The Responsiveness Of The Income Balance To The Exchange Rate
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The Responsiveness Of The Income Balance To The Exchange Rate
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Author : Alberto Behar
language : en
Publisher:
Release Date : 2023
The Responsiveness Of The Income Balance To The Exchange Rate written by Alberto Behar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
The role of the income balance in mitigating external vulnerabilities remains underexplored. We estimate income balance semi-elasticities with respect to the exchange rate. Semi-elasticities are small for most countries. Therefore, the income balance is generally not a significant channel through which the exchange rate stabilizes the current account and most exchange rate misalignment estimates can focus on trade, but there is a significant minority of exceptions.
Japan S Foreign Assets And Liabilities Implications For The External Accounts
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Author : Mariana Colacelli
language : en
Publisher: International Monetary Fund
Release Date : 2021-02-05
Japan S Foreign Assets And Liabilities Implications For The External Accounts written by Mariana Colacelli 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 2021-02-05 with Business & Economics categories.
The composition of Japan’s current account balance has changed over time, with an increasing income balance primarily reflecting a growing net foreign asset position and higher corporate saving. A comparison of Japan’s income balance with peer countries highlights: (i) relatively high yields on FDI assets, and (ii) very low FDI liabilities in Japan. Panel estimation is used to derive separate exchange rate elasticities for income credit and debit, with novel accounting that disentangles the mechanical from the economic response to exchange rate fluctuations. Despite the changing composition of Japan’s current account balance, its response to exchange rate movements still operates mostly through the traditional trade channel, with a small but reinforcing contribution from the income balance.
No Pain All Gain Exchange Rate Flexibility And The Expenditure Switching Effect
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Author : Mr.Yan Carriere-Swallow
language : en
Publisher: International Monetary Fund
Release Date : 2018-10-01
No Pain All Gain Exchange Rate Flexibility And The Expenditure Switching Effect written by Mr.Yan Carriere-Swallow 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 2018-10-01 with Business & Economics categories.
Theoretical models on the relationship between prices and exchange rates predict that the magnitude of expenditure switching affects the optimal choice of exchange rate regime. Focusing on the transmission of terms-of-trade shocks to domestic real variables we document that the magnitude of the expenditure switching effect is positively associated to the degree of exchange rate flexibility. Moreover, results show that flexible exchange rates allow for significant adjustment in relative prices, which in turn lowers the burden of adjustment on demand for domestic goods and, in some cases, facilitates a faster and more durable external adjustment process. These results, which are robust to accounting for possible non-linearities due to balance sheet effects or currency mismatches, shed new light on the shock absorbing properties of flexible exchange rates.
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.
The Effects Of Exchange Rate Change On The Trade Balance In Croatia
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Author : Tihomir Stucka
language : en
Publisher: International Monetary Fund
Release Date : 2004-04
The Effects Of Exchange Rate Change On The Trade Balance In Croatia written by Tihomir Stucka 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 2004-04 with Business & Economics categories.
A reduced-form model approach was used to estimate the trade balance response to permanent domestic currency depreciation. For this purpose, long-run and short-run effects were estimated, using three modeling methods along with two real effective exchange rate measures. On average, a 1 percent permanent depreciation improves the equilibrium trade balance by between 0.94 percent and 1.3 percent. The new equilibrium is established after approximately 2.5 years. Evidence of the J-curve is also found. Overall, in the light of the results obtained, it is questionable whether permanent depreciation is desirable to improve the trade balance, taking into account potential adverse effects on the rest of the economy.
A Model And Simulation Of A Currency Area Application To Latin America
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Author : Nancy L. Sidener
language : en
Publisher:
Release Date : 1978
A Model And Simulation Of A Currency Area Application To Latin America written by Nancy L. Sidener and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1978 with categories.
The Current Account Income Balance External Adjustment Channel Or Vulnerability Amplifier
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Author : Mr. Alberto Behar
language : en
Publisher: International Monetary Fund
Release Date : 2022-05-27
The Current Account Income Balance External Adjustment Channel Or Vulnerability Amplifier written by Mr. Alberto Behar 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 2022-05-27 with Business & Economics categories.
In terms of size, the net income balance (IB) is comparable to the trade balance (TB) for many countries. Yet the role of the IB in mitigating external vulnerabilities or complicating external adjustment remains underexplored. This paper studies the role of the IB in stabilizing or destabilizing the current account over the cycle and in crises. Our results show that, due to a negative correlation with the TB, the IB significantly dampens the time series volatility of the current account for most countries. However, the IB generally does not improve during crisis episodes, so current account adjustment occurs entirely through improvements in the TB. The paper also estimates IB semi-elasticities with respect to the exchange rate (ER). Semi-elasticities are small for most countries, so the IB is generally not a significant channel through which the ER stabilizes the current account, and trade-based semi-elasticities are, with some important exceptions, good proxies for current account semi-elasticities used in external sector assessments.
International Convergence Of Capital Measurement And Capital Standards
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Author :
language : en
Publisher: Lulu.com
Release Date : 2004
International Convergence Of Capital Measurement And Capital Standards written by and has been published by Lulu.com this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Bank capital categories.
Exchange Rate Theory And Practice
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Author : John F. Bilson
language : en
Publisher: University of Chicago Press
Release Date : 2007-12-01
Exchange Rate Theory And Practice written by John F. Bilson 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.
This volume grew out of a National Bureau of Economic Research conference on exchange rates held in Bellagio, Italy, in 1982. In it, the world's most respected international monetary economists discuss three significant new views on the economics of exchange rates - Rudiger Dornbusch's overshooting model, Jacob Frenkel's and Michael Mussa's asset market variants, and Pentti Kouri's current account/portfolio approach. Their papers test these views with evidence from empirical studies and analyze a number of exchange rate policies in use today, including those of the European Monetary System.
Foreign Currency Translation
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Author :
language : en
Publisher:
Release Date : 1981
Foreign Currency Translation written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1981 with Accounting categories.