Dollar Exchange Rate Volatility And Productivity Growth In Emerging Markets Evidence From Firm Level Data
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Dollar Exchange Rate Volatility And Productivity Growth In Emerging Markets Evidence From Firm Level Data
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Author : Kodjovi M. Eklou
language : en
Publisher: International Monetary Fund
Release Date : 2023-05-26
Dollar Exchange Rate Volatility And Productivity Growth In Emerging Markets Evidence From Firm Level Data written by Kodjovi M. Eklou 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 2023-05-26 with Business & Economics categories.
This paper examines the impact of Dollar exchange rate volatility on firm productivity in Emerging Markets economies (EMs). Using firm level data covering 16 EMs over the period 1998 -2019, the paper shows that dollar exchange rate volatility reduces firm productivity growth. Exploring channels, its finds that the results are driven by countries with low level of financial development, high dollar invoicing, high bilateral trade with the US, high collective bargaining coverage and open capital account. Exploring the role of policy, it finds that Foreign Exchange Interventions (FXI) dampen this impact on firm productivty. Further, exploiting firm level data, the paper shows that dollar exchange rate volatility operates also through the financial friction channel, reducing contemporaneous investments, especially at firms with low liquidity buffers and weak balance sheet (high leverage). The role of financial frictions is confirmed through the finding that younger firms, more likely to face financial constraints, are also found to be more vulnerable to dollar exchange rate volatility. In addition, we also find evidence of a large and persistent effect on firms with highly irreversible investment, lending support for the real option channel of uncertainty on the dollar exchange rate. These findings are robust to a battery of tests, including controlling for uncertainty, financial crises and using an instrumental variable strategy exploiting US monetary policy shocks as an exogenous source of variation in dollar exchange rate volatility.
Market Volatility And Foreign Exchange Intervention In Emes
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Author : Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico
language : es
Publisher:
Release Date : 2013
Market Volatility And Foreign Exchange Intervention In Emes written by Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Banks and banking, Central categories.
Malaysia
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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2023-06
Malaysia written by International Monetary 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 2023-06 with Business & Economics categories.
Malaysia registered a strong economic recovery in 2022, backed by its well diversified economy, sound policy frameworks, and commodity exporter status. While monetary policy started a gradual post-pandemic normalization, record costly spending on fuel subsidies broadly kept inflationary pressures suppressed in 2022. Meanwhile, the new national unity government has signaled its commitment to the reform priorities outlined in the Twelfth Malaysia Plan (12MP) and the 2023 Budget to propel the economy toward net-zero greenhouse gas emissions and high-income status.
Producer Dynamics
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Author : Timothy Dunne
language : en
Publisher: University of Chicago Press
Release Date : 2009-03-01
Producer Dynamics written by Timothy Dunne and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-03-01 with Business & Economics categories.
The Census Bureau has recently begun releasing official statistics that measure the movements of firms in and out of business and workers in and out of jobs. The economic analyses in Producer Dynamics exploit this newly available data on establishments, firms, and workers, to address issues in industrial organization, labor, growth, macroeconomics, and international trade. This innovative volume brings together a group of renowned economists to probe topics such as firm dynamics across countries; patterns of employment dynamics; firm dynamics in nonmanufacturing industries such as retail, health services, and agriculture; employer-employee turnover from matched worker/firm data sets; and turnover in international markets. Producer Dynamics will serve as an invaluable reference to economists and policy makers seeking to understand the links between firms and workers, and the sources of economic dynamics, in the age of globalization.
Exchange Rate Misalignment
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Author : Lawrence E. Hinkle
language : en
Publisher: World Bank Publications
Release Date : 1999
Exchange Rate Misalignment written by Lawrence E. Hinkle and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
Exchange Rate Misalignment examines the severe dislocations that can be caused by exchange rate misalignment and shows how there is no systematic guidance on the definitions and measurement of prevention. It explores how recent macroeconomic disruptions support the argument that growing financial integration has increased the need for providing accurate measures of long-run equilibrium exchange rates.
Handbook Of Development Economics
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Author : Dani Rodrick
language : en
Publisher: Elsevier
Release Date : 2009-11-09
Handbook Of Development Economics written by Dani Rodrick and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-11-09 with Business & Economics categories.
What guidance does academic research really provide to economic policy development? The critical and analytical surveys in this volume investigate links between policies and outcomes by surveying work from broad macroeconomic policies to interventions in microfinance. Asserting that there are no universal correspondences between policies and outcomes, contributors demonstrate instead that only an intense familiarity with the development context and the universe of applicable economic models can generate successful policies. Getting cause-and-effect right is essential for policy design and implementation. With the goal of drawing researchers and policy makers closer, this volume highlights our increasing understanding of ways to combine economic theorizing with careful, thoughtful empirical work. - Presents an accurate, self-contained survey of the current state of the field - Summarizes the most recent discussions, and elucidates new developments - Although original material is also included, the main aim is the provision of comprehensive and accessible surveys
Dissertation Abstracts International
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Author :
language : en
Publisher:
Release Date : 2007
Dissertation Abstracts International written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Dissertations, Academic categories.
Finance And Expenditure Select Committee Inquiry Into The Future Monetary Policy Framework
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Author : Reserve Bank of New Zealand
language : en
Publisher:
Release Date : 2007
Finance And Expenditure Select Committee Inquiry Into The Future Monetary Policy Framework written by Reserve Bank of New Zealand and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Banks and banking categories.
Publications Catalog
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Author : International Monetary Fund
language : en
Publisher:
Release Date : 2004
Publications Catalog written by International Monetary Fund and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with International finance categories.
Economic And Political Weekly
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Author :
language : en
Publisher:
Release Date : 2005-09
Economic And Political Weekly written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-09 with India categories.