Estimating Egypt S Equilibrium Real Exchange Rate
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Estimating Egypt S Equilibrium Real Exchange Rate
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Author : Mr.Joannes Mongardini
language : en
Publisher: International Monetary Fund
Release Date : 1998-01-01
Estimating Egypt S Equilibrium Real Exchange Rate written by Mr.Joannes Mongardini 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 1998-01-01 with Business & Economics categories.
In light of the real appreciation of the Egyptian pound over the last six years and Egypt’s lackluster export growth, questions of external competitiveness and exchange rate policy have arisen. This paper sheds light on these issues by estimating empirically Egypt’s equilibrium real exchange rate, that is, the rate that is consistent with fundamentals. The results show that, while the real exchange rate was substantially overvalued before 1993, today it is only moderately above the equilibrium rate. Moreover, the analysis shows that the recent appreciation of the pound does not indicate a worsening misalignment.
Estimating The Equilibrium Real Exchange Rate
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Author : Mr.Tarhan Feyzioglu
language : en
Publisher: International Monetary Fund
Release Date : 1997-09-01
Estimating The Equilibrium Real Exchange Rate written by Mr.Tarhan Feyzioglu 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 1997-09-01 with Business & Economics categories.
An equilibrium exchange rate is here defined as the level that is consistent with simultaneous internal and external balances as specified in Montiel (1996). Exogenous “fundamental” variables determining these balances are identified. Along the lines of Edwards (1994), a reduced form is estimated with the cointegration technique for Finland for the period 1975-95. The estimation produced a reasonable set of equilibrium exchange rates that appreciate with positive shocks to the terms of trade, world real interest rates, and the productivity differential between Finland and its trading partners.
Estimating Equilibrium Exchange Rates
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Author : John Williamson
language : en
Publisher: Peterson Institute
Release Date : 1994
Estimating Equilibrium Exchange Rates written by John Williamson and has been published by Peterson Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Business & Economics categories.
The problems of exchange rate misalignments and the resulting payments imbalances have plagued the world economy for decades. At the Louvre Accord of 1987, the Group of Five industrial countries adopted a system of reference ranges for exchange rate management, influenced by proposals of C. Fred Bergstan and John Williamson for a target zone system. The reference range approach has, however, been operated only intermittently and half-heartedly, and questions continue to be raised in policy and scholarly circles about the design and operation of a full-fledged target zone regime. This volume, with chapters by leading international economists, explores one crucial issue in the design of a target zone system: the problem of calculating Williamson's concept of the fundamental equilibrium exchange rate (FEER). Williamson contributes an overview of the policy and analytic issues and a second chapter on his own calculations.
Trade Policy And Economic Integration In The Middle East And North Africa
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Author : Hassan Hakimian
language : en
Publisher: Psychology Press
Release Date : 2005
Trade Policy And Economic Integration In The Middle East And North Africa written by Hassan Hakimian and has been published by Psychology Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
This important book examines the impact of recent changes in the world economy on trade policy within the MENA region and its economic relations with the rest of the world.
Estimation Of The Near Unit Root Model Of Real Exchange Rates
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Author : Mr.C. John McDermott
language : en
Publisher: International Monetary Fund
Release Date : 1996-05-01
Estimation Of The Near Unit Root Model Of Real Exchange Rates written by Mr.C. John McDermott 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 1996-05-01 with Business & Economics categories.
The time-series properties of real exchange rates, on a number of definitions, for 22 industrial countries during 1979-95 were used to re-examine whether PPP holds. It is shown that if real exchange rates reverted to a constant mean slowly, say by five percent a month, then at standard levels of significance we should expect 11 of the 22 series examined to yield evidence of mean reversion and to reject that hypothesis of a unit root. Using models that imply a constant unconditional mean or trend-stationary productivity changes, we find that only one of the 22 real exchange rates shows evidence against unit roots. This low rate of rejection of unit roots in real exchange rates can be construed as evidence against PPP.
Equilibrium Real Exchange Rate Estimates Across Time And Space
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Author : Christoph Fischer
language : en
Publisher:
Release Date : 2019
Equilibrium Real Exchange Rate Estimates Across Time And Space written by Christoph Fischer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Equilibrium real exchange rate and corresponding misalignment estimates differ tremendously depending on the panel estimation method used to derive them. Essentially, these methods differ in their treatment of the time-series (time) and the cross-section (space) variation in the panel. The study shows that conventional panel estimation methods (pooled OLS, fixed, random, and between effects) can be interpreted as restricted versions of a correlated random effects (CRE) model. It formally derives the distortion that arises if these restrictions are violated and uses two empirical applications from the literature to show that the distortion is generally very large. This suggests the use of the CRE model for the panel estimation of equilibrium real exchange rates and misalignments.
Monetary Policy Capital Flows And Exchange Rates
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Author : William Allen
language : en
Publisher: Routledge
Release Date : 2004-03-18
Monetary Policy Capital Flows And Exchange Rates written by William Allen and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-03-18 with Business & Economics categories.
Maxwell Fry was known internationally for his research into international and domestic financial issues. This book constitutes a tribute to his pioneering work in so many areas, and draws together contributions from a range of academic and policy-making colleagues who were fortunate enough to experience the depth of knowledge and insights which Maxwell demonstrated.
Estimation Of The Equilibrium Real Exchange Rate For Malawi
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Author : Mr.Johan Mathisen
language : en
Publisher: International Monetary Fund
Release Date : 2003-05-01
Estimation Of The Equilibrium Real Exchange Rate For Malawi written by Mr.Johan Mathisen 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 2003-05-01 with Business & Economics categories.
This paper computes Malawi's equilibrium real exchange rate as a function of its fundamentals as derived from economic theory. It finds evidence in favor of the equilibrium approach to exchange rate determination, with several variables (particularly government consumption and real per capita growth) found to drive movements in the time-varying equilibrium real exchange rate. The results also indicate that following a shock there is a rapid reversion of the real exchange rate to its time-varying equilibrium, with a half-life of reversion of about 11 months.
Long Run Determinants Of The Real Exchange Rate
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Author : Mr.Hamid Faruqee
language : en
Publisher: International Monetary Fund
Release Date : 1994-08-01
Long Run Determinants Of The Real Exchange Rate written by Mr.Hamid Faruqee 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 1994-08-01 with Business & Economics categories.
This paper examines the long-run determinants of the real exchange rate from a stock-flow perspective. The empirical analysis estimates a long-run relationship between the real exchange rate, net foreign assets and other factors affecting trade flows. Using postwar data for the United States and Japan, cointegration analysis supports the finding that the structural factors underlying each country’s net trade and net foreign asset positions determine the long-run path for the real value of the dollar and the yen. The empirical analysis also provides estimates for the underlying stochastic trend in each real exchange rate series.
Response Of The Equilibrium Real Exchange Rate To Real Disturbances In Developing Countries
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Author : Mr.Mohsin S. Khan
language : en
Publisher: International Monetary Fund
Release Date : 1991
Response Of The Equilibrium Real Exchange Rate To Real Disturbances 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 with Business & Economics categories.
Using a simple dependent - economy framework, this paper outlines the links between the equilibrium real exchange rate and some of its fundamental exogenous determinants, mainly terms of trade movements and commercial policy changes. Drawing on existing studies of trade flows in developing countries, it is possible to derive plausible quantitative ranges for the response of the equilibrium real exchange rate to both external and policy-induced shocks. The results should be particularly relevant in designing real exchange rate targets and rules that allow for movements in the equilibrium real exchange rate in response to various shocks.