - 2003 - This version: October 2003
We use consumer price data for 205 cities/regions in 21 countries to study PPP deviations before, during and after the major currency crises of the 1990s. We combine data from industrialized nations in North America (Unites States, Canada and Mexico), Europe (Germany, Italy, Spain and Portugal),...
Persistent link: https://www.econbiz.de/10009767677
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Do real exchange rate appreciations matter for growth?
Bussière, Matthieu; Lopez, Claude; Tille, Cédric - 2014
While the impact of exchange rate changes on economic growth has long been an issue of key importance in international macroeconomics, it has received renewed attention in recent years, owing to weaker growth rates and the debate on "currency wars". However, in spite of its prevalence in the...
Persistent link: https://www.econbiz.de/10010338713
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Do real exchange rate appreciations matter for growth?
Bussière, Matthieu; Lopez, Claude; Tille, Cédric - 2014
While the impact of exchange rate changes on economic growth has long been an issue of key importance in international macroeconomics, it has received renewed attention in recent years, owing to weaker growth rates and the debate on "currency wars". However, in spite of its prevalence in the...
Persistent link: https://www.econbiz.de/10010348280
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Real Exchange Rate Movements and the Relative Price of Non-traded Goods
Betts, Caroline - 2008
We study the quarterly bilateral real exchange rate and the relative price of non-traded to traded goods for 1225 country pairs over 1980-2005. We show that the two variables are positively correlated, but that movements in the relative price measure are smaller than those in the real exchange...
Persistent link: https://www.econbiz.de/10012722646
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Consumption and Real Exchange Rates With Incomplete Markets and Non-Traded Goods
Benigno, Gianluca - 2007
This paper addresses the consumption-real exchange rate anomaly. International real business cycle models based on complete financial markets predict a unitary correlation between the real exchange rate and the ratio of home to foreign consumption when subjected to supply side shocks. In the...
Persistent link: https://www.econbiz.de/10012728942
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Real Exchange Rate and External Balance : How Important are Price Deflators?
Ahn, JaeBin - 2017
This paper contrasts real exchange rate (RER) measures based on different deflators (CPI, GDP deflator, and ULC) and discusses potential implications for the link-or lack thereof-between RER and external balance. We begin by documenting patterns in the evolution of different measures of RERs,...
Persistent link: https://www.econbiz.de/10012956476
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Global Imbalances : Should We Use Fundamental Equilibrium Exchange Rates?
Saadaoui, Jamel - 2017
The reduction of global imbalances observed during the climax of crisis is incomplete. In this context, currencies' realignments are still proposed to ensure global macroeconomic stability. These realignments are based on equilibrium rates derived from equilibrium exchange rate models. Among...
Persistent link: https://www.econbiz.de/10012943656
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Real Exchange Rate Movements and the Relative Price of Non-Traded Goods
Betts, Caroline - 2017
We show that the quarterly bilateral real exchange rate for 1275 country pairs over 1980–2015 is positively correlated with the relative price of non-traded to traded goods, but that movements in the relative price measure are smaller than those in the real exchange rate. Variance...
Persistent link: https://www.econbiz.de/10012945763