Asymmetric Effects Of Exchange Rate Changes On British Bilateral Trade Balances
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Asymmetric Effects Of Exchange Rate Changes On British Bilateral Trade Balances
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Author : Mohsen Bahmani-Oskooee
language : en
Publisher:
Release Date : 2016
Asymmetric Effects Of Exchange Rate Changes On British Bilateral Trade Balances written by Mohsen Bahmani-Oskooee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This research presents first empirical time series evidence of the asymmetric impact of exchange rate changes on Britain's trade balances with her 8 trading partners. Recent advances in time series and cointegration analysis have allowed for the estimation of the nonlinear effects of currency depreciations on countries' trade balances. To this extent, we employ the nonlinear version of the Autoregressive Distributed Lag (ARDL) approach to cointegration and error correction methodologies to examine whether pound appreciations affect trade differently than do pound depreciations. We use monthly trade data which runs from 1998M1 to 2015M11 to capture more robustly the asymmetric impacts of exchange rate changes on trade balances. Econometric results from the non-ARDL procedures reveal that there exist long-run relationships in the case of UK-Canada, UK-Germany, UK-Italy, UK-Japan, UK-Korea, and UK-US trade balance models. Nevertheless, we did not find any long-run relationship in the case of UK-Spain and UK-Norway trade balance models. We also present empirical evidence for the existence of long-run asymmetries of exchange rates in the case of UK-Germany, UK-Italy, UK-Korea, and UK-Japan trade balance models. This paper also discusses policy implications of the empirical results as well as offering policy recommendations.
Exchange Rate Volatility And Trade Flows Some New Evidence
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2004-05-19
Exchange Rate Volatility And Trade Flows Some New Evidence written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-05-19 with Business & Economics categories.
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An Empirical Assessment Of The Exchange Rate Pass Through In Mozambique
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2021-05-06
An Empirical Assessment Of The Exchange Rate Pass Through In Mozambique written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-06 with Business & Economics categories.
Determining the magnitude and speed of the exchange rate passthrough (ERPT) to inflation has been of paramount importance for policy-makers in developed and emerging economies. This paper estimates the exchange rate passthrough in Mozambique using econometric techniques on a sample spanning from 2001 to 2019. Results suggest that the ERPT is assymetric, sizable and fast, with 50 percent of the exchange rate variations passing through to prices in less than six months. Policy-makers should continue to pursue low and stable inflation and develop a strong track record of prudent macroeconomic policies for the ERPT to decline.
Festschrift In Honor Of Peter Schmidt
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Author : Robin C. Sickles
language : en
Publisher: Springer Science & Business Media
Release Date : 2014-03-15
Festschrift In Honor Of Peter Schmidt written by Robin C. Sickles and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-03-15 with Business & Economics categories.
From the Introduction: This volume is dedicated to the remarkable career of Professor Peter Schmidt and the role he has played in mentoring us, his PhD students. Peter’s accomplishments are legendary among his students and the profession. Each of the papers in this Festschrift is a research work executed by a former PhD student of Peter’s, from his days at the University of North Carolina at Chapel Hill to his time at Michigan State University. Most of the papers were presented at The Conference in Honor of Peter Schmidt, June 30 - July 2, 2011. The conference was largely attended by his former students and one current student, who traveled from as far as Europe and Asia to honor Peter. This was a conference to celebrate Peter’s contribution to our contributions. By “our contributions” we mean the research papers that make up this Festschrift and the countless other publications by his students represented and not represented in this volume. Peter’s students may have their families to thank for much that is positive in their lives. However, if we think about it, our professional lives would not be the same without the lessons and the approaches to decision making that we learned from Peter. We spent our days together at Peter’s conference and the months since reminded of these aspects of our personalities and life goals that were enhanced, fostered, and nurtured by the very singular experiences we have had as Peter’s students. We recognized in 2011 that it was unlikely we would all be together again to celebrate such a wonderful moment in ours and Peter’s lives and pledged then to take full advantage of it. We did then, and we are now in the form of this volume.
Exchange Rate Economics
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Author : Ronald MacDonald
language : en
Publisher: Routledge
Release Date : 2005
Exchange Rate Economics written by Ronald MacDonald and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Foreign exchange categories.
''In summary, the book is valuable as a textbook both at the advanced undergraduate level and at the graduate level. It is also very useful for the economist who wants to be brought up-to-date on theoretical and empirical research on exchange rate behaviour.'' ""Journal of International Economics""
Dominant Currency Paradigm A New Model For Small Open Economies
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Author : Camila Casas
language : en
Publisher: International Monetary Fund
Release Date : 2017-11-22
Dominant Currency Paradigm A New Model For Small Open Economies written by Camila Casas and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-22 with Business & Economics categories.
Most trade is invoiced in very few currencies. Despite this, the Mundell-Fleming benchmark and its variants focus on pricing in the producer’s currency or in local currency. We model instead a ‘dominant currency paradigm’ for small open economies characterized by three features: pricing in a dominant currency; pricing complementarities, and imported input use in production. Under this paradigm: (a) the terms-of-trade is stable; (b) dominant currency exchange rate pass-through into export and import prices is high regardless of destination or origin of goods; (c) exchange rate pass-through of non-dominant currencies is small; (d) expenditure switching occurs mostly via imports, driven by the dollar exchange rate while exports respond weakly, if at all; (e) strengthening of the dominant currency relative to non-dominant ones can negatively impact global trade; (f) optimal monetary policy targets deviations from the law of one price arising from dominant currency fluctuations, in addition to the inflation and output gap. Using data from Colombia we document strong support for the dominant currency paradigm.
The Exchange Rate International Trade And The Balance Of Payments
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Author : Reserve Bank of Australia. Economic Group
language : en
Publisher:
Release Date : 1993
The Exchange Rate International Trade And The Balance Of Payments written by Reserve Bank of Australia. Economic Group and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Balance of payments categories.
Robustness Of Equilibrium Exchange Rate Calculations To Alternative Assumptions And Methodologies
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Author : Tamim Bayoumi
language : en
Publisher:
Release Date : 1994
Robustness Of Equilibrium Exchange Rate Calculations To Alternative Assumptions And Methodologies written by Tamim Bayoumi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Foreign exchange rates categories.
Imf Staff Papers
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 1988-01-01
Imf Staff Papers written by International Monetary Fund. Research Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988-01-01 with Business & Economics categories.
A central proposition regarding effects of different mechanisms of fi-nancing public expenditures is that, under specific circumstances, it makes no difference to the level of aggregate demand if the government finances its outlays by debt or taxation. This so-called Ricardian equivalence states that, for a given expenditure path, substitution of debt for taxes does not affect private sector wealth and consumption. This paper provides a model illustrating the implications of Ricardian equivalence, surveys the litera-ture, considers effects of relaxing the basic assumptions, provides a frame-work to study implications of various extensions, and critically reviews recent empirical work on Ricardian equivalence.
Europe And Global Imbalances
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Author : Philip R. Lane
language : en
Publisher: International Monetary Fund
Release Date : 2007-06
Europe And Global Imbalances written by Philip R. Lane and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-06 with Business & Economics categories.
Although Europe in the aggregate is a not a major contributor to global current account imbalances, its trade and financial linkages with the rest of the world mean that it will still be affected by a shift in the current configuration of external deficits and surpluses. We assess the macroeconomic impact on Europe of global current account adjustment under alternative scenarios, emphasizing both trade and financial channels. Finally, we consider heterogeneous exposure across individual European economies to external adjustment shocks.