Economic Adjustment And Exchange Rates In Developing Countries
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Real Exchange Rates Devaluation And Adjustment
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Author : Sebastian Edwards
language : en
Publisher:
Release Date : 1989
Real Exchange Rates Devaluation And Adjustment written by Sebastian Edwards and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Business & Economics categories.
Real Exchange Rates, Devaluation, and Adjustment provides a unified theoretical and empirical investigation of exchange rate policy and performance in scores of developing countries. It develops a theory of equilibrium and disequilibrium real exchange rates, takes up the question of why devaluations are the most controversial policy measures in poorer nations, and discusses what determines their success or failure. In a lucid fashion, Edwards organizes vast amounts of data on exchange rates - both real and nominal - and discusses their effect on net trade balances, net asset positions, output growth, real wages, and rates of price inflation, analyzed both in time series and through cross country comparisons. Edwards's investigation singles out 39 major devaluation episodes for before and after comparative analyses while simultaneously isolating the separate effects of other important explanatory variables, such as bank credit expansion and changes in the terms of trade. The first part of the book focuses on theoretical models of devaluation and real exchange rate behavior in less developed countries. Special attention is paid to intertemporal channels in the transmission of disturbances. The second part uses a large cross country data set to analyze the way the real exchange rate has behaved in these nations. The data are also used to test the implications of several theories of real exchange rate determination. The third part analyzes actual devaluation experiences between 1962 and 1982. These chapters examine the events leading to a balance of payments crisis and to a devaluation, exploring the relation between macroeconomic disequilibrium, and the imposition of trade and exchange controls. They also investigate the effect of nominal devaluation on key variables such as the balance of payments, the current account, the real exchange rate, real output real wages, and income distribution.
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.
Economic Adjustment And Exchange Rates In Developing Countries
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Author : Sebastian Edwards
language : en
Publisher: University of Chicago Press
Release Date : 2007-12-01
Economic Adjustment And Exchange Rates In Developing Countries written by Sebastian Edwards 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 2007-12-01 with Business & Economics categories.
In spite of the attention paid exchange rates in recent economic debates on developing countries, relatively few studies have systematically analyzed in detail the various ramifications of exchange rate policy in these countries. In this new volume from the National Bureau of Economic Research, leading economists use rigorous models to tackle various exchange rate issues, while also illuminating policy implications that emerge from their analyses. The volume, divided into four main sections, addresses: the role of exchange rates in stabilization programs and the adjustment process; the importance of exchange rate policy during liberalization reform in developing countries; exchange rate problems relevant and unique to developing countries, illustrated by case studies; and the problems defining, measuring, and identifying determinants of real exchange rates. Authors of individual papers examine the relation between commercial policies and exchange rates, the role of exchange rate policy in stabilization programs, the effectiveness of devaluations as a policy tool, and the interaction between exchange rate terms of trade an capital flow. This research will not only prove crucial to our understanding of the role of exchange rates in developing countries, but will clearly set the standard for future work in the field.
Currency Politics
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Author : Jeffry A. Frieden
language : en
Publisher: Princeton University Press
Release Date : 2014-12-28
Currency Politics written by Jeffry A. Frieden and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-28 with Business & Economics categories.
A comprehensive analysis of the politics surrounding exchange rate policies in the global economy—with in-depth case studies. The exchange rate is the most important price in any nation’s economy, and a central factor in the global economy. Despite the critical role of exchange rate policy, there are few definitive explanations of why governments choose the currency policies they do. In Currency Politics, Jeffrey Frieden combines narrative and statistical investigation to offer an enlightening analysis of exchange rate policies around the world. Many industries seek to influence politicians on currency policy. Frieden shows how each industry’s characteristics—including its exposure to currency risk and the price effects of exchange rate movements—determine their policy preferences. Frieden then evaluates the accuracy of his theoretical arguments in a variety of historical and geographical settings. He looks at the politics of the gold standard, particularly in the United States, and he examines the political economy of European monetary integration. Frieden also analyzes the politics of Latin American currency policy over the past forty years, and focuses on the daunting currency crises that have frequently debilitated Latin American nations, including Mexico, Argentina, and Brazil.
Parallel Exchange Rates In Developing Countries
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Author : Miguel A. Kiguel
language : en
Publisher: Springer
Release Date : 2016-07-27
Parallel Exchange Rates In Developing Countries written by Miguel A. Kiguel and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-27 with Business & Economics categories.
'...the most definitive study of the subject, assembling an all-star cast to address the many outstanding questions and succeeding beyond expectations in combining elegant theory and state of the art econometrics to reach very sensible policy conclusions.' - Mohsin S. Khan, Deputy Director, Research Department, International Monetary Fund ' This book fills an important vacuum in the literature of the economic consequences of parallel markets and should prove of great value to students of economic development and to policy-makers in developing countries as they struggle to reform their exchange rate and trade incentive systems. Here they will find all that they need to know.' - Vittorio Corbo, Professor of Economics, Universidad Catolica de Chile 'A most comprehensive treatment of the relationships between parallel foreign exchange markets and macroeconomic policies, both across countries and over time. The book substantially enhances our understanding of how these systems work in practice and will be of great interest to policy-makers, researchers and graduate students of economic policy.' - Samuel M. Wangwe, Professor of Economics, University of Dar es Salaam and Executive Director, Economic and Social Research Foundation, Dar es Salaam, Tanzania This book examines extensive empirical evidence on the macroeconomic implications of parallel exchange rates in developing countries. Eight case-studies from Africa, Latin America, and Turkey provide detailed evidence on the emergence of parallel exchange rates, their impact on macroeconomic performance, and the criteria for successful exchange-rate unification. A chapter on European dual exchange rates summarizes the contrasting experience of industrial countries. An overview chapter lays out the analytical framework, assesses the evidence, and draws policy conclusions.
Exchange Rate Policy In Developing Countries
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Author : Mr.Mohsin S. Khan
language : en
Publisher: International Monetary Fund
Release Date : 1991-05-15
Exchange Rate Policy In Developing Countries written by Mr.Mohsin S. Khan 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 1991-05-15 with Business & Economics categories.
This paper addresses analytical aspects of exchange rate policy and emphasizes the relationship among exchange rate flexibility, financial discipline, and international competitiveness.
The Open Economy
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Author : Rudiger Dornbusch
language : en
Publisher: World Bank Publications
Release Date : 1988
The Open Economy written by Rudiger Dornbusch 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 1988 with Business & Economics categories.
This important book is a teaching manual, in nontechnical language, on policymaking in developing countries. Written at the request of the Economic Development Institute of the World Bank, the papers focus on policy instruments, their use and constraints, and provide case studies of economic policy in Argentina, Brazil, Indonesia, Korea, and Mexico to illustrate basic problems and possible solutions.
Resources Booms And Macroeconomic Adjustments In Developing Countries
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Author : Mamta Banu Chowdhury
language : en
Publisher: Routledge
Release Date : 2017-11-28
Resources Booms And Macroeconomic Adjustments In Developing Countries written by Mamta Banu Chowdhury and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-28 with Business & Economics categories.
Chowdhury addresses fundamental issues of policy management in resource-based developing countries, by providing an extension of the existing 'Dutch Disease' theory and its applications to the developing country context. The impact of resources booms is of paramount importance for the developing economies. To date the analytical and empirical investigations of these issues have not been available. Essentially, this study will fill this gap. The book investigates the macroeconomic impact of a resources boom and the long-term growth implications of related policy choices with reference to Papua New Guinea. Like many other primary commodity exporting developing economies, Papua New Guinea experienced several short-lived export booms over the past two and a half decades, providing a fascinating case study of potential gains from resources booms and the accompanying complex problems of policy management. This study also incorporates a comparative study of resources boom and policy management issues between Papua New Guinea, Indonesia and Nigeria.
The Politics Of Exchange Rates In Developing Countries
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Author : Ralph Setzer
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-09-21
The Politics Of Exchange Rates In Developing Countries written by Ralph Setzer 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 2006-09-21 with Business & Economics categories.
1. 1 The context What factors determine a country's exchange rate regime? Since the col lapse of the Bretton Woods system of fixed exchange rates in 1973, eco nomists have been increasingly interested in answering this question. Ana lysts focused primarily on the possible influence of optimum currency area (OCA) criteria, such as a country's size, openness to trade, or factor mobi lity. More recent approaches emphasized the nature and the sources of shocks to which an economy is exposed or explicitly took imperfections on financial markets into account. However, despite a large body of work, litt le consensus has emerged about the determinants of exchange rate regime choice. The existing empirical literature could not identify a single variable as a clear predictor of exchange rate regime choice and even among eco nomically comparable countries large discrepancies in exchange rate pol icy have been observed (see, e. g. , the survey on the literature in Juhn and Mauro 2002). The inconclusiveness of traditional approaches to explain exchange rate regime choice is the stimulus for this dissertation. My main point is that political and institutional conditions help to account for differences in ex change rate policy. Li other areas of economic policy, it has become stan dard to argue that government's macroeconomic preferences are an impor tant determinant in economic policymaking and should not be neglected when analyzing macroeconomic outcomes.
Exchange Rate Crises In Developing Countries
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Author : Michael G. Hall
language : en
Publisher: Routledge
Release Date : 2018-01-18
Exchange Rate Crises In Developing Countries written by Michael G. Hall and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-01-18 with Political Science categories.
According to many economists, the increasing mobility of capital across borders has made it more costly to peg exchange rates. This phenomenon has contributed to some of the more famous examples of exchange rate crises in recent times, such as the Mexican peso crisis in 1994 and the Asian financial crisis in 1997. Yet despite the increasing costs of pegging in today's accelerated financial markets, some developing countries try to maintain a peg for as long as they can. This work is the first to theorize the role of bankers as a domestic interest group involved in exchange rate policy. It adds to our understanding of how interest groups affect economic policy in developing countries and explains why some of the largest and fastest growing economies in the developing world were the most prone to crisis. The volume also refines our understanding of the 'hollowing-out thesis', the argument that increasing capital mobility is forcing states to abandon pegging.