Global Value Chains And The Exchange Rate Elasticity Of Exports
DOWNLOAD
Download Global Value Chains And The Exchange Rate Elasticity Of Exports PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Global Value Chains And The Exchange Rate Elasticity Of Exports book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Global Value Chains And The Exchange Rate Elasticity Of Exports
DOWNLOAD
Author : Swarnali Ahmed
language : en
Publisher: International Monetary Fund
Release Date : 2015-11-30
Global Value Chains And The Exchange Rate Elasticity Of Exports written by Swarnali Ahmed 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 2015-11-30 with Business & Economics categories.
This paper analyzes how the formation of Global Value Chains (GVCs) has affected the exchange rate elasticity of exports. Using a panel framework covering 46 countries over the period 1996-2012, we first find some suggestive evidence that the elasticity of real manufacturing exports to the Real Effective Exchange Rate (REER) has decreased over time. We then examine whether the formation of supply chains has affected this elasticity using different measures of GVC integration. Intuitively, as countries are more integrated in global production processes, a currency depreciation only improves competitiveness of a fraction of the value of final good exports. In line with this intuition, we find evidence that GVC participation reduces the REER elasticity of manufacturing exports by 22 percent, on average.
Singapore S Export Elasticities
DOWNLOAD
Author : Ms.Elif Arbatli
language : en
Publisher: International Monetary Fund
Release Date : 2016-03-07
Singapore S Export Elasticities written by Ms.Elif Arbatli 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 2016-03-07 with Business & Economics categories.
Singapore is one of the world’s most open economies, with the size of its trade reaching about 350 percent of its GDP. With the rise of highly diversified cross-border production networks, Singapore has come to play an integral role in the global supply chain with heavy reliance on foreign contents in its exports and production. It has also successfully moved up the value chain, exporting goods with high sophistication and economic complexity. Against this backdrop, in this paper, using disaggregate industry/product level trade data, we revisit Singapore’s export elasticities and find that growing participation in global production chains and rising export complexity are important determinants.
Global Value Chains And External Adjustment Do Exchange Rates Still Matter
DOWNLOAD
Author : Gustavo Adler
language : en
Publisher: International Monetary Fund
Release Date : 2019-12-27
Global Value Chains And External Adjustment Do Exchange Rates Still Matter written by Gustavo Adler 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 2019-12-27 with Business & Economics categories.
The paper explores how international integration through global value chains shapes the working of exchange rates to induce external adjustment both in the short and medium run. The analysis indicates that greater integration into international value chains reduces the exchange rate elasticity of gross trade volumes. This result holds both in the short and medium term, pointing to the rigidity of value chains. At the same time, greater value chain integration is associated with larger gross trade flows, relative to GDP, which tends to amplify the effect of exchange rate movements. Overall, combining these two results suggests that, for most countries, integration into global value chains does not materially alter the working of exchange rates and the benefits of exchange rate flexibility in facilitating external adjustment remain.
Exchange Rates And Trade
DOWNLOAD
Author : Mr.Daniel Leigh
language : en
Publisher: International Monetary Fund
Release Date : 2017-03-17
Exchange Rates And Trade written by Mr.Daniel Leigh 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 2017-03-17 with Business & Economics categories.
We examine the stability and strength of the relationship between exchange rates and trade over time using three alternative approaches, mitigating the endogeneity of the relation. We find that both exchange rate pass-through and the price elasticity of trade volumes are largely stable over time. Economic slack and financial conditions affect the relationship, but there is limited evidence that participation in global value chains has significantly changed the exchange rate–trade relationship over time.
Dollar Invoicing Global Value Chains And The Business Cycle Dynamics Of International Trade
DOWNLOAD
Author : Mr. David Cook
language : en
Publisher: International Monetary Fund
Release Date : 2022-02-11
Dollar Invoicing Global Value Chains And The Business Cycle Dynamics Of International Trade written by Mr. David Cook 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 2022-02-11 with Business & Economics categories.
Recent literature has highlighted that international trade is mostly priced in a few key vehicle currencies and is increasingly dominated by intermediate goods and global value chains (GVCs). Taking these features into account, this paper reexamines the relationship between monetary policy, exchange rates and international trade flows. Using a dynamic stochastic general equilibrium (DSGE) framework, it finds key differences between the response of final goods and GVC trade to both domestic and foreign shocks depending on the origin and ultimate destination of value added and the intermediate shipments involved. For example, the model shows that in response to a dollar appreciation triggered by a US interest rate increase, direct bilateral trade between non-US countries contracts more than global value chain oriented trade which feeds US final demand, and exports to the US decline much more when measured in gross as opposed to value added terms. We use granular data on GVCs at the sector level to document empirical evidence in favor of these key predictions of the model.
Measuring Competitiveness In A World Of Global Value Chains
DOWNLOAD
Author : Mr.Tamim Bayoumi
language : en
Publisher: International Monetary Fund
Release Date : 2018-11-05
Measuring Competitiveness In A World Of Global Value Chains written by Mr.Tamim Bayoumi 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 2018-11-05 with Business & Economics categories.
All common real effective exchange rate indexes assume trade is only in final goods, despite the growing presence of global supply chains. Extending effective exchange rate indexes to include such intermediate goods can imply radically different effective exchange rate weights, depending on the relative substitutability of goods in final demand and in production. Unfortunately, the effect of these shifts in weights are difficult to identify empirically because the two currencies most affected—the dollar and the renminbi—have moved closely together. As the renminbi becomes more flexible, however, it will be important to determine which assumptions are the most realistic.
Singapore
DOWNLOAD
Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2015-07-24
Singapore written by International Monetary Fund. Asia and Pacific Dept 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 2015-07-24 with Business & Economics categories.
Singapore: Selected Issues
Singapore
DOWNLOAD
Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2015-07-22
Singapore written by International Monetary Fund. Asia and Pacific Dept 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 2015-07-22 with Business & Economics categories.
External trade plays an important role in Singapore’s economy, providing an important share of total value added. Singapore’s exports have a relatively large import share; however, they also have a high level of complexity. As emphasized in previous studies, value-added in exports plays an important role in trade elasticities. The paper finds evidence that this is indeed the case for Singapore’s export products. Products that have higher domestic value-added share also tend to have higher export price elasticity. Economic complexity is also related to export price elasticities: higher economic complexity is associated with lower price elasticity of exports. This relationship is stronger within certain product segments such as the machinery, mechanical appliances and computers as well as the pharmaceuticals segments. Trade elasticities are important to understand Singapore’s exchange rate based monetary policy transmission. Exchange rate changes can affect profits and trade volumes differently, depending upon the price pass-through to import and export prices and the price elasticity of exports and imports. The import and export price pass-through can in return depend on trade elasticities. The paper also shows that there is important product heterogeneity with respect to trade elasticities; both across different product groups but also within individual product groups. This implies that structural changes in the product composition of trade can lead to sizeable changes in Singapore’s trade elasticities.
Demand For Value Added And Value Added Exchange Rates
DOWNLOAD
Author : Rudolfs Bems
language : en
Publisher: International Monetary Fund
Release Date : 2015-09-08
Demand For Value Added And Value Added Exchange Rates written by Rudolfs Bems 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 2015-09-08 with Business & Economics categories.
We examine the role of cross-border input linkages in governing how international relative price changes influence demand for domestic value added. We define a novel value-added real effective exchange rate (REER), which aggregates bilateral value-added price changes, and link this REER to demand for value added. Input linkages enable countries to gain competitiveness following depreciations by supply chain partners, and hence counterbalance beggar-thy-neighbor effects. Cross-country differences in input linkages also imply that the elasticity of demand for value added is country specific. Using global input-output data, we demonstrate these conceptual insights are quantitatively important and compute historical value-added REERs.
Trade Tensions Global Value Chains And Spillovers
DOWNLOAD
Author : Raju Huidrom
language : en
Publisher: International Monetary Fund
Release Date : 2019-06-12
Trade Tensions Global Value Chains And Spillovers written by Raju Huidrom 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 2019-06-12 with Business & Economics categories.
Europe is deeply integrated into global value chains and recent trade tensions raise the question of how European economies would be affected by the introduction of tariffs or other trade barriers. This paper estimates the impact of trade shocks and growth spillovers using value added measures to better gauge the associated costs across European countries.