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Long-Run Determinants of the Real Exchange Rate

1994-08-01 Business & Economics
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Release : 1994-08-01
Genre : Business & Economics
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Book Rating : 359/5 ( reviews)

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Book Synopsis Long-Run Determinants of the Real Exchange Rate by : Mr.Hamid Faruqee

Download or read book Long-Run Determinants of the Real Exchange Rate written by Mr.Hamid Faruqee. This book was released on 1994-08-01. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the long-run determinants of the real exchange rate from a stock-flow perspective. The empirical analysis estimates a long-run relationship between the real exchange rate, net foreign assets and other factors affecting trade flows. Using postwar data for the United States and Japan, cointegration analysis supports the finding that the structural factors underlying each country’s net trade and net foreign asset positions determine the long-run path for the real value of the dollar and the yen. The empirical analysis also provides estimates for the underlying stochastic trend in each real exchange rate series.

Fundamental Determinants of Exchange Rates

1997 Business & Economics
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Release : 1997
Genre : Business & Economics
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Book Rating : 064/5 ( reviews)

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Book Synopsis Fundamental Determinants of Exchange Rates by : Jerome L. Stein

Download or read book Fundamental Determinants of Exchange Rates written by Jerome L. Stein. This book was released on 1997. Available in PDF, EPUB and Kindle. Book excerpt: "This book greatly enhances our understanding of the behavior of real exchange rates. It provides an elegant model based on a solid theoretical foundation that links real exchange rates to their fundamental economic determinants and takes proper account of stock and flow considerations. The authors provide a masterful account of how changes in productivity and thrift affect the real exchange rate, and show that the long-run impact depends crucially on whether the change reflects the former fundamental (investment) or the latter (consumption). The empirical implementation uses state-of-the-art cointegration and error correction methodologies that are eminently well suited to capture the short-run adjustment of the real exchange rate to its medium- to long-run equilibrium value. The empirical results are extremely encouraging, as the economic fundamentals identified by the authors can explain a substantial part of the movement in the real exchange rate of a number of countries."--Peter Clark, International Monetary Fund

Long-run Determinants of East Asian Real Exchange Rates

1998
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Release : 1998
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Book Synopsis Long-run Determinants of East Asian Real Exchange Rates by : Menzie David Chinn

Download or read book Long-run Determinants of East Asian Real Exchange Rates written by Menzie David Chinn. This book was released on 1998. Available in PDF, EPUB and Kindle. Book excerpt:

Handbook of International Economics

1984 Business & Economics
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Release : 1984
Genre : Business & Economics
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Book Synopsis Handbook of International Economics by : R.W. Jones

Download or read book Handbook of International Economics written by R.W. Jones. This book was released on 1984. Available in PDF, EPUB and Kindle. Book excerpt: Textbook, research papers on international economic theory, economic policy and practice - includes a literature survey of theoretical studies in trade relations; covers evolution of economic models explaining the determinants of trade structure, capital flow, labour mobility, trade in natural resources, etc.; examines macroeconomics aspects of balance of payments, exchange rate, international monetary system, economic relations and dependence, etc. Bibliography, graphs, statistical tables.

Long-run Determinants of the Real Exchange Rate

2015
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Release : 2015
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Book Synopsis Long-run Determinants of the Real Exchange Rate by : Antonio Fiorencio

Download or read book Long-run Determinants of the Real Exchange Rate written by Antonio Fiorencio. This book was released on 2015. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a model for the long-run determinants of the Brazilian real exchange rate for the period 1947/95. This is a simple representative agent model that links the exchange rate, external debt and net exports. It is assumed that: a) the country pays an interest rate on its debt which is an increasing function of the debt/GDP ratio; b) the real exchange rate is a control variable. The transitional dynamics of the model following different shocks is analysed. The model suggests that the relevant variables are the real exchange rate, external debt and net exports. A VEC model using these variables shows that the Brazilian data support the existence of one cointegrating relation among the three variables, which we interpret as the empirical counterpart of the long-run conditions of the theoretical model. Finally, we impose restrictions to identify shocks that could be interpreted as the non-observable exogenous variables of the theoretical model. The dynamics of the empirical model is estimated.

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