The Fundamental Determinants of the Real Exchange Rate of the U. S. Dollar Relative to Other G-7 Currencies
The Fundamental Determinants of the Real Exchange Rate of the U. S. Dollar Relative to Other G-7 Currencies

Author: Mr.Jerome L. Stein

Publisher: International Monetary Fund

Published: 1995-08-01

Total Pages: 46

ISBN-13: 1451955146

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The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.

Real Exchange Rates and the Prices of Nontradable Goods
Real Exchange Rates and the Prices of Nontradable Goods

Author: Mr.Gian Milesi-Ferretti

Publisher: International Monetary Fund

Published: 1994-02-01

Total Pages: 38

ISBN-13: 1451922515

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This paper attempts to provide a perspective on real exchange rate developments following the inception of the EMS. The focus is on structural determinants of real exchange rates, notably the behavior of tradables and nontradable prices and productivity. It is found that changes in the relative price of tradable goods in terms of nontradables account for a sizable fraction of real exchange rate dynamics during the EMS period. Sectoral productivity growth differential help explain the behavior of the relative price of tradable goods, especially in the long run. There is also some evidence that the EMS has extended on relative price behavior.

Exchange Rate Misalignment in Developing Countries
Exchange Rate Misalignment in Developing Countries

Author: Sebastian Edwards

Publisher: Johns Hopkins University Press

Published: 1988

Total Pages: 110

ISBN-13:

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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.

Foreign Aid, Debt, and Growth in Zambia
Foreign Aid, Debt, and Growth in Zambia

Author: Per-Åke Andersson

Publisher: Nordic Africa Institute

Published: 2000

Total Pages: 144

ISBN-13: 9789171064622

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A study which discusses the structural problems in Zambia and the policies of adjustment that have been tried. It also analyses the impact of various strategies with regard to external resource transfers. The results show that the scope for growth is highly dependent on the tightness of the external resource constraint, and that debt service tends to dominate the policy-making.