This paper investigates why invoice ratios of the Japanese yen are relatively low for Japan's exports. Given "pricing-to-market"(PTM) behavior of Japanese exporters, we show that the demand conditions in the markets can explain the choice of invoice currency by Japanese exporters. In particular,...

Exchange rate movements affect exports through depreciation (appreciation) and risk. Depreciation may raise exports but exchange rate risk could offset the positive effect. This paper investigates the net effect for eight Asian countries using a dynamic conditional correlation bivariate GARCH-M...

This study investigates the sources of bilateral real exchange rate (RER) volatility in industrial countries. Going beyond traditional macroeconomic determinants, we identify the role of both trade- and finance-related factors in explaining RER volatility at different time horizons. The results...

The internationalization process is a complex type of process and, although manyspecialists in this field tried to create o model for this process that can be applicable to all thefirms, the practice proves that establishing a matrix for the process is completely wrong becausethere are many...

Within the assurance process of accession to the EU of the transition countries, the option for choosing the type of monetary and exchange policy regime had also a fundamental role, respectively in choosing an optimal combination between the two types of policies. This choice has been made,...

En éste documento Juan Esteban Carranza y Carlos Giovanni González buscan, desde una perspectiva analítica, presentar algunas consideraciones sobre la tasa de cambio en Colombia, precisando los hechos antes de asignar culpables. Las preguntas base del documento son: ¿a qué se deben las...

This paper presents an extended model that includes Thirlwall’s simple rule. Growth in Mexico fell from an annual average of 6,76% in 1961-1981 to 2,95% in the 1982-2004 period. Net flows of capital, rents and transfers promote and stabilize the economy, while devaluation does not improve...

This paper considers the major determinants of the current account in Turkey. It examines the long-run and short-run impact of the exchange rate and private and public savings on the current account balance. The bounds testing autoregressive distributed lag (ARDL) approach to cointegration is...

This work selectively reviews the literature on exchange rate target zones and their theoretical and empirical methodologies and examines whether they can be used to clarify to what extent this type of exchange rate regime could contribute to greater exchange rate stability. We discuss the main...

African economies are facing the critical challenge of raising the rate of GDP growth and sustaining high growth rates and thus meet the Millennium Development Goals (MDGs). The performance of agriculture is more paradoxical and African exports of industrial goods are dominated by mining and...