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External stability, real exchange rate adjustment and the exchange rate regime in emerging-market economies
Gervais, Olivier; Schembri, Lawrence; Suchanek, Lena - 2011
In emerging-market economies, real exchange rate adjustment is critical for maintaining a sustainable current account position and thereby for helping to reduce macroeconomic and financial instability. The authors examine empirically two related hypotheses: (i) that real exchange rate...
Persistent link: https://www.econbiz.de/10009154820
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Commodity currencies revisited: the role of global commodity price uncertainty
Bermpei, Theodora; Ferrara, Laurent; Karadimitropoulou, … - 2022
Persistent link: https://www.econbiz.de/10013466120
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Political economic drivers of real exchange rate levels
Uğurlu, Esra Nur; Razmi, Arslan - 2022
Voluminous theoretical and empirical research shows that real exchange rate (RER) undervaluation could be conducive to economic development. Why do countries then often avoid the pursuit of policies that facilitate undervaluation or even intentionally pursue RER overvaluation? We address this...
Persistent link: https://www.econbiz.de/10013328137
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Sources of real exchange rate volatility and international financial integration : a dynamic GMM panel approach
Caporale, Guglielmo Maria; Hadj Amor, Thouraya; Rault, … - 2011
The aim of this paper is to provide some new empirical evidence on the determinants of volatility of real exchange … and monetary) can account for volatility of real exchange rates in emerging economies, with international financial … emerging countries. -- emerging economies ; real exchange rate ; volatility ; financial integration ; GMM method ; dynamic …
Persistent link: https://www.econbiz.de/10009378390
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Political risk and real exchange rate : what can we learn from recent developments in panel data econometrics for emerging and developing countries?
Bahmani-Oskooee, Mohsen; Hadj Amor, Thouraya; Nouira, Ridha - 2019
This paper focuses on the analysis of the long-run response of the Real Exchange Rate (RER) to political risks and tests whether non-economic variables have an impact on RER in 31 emerging and developing countries. We use annual data from the International Country Risk Guide database over the...
Persistent link: https://www.econbiz.de/10011955761
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Exchange rate misalignments, growth, and institutions
Baxa, Jaromír; Paulus, Michal - 2020
In this paper, we revisit the relationship between economic growth and exchange rate misalignments, especially undervaluations. In particular, we ask which countries benefit from undervaluations at most, and whether the impact of undervaluations on growth depends on institutional quality as...
Persistent link: https://www.econbiz.de/10012261830
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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
volatility across emerging markets today is still significantly larger than a decade ago. …
Persistent link: https://www.econbiz.de/10009767677
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Real exchange rates and primary commodity prices
Ayres, João; Hevia, Constantino; Nicolini, Juan Pablo - 2019
volatility and persistence of primary commodity prices, and the model is shown to deliver equilibrium real exchange rates that … volatility of real exchange rates in the data. The analysis implies that existing models used to analyze real exchange rates …
Persistent link: https://www.econbiz.de/10012154653
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Real exchange rates and primary commodity prices : Mussa meets Backus-Smith
Ayres, Joao; Hevia, Constantino; Nicolini, Juan Pablo - 2021
We show that explicitly modeling primary commodities in an otherwise totally standard incomplete markets open economy model can go a long way in explaining the Mussa puzzle and the Backus-Smith puzzle, two of the main puzzles in the international economics literature.
Persistent link: https://www.econbiz.de/10014516603
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International investment positions and exchange rate dynamics
Binder, Michael; Offermanns, Christian J. - 2014
We revisit medium- to long-run exchange rate determination, focusing on the role of international investment positions. To do so, we make use of a new econometric framework accounting for conditional long-run homogeneity in heterogeneous dynamic panel data models. In particular, in our model the...
Persistent link: https://www.econbiz.de/10010414236