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Fiscal Adjustment And The Real Exchange Rate

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Fiscal Adjustment And The Real Exchange Rate

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Author : K. M. Matin
language : en
Publisher: World Bank Publications
Release Date : 1992

Fiscal Adjustment And The Real Exchange Rate written by K. M. Matin 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 1992 with Ajuste economico - Bangladesh categories.

Fiscal Imbalances Capital Inflows And The Real Exchange Rate

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Author : E. Murat Ucer
language : en
Publisher: International Monetary Fund
Release Date : 1997-01-01

Fiscal Imbalances Capital Inflows And The Real Exchange Rate written by E. Murat Ucer 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 1997-01-01 with Business & Economics categories.

This paper examines the links between fiscal policy, capital inflows, and the real exchange rate in Turkey since the late 1980s. After an overview of recent macroeconomic developments in Turkey, a vector autoregression model is estimated linking government spending, interest rate differentials, capital inflows, and the temporary component of the real exchange rate. Positive shocks to government spending and capital inflows lead to an appreciation of the temporary component of the real exchange rate, whereas positive shocks to the uncovered interest rate differential lead to a capital inflow and an appreciation of the temporary component of the real exchange rate. The findings highlight the role of fiscal adjustment in restoring macroeconomic stability.

Fiscal Policy And The Real Exchange Rate

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Author : Mr.Santanu Chatterjee
language : en
Publisher: International Monetary Fund
Release Date : 2012-02-01

Fiscal Policy And The Real Exchange Rate written by Mr.Santanu Chatterjee 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 2012-02-01 with Business & Economics categories.

Government spending on infrastructure has recently increased sharply in many emerging-market economies. This paper examines the mechanism through which public infrastructure spending affects the dynamics of the real exchange rate. Using a two-sector dependent open economy model with intersectoral adjustment costs, we show that government spending generates a non-monotonic U-shaped adjustment path for the real exchange rate with sharp intertemporal trade-offs. The effect of government spending on the real exchange rate depends critically on (i) the composition of public spending, (ii) the underlying financing policy, (iii) the intensity of private capital in production, and (iv) the relative productivity of public infrastructure. In deriving these results, the model also identifies conditions under which the predictions of the neoclassical open economy model can be reconciled with empirical regularities, namely the intertemporal relationship between government spending, private consumption, and the real exchange rate.

Real Exchange Rate Appreciation In Emerging Markets

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Author : Marialuz Moreno Badia
language : en
Publisher: International Monetary Fund
Release Date : 2014-01-10

Real Exchange Rate Appreciation In Emerging Markets written by Marialuz Moreno Badia 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 2014-01-10 with Business & Economics categories.

A number of emerging markets have experienced substantial real exchange rate appreciation in recent years, generating concerns about competitiveness and prompting policymakers to respond with a combination of mitigating policies. This paper shows that fiscal policy can play a role in alleviating these pressures. Using a sample of 28 emerging market economies over 1983-2011, we estimate a dynamic model of the real exchange rate and find that a permanent fiscal adjustment may reduce appreciation pressures over the long term. Furthermore, the composition of public spending matters, with reductions in current spending playing a key role. To illustrate the importance of these findings, the paper focuses on the case of Brazil. Our results suggest that maintaining fiscal discipline while increasing public investment in Brazil is likely to ease real appreciation pressures, highlighting the importance of tackling long-standing budget rigidities.

Intertemporal Adjustment And Fiscal Policy Under A Fixed Exchange Rate Regime

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Author : Marcel Aloy
language : en
Publisher: World Bank Publications
Release Date : 2008

Intertemporal Adjustment And Fiscal Policy Under A Fixed Exchange Rate Regime written by Marcel Aloy 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 2008 with Currencies and Exchange Rates categories.

Abstract: The paper presents a dynamic model for small to medium open economies operating under a fixed exchange rate regime. The model provides a partial explanation of the channels through which fiscal and monetary policy affects the real exchange rate. An empirical investigation is conducted for the case of Argentina during the currency board period of 1991-2001. Empirical estimates show that fiscal policy may indeed be an efficient instrument for promoting macroeconomic stability insofar as it encourages convergence toward long-run equilibrium and alters the long-term balance between exports and consumption, both private and public. The simulation applied to Argentina shows that if the share of public spending in the economy is higher than the share of imports, an increase in the tax rate will stimulate capital stock slightly, at least in the short term, and depreciate the real effective exchange rate. In the long run, the fiscal policy affects the value of the real exchange rate and consequently external competitiveness.

Real Exchange Rate Targeting Under Imperfect Asset Substitutability

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Author : Mr.José Saúl Lizondo
language : en
Publisher: International Monetary Fund
Release Date : 1993-04-01

Real Exchange Rate Targeting Under Imperfect Asset Substitutability written by Mr.José Saúl Lizondo 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 1993-04-01 with Business & Economics categories.

This paper presents a model of an economy that uses nominal exchange rate policy to keep the real exchange rate constant at a certain target level, under imperfect asset substitutability. The paper discusses the determinants of inflation under such a policy, and examines the consequences of exogenous and policy-induced shocks on inflation, the external accounts, and the fiscal accounts. The shocks considered include changes in the real exchange rate target, changes in fiscal policy, changes in foreign interest rates, and open market sales of public sector domestic bonds.

The Economics Of Adjustment And Growth

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Author : Pierre-Richard Agénor
language : en
Publisher: La Editorial, UPR
Release Date : 2004-09-30

The Economics Of Adjustment And Growth written by Pierre-Richard Agénor and has been published by La Editorial, UPR this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-09-30 with Business & Economics categories.

This book provides a systematic and coherent framework for understanding the interactions between the micro and macro dimensions of economic adjustment policies; that is, it explores short-run macroeconomic management and structural adjustment policies aimed at promoting economic growth. It emphasizes the importance of structural microeconomic characteristics in the transmission of policy shocks and the response of the economy to adjustment policies. It has particular relevance to the economics of developing countries. The book is directed to economists interested in an overview of the economics of reform; economists in international organizations, such as the UN, the IMF, and the World Bank, dealing with development; and economists in developing countries. It is also a text for advanced undergraduate students pursuing a degree in economic policy and management and students in political science and public policy.

Fiscal Policy Intercountry Adjustment And The Real Exchange Rate Within Europe

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Author : Christopher Allsopp
language : en
Publisher:
Release Date : 2008

Fiscal Policy Intercountry Adjustment And The Real Exchange Rate Within Europe written by Christopher Allsopp and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Economic and Monetary Union categories.

The paper argues that an improved fiscal policy process might result in improved macroeconomic performance within Europe. Within EMU, a country may have difficulty ensuring stability in the face of asymmetric shocks; the response may be unstable, or, even if not, the real exchange rate might overshoot. In this context, the rules of the SGP may interfere with the control of inflation control, with the short-run stabilisation of demand, and also with the longer term adjustment of intra-European real exchange rates. We recommend using fiscal policy to stabilise inflation and also to target the real exchange rate rather than deficits or debt. Such a policy would require a more active use of fiscal policy.

Fiscal Imbalances Capital Inflows And The Real Exchange Rate

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Author : Pierre-Richard Agenor
language : en
Publisher:
Release Date : 2006

Fiscal Imbalances Capital Inflows And The Real Exchange Rate written by Pierre-Richard Agenor and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.

Targeting The Real Exchange Rate

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Author : Mr.Guillermo Calvo
language : en
Publisher: International Monetary Fund
Release Date : 1994-02-01

Targeting The Real Exchange Rate written by Mr.Guillermo Calvo 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 1994-02-01 with Business & Economics categories.

This paper presents a theoretical and empirical analysis of policies aimed at setting a more depreciated level of the real exchange rate. An intertemporal optimizing model suggests that, in the absence of changes in fiscal policy, a more depreciated level of the real exchange can only be attained temporarily. This can be achieved by means of higher inflation and/or higher real interest rates, depending on the degree of capital mobility. Evidence for Brazil, Chile, and Colombia supports the model’s prediction that undervalued real exchange rates are associated with higher inflation.

Fiscal Adjustment And The Real Exchange Rate

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