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A New Look at Exchange Rate Volatility and Trade Flows

Clark, Peter B.; Wei, Shang-Jin; Tamirisa, Natalia T.; … - International Monetary Fund (IMF) - 2004

The effect of exchange rate volatility on trade flows was examined by a 1984 IMF study on G-7 countries. Over the past … exchange hedging instruments, may have reduced the impact of volatility on trade flows. Using recent advances in the economic …-border capital flows, may have exacerbated exchange rate volatility, while others, such as a deepening of the market in foreign …

Persistent link: https://www.econbiz.de/10005767343

Central America; Global Integration and Regional Cooperation

Rodlauer, Markus; Schipke, Alfred - International Monetary Fund (IMF) - 2005

. This paper examinesâ€”among other thingsâ€”the macroeconomic and fiscal implications of the Free Trade Agreement with the …

Persistent link: https://www.econbiz.de/10005252532

Optimal and Sustainable Exchange Rate Regimes; A Simple Game-Theoretic Approach

Kawai, Masahiro - International Monetary Fund (IMF) - 1992

This paper examines the question of how to design an optimal and sustainable exchange rate regime in a world economy of two interdependent countries. It develops a Barro-Gordon type two-country model and compares noncooperative equilibria under different assumptions of monetary policy...

Persistent link: https://www.econbiz.de/10005264066

Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies

Mendoza, Enrique G. - International Monetary Fund (IMF) - 2006

This paper shows that the dominant view that the high variability of real exchange rates is due to movements in exchange rate-adjusted prices of tradable goods does not hold for Mexican data for periods with a managed exchange rate. The relative price of nontradables accounts for up to 70...

Persistent link: https://www.econbiz.de/10005264110

Capital Inflows, Exchange Rate Flexibility, and Credit Booms

Magud, Nicolas E.; Vesperoni, Esteban; Reinhart, Carmen - International Monetary Fund (IMF) - 2012

The prospects of expansionary monetary policies in the advanced countries for the foreseeable future have renewed the debate over policy options to cope with large capital inflows that are, at least partly, driven by low interest rates in the financial centers. Historically, capital flow...

Persistent link: https://www.econbiz.de/10009654160

Exchange Rates and Economic Fundamentals; A Framework for Analysis

Symansky, Steven A.; Clark, Peter B.; Bartolini, Leonardo; … - International Monetary Fund (IMF) - 1994

This paper summarizes the methods and types of indicators that are often employed, both insid and outside the IMF, to assess whether exchange rates are broadly in line with economic fundamentals.

Persistent link: https://www.econbiz.de/10005824872

Keynes, Cocoa, and Copper; In Search of Commodity Currencies

Sahay, Ratna; Céspedes, Luis Felipe; Cashin, Paul - International Monetary Fund (IMF) - 2002

This paper examines whether the real exchange rates of commodity-exporting countries and the real prices of their commodity exports move together over time. Using IMF data on the world prices of 44 commodities and national commodity export shares, we construct new monthly indices of national...

Persistent link: https://www.econbiz.de/10005825719

Tunisia's Experience with Real Exchange Rate Targeting and the Transition to a Flexible Exchange Rate Regime

International Monetary Fund (IMF); International … - 2002

Over the past decade or so, Tunisia has experienced a strong economic performance while pursuing a constant real exchange rate rule (CRERR). The limitations of this rule are now beginning to emerge in the context of a more open economy, regional integration, a more market-based monetary policy,...

Persistent link: https://www.econbiz.de/10005826081

Balance Sheets, Exchange Rate Policy, and Welfare

Elekdag, Selim; Tchakarov, Ivan - International Monetary Fund (IMF) - 2004

The debate about the appropriate choice of exchange rate regime is fundamental in international economics. This paper develops a small open-economy model with balance sheet effects and compares the performance of fixed and flexible exchange rate regimes. The model is solved up to a second-order...

Persistent link: https://www.econbiz.de/10005826482

Exchange Rate Regime Considerations for Jordan and Lebanon

Bhattacharya, Rina - International Monetary Fund (IMF) - 2003

This paper addresses the issue of the appropriate exchange rate regimes for Jordan and Lebanon in the context of the literature on optimum currency areas and the arguments concerning the use of the exchange rate as a nominal anchor for the economy. It presents some empirical results on the...

Persistent link: https://www.econbiz.de/10005768808