The Effects of Exchange Rate Adjustments
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Published: 1977
Total Pages:
ISBN-13:
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Published: 1977
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DOWNLOAD EBOOKAuthor: Peter B. Clark
Publisher:
Published: 1977
Total Pages: 462
ISBN-13:
DOWNLOAD EBOOKAuthor: Peter B. Clark
Publisher:
Published: 1977
Total Pages: 452
ISBN-13:
DOWNLOAD EBOOKAuthor: Chief Economist Latin America and Caribbean Region Sebastian Edwards
Publisher:
Published: 1989-08-04
Total Pages: 0
ISBN-13: 9780262519014
DOWNLOAD EBOOKReal 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.
Author: Peter B. Clark
Publisher:
Published: 1975
Total Pages: 436
ISBN-13:
DOWNLOAD EBOOKAuthor: Mr.Vladimir Klyuev
Publisher: International Monetary Fund
Published: 2003-06-01
Total Pages: 37
ISBN-13: 1451855516
DOWNLOAD EBOOKThe paper focuses on distributional consequences of macroeconomic adjustment. The preferences of economic agents over the level of the real exchange rate derived from standard models are monotonic, with agents favoring either an infinitely appreciated or depreciated rate. To generate less extreme preferences, a model is presented where appreciation would depress economic activity, while a large depreciation would hit the tradable sector by limiting the availability of labor, offsetting the favorable price effect. The model is in the spirit of the dependent economy model, but built on explicit microfoundations. The results can be used to analyze political economy aspects of macroeconomic adjustment.
Author: Mr.Yan Carriere-Swallow
Publisher: International Monetary Fund
Published: 2018-09-28
Total Pages: 30
ISBN-13: 1484378237
DOWNLOAD EBOOKTheoretical 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.
Author: Peter B. Clark
Publisher:
Published: 1974
Total Pages: 437
ISBN-13:
DOWNLOAD EBOOKAuthor: National Bureau of Economic Research
Publisher: Chicago : University of Chicago Press
Published: 1986-11
Total Pages: 472
ISBN-13:
DOWNLOAD EBOOKIn spite of the attention paid exchange rates in recent economic debates on developing countries, relatively few studies have systematically analyzed in detail the various ramifications of exchange rate policy in these countries. In this new volume from the National Bureau of Economic Research, leading economists use rigorous models to tackle various exchange rate issues, while also illuminating policy implications that emerge from their analyses. The volume, divided into four main sections, addresses: the role of exchange rates in stabilization programs and the adjustment process; the importance of exchange rate policy during liberalization reform in developing countries; exchange rate problems relevant and unique to developing countries, illustrated by case studies; and the problems defining, measuring, and identifying determinants of real exchange rates. Authors of individual papers examine the relation between commercial policies and exchange rates, the role of exchange rate policy in stabilization programs, the effectiveness of devaluations as a policy tool, and the interaction between exchange rate terms of trade an capital flow. This research will not only prove crucial to our understanding of the role of exchange rates in developing countries, but will clearly set the standard for future work in the field.
Author: Peter Clark (Sozialhistoriker, Wirtschaftshistoriker, Grossbritannien)
Publisher:
Published: 1974
Total Pages: 436
ISBN-13:
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