Exchange Rate Misalignment In Developing Countries

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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.

Exchange Rate Misalignment In Developing Countries

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Author : Sebastian Edwards
language : en
Publisher: Johns Hopkins University Press
Release Date : 1988

Exchange Rate Misalignment In Developing Countries written by Sebastian Edwards and has been published by Johns Hopkins University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Business & Economics categories.

This article analyzes the theory of equilibrium real exchange rates and defines misalignment as a deviation of the real exchange rate (RER) from its equilibrium level. The role of macroeconomic policies is then analyzed under three alternative nominal exchange rate regimes: predetermined nominal exchange rates; floating nominal rates; and dual or black market nominal exchange rates. This discussion points out how inconsistent macroeconomic policies often lead to real exchange rate misalignment. Corrective measures, including nominal devaluation and several alternative approaches, are then evaluated.

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.

China S Evolving Exchange Rate Regime

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Author : Mr.Sonali Das
language : en
Publisher: International Monetary Fund
Release Date : 2019-03-07

China S Evolving Exchange Rate Regime written by Mr.Sonali Das 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 2019-03-07 with Business & Economics categories.

China’s exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with de jure floating currencies. Allowing a greater role for market forces within the existing regime, and greater two-way flexibility of the exchange rate, are important steps to build on the progress already made. This should be complemented by further steps to develop the FX market, improve FX risk management, and modernize the monetary policy framework.

Approaches To Exchange Rate Policy

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Author : Mr.Richard C. Bart
language : en
Publisher: International Monetary Fund
Release Date : 1994-06-01

Approaches To Exchange Rate Policy written by Mr.Richard C. Bart 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 1994-06-01 with Business & Economics categories.

External sector policies and exchange rate policy are central to a country's economic performance and to the IMF's surveillance functions. The papers in this book, edited by Richard Barth and Chorng-Huey Wong, were presented at a seminar on Exchange Rate Policy in Developing and Transition Economies held by the IMF Institute. They analyze choices of exchange rate regimes, issues affecting management of exchange regimes, and specific types of regimes, including case studies from the former Soviet Union, Africa, Asia, and Latin America.

Real Exchange Rate Misalignment In Developing Countries Under The Floating Exchange Rate Regime

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Author : Gae-Iyong Choi
language : en
Publisher:
Release Date : 1996

Real Exchange Rate Misalignment In Developing Countries Under The Floating Exchange Rate Regime written by Gae-Iyong Choi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with categories.

Real Exchange Rate Misalignment And Economic Growth An Empirical Analysis For Ethiopia

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Author : Alemnew, Teklebirhan
language : en
Publisher: Intl Food Policy Res Inst
Release Date : 2025-02-24

Real Exchange Rate Misalignment And Economic Growth An Empirical Analysis For Ethiopia written by Alemnew, Teklebirhan and has been published by Intl Food Policy Res Inst this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-02-24 with Political Science categories.

In both developing and developed economies, academic and policy discussions have consistently emphasized that achieving stable economic growth and maintaining internal and external balance require an exchange rate aligned with its long-term equilibrium value. This paper examines the impact of real exchange rate misalignment on Ethiopia's economic growth from 1980 to 2022. The study begins by estimating the equilibrium real exchange rate using the Behavioral Equilibrium Exchange Rate (BEER) approach to calculate the misalignments. It then analyzes the effects of these misalignments on economic growth using Vector Autoregressive (VAR) and Hansen's (2000) threshold regression model. The VAR and Impulse Response Function (IRF) analyses reveal that real exchange rate misalignments have an immediate positive impact on economic growth, which diminishes between the eighth and sixteenth years and stabilizes as a permanent long-term effect. The threshold regression results indicate that undervaluation of the Ethiopian Birr enhances economic growth up to a 13.95% deviation from the equilibrium real exchange rate, while overvaluation supports growth up to a 7.15% threshold. Beyond these limits, misalignments hinder growth. The study underscores the importance of avoiding excessive deviations from the equilibrium exchange rate to sustain economic growth. Furthermore, it highlights the need for consistent macroeconomic policies to minimize the gap between the actual and equilibrium real exchange rates. These findings emphasize the critical role of exchange rate policy in promoting sustainable economic development in Ethiopia.

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.

Exchange Rate Misalignment

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Author : Mr.Atsushi Iimi
language : en
Publisher: International Monetary Fund
Release Date : 2006-06-01

Exchange Rate Misalignment written by Mr.Atsushi Iimi 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 2006-06-01 with Business & Economics categories.

Botswana's successive currency devaluations and recent move from a fixed to a crawling peg exchange rate regime raise the question of whether the exchange rate might be misaligned with economic fundamentals. This paper, applying the behavioral equilibrium exchange rate (BEER) approach, analyzes the behavior of the real exchange rate for the period 1985-2004. It finds that the pula was undervalued in the later 1980s but overvalued in recent years. Some policy lessons from experiences in other countries with crawling peg arrangements are therefore considered in the context of Botswana.

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Author :
language : en
Publisher: World Bank Publications
Release Date :

written by 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 with categories.