Is Exchange Rate Stabilization An Appropriate Cure For The Dutch Disease
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Author |
: Mr.Ruy Lama |
Publisher |
: International Monetary Fund |
Total Pages |
: 45 |
Release |
: 2010-08-01 |
ISBN-10 |
: 9781455202164 |
ISBN-13 |
: 1455202169 |
Rating |
: 4/5 (64 Downloads) |
Synopsis Is Exchange Rate Stabilization an Appropriate Cure for the Dutch Disease? by : Mr.Ruy Lama
This paper evaluates how successful is a policy of exchange rate stabilization to counteract the negative effects of a Dutch Disease episode. We consider a small open economy model that incorporates nominal rigidities and a learning-by-doing externality in the tradable sector. The paper shows that leaning against an appreciated exchange rate can prevent an inefficient loss of tradable output but at the cost of generating a misallocation of resources in other sectors of the economy. The paper also finds that welfare is a decreasing function of exchange rate intervention. These results suggest that stabilizing the nominal exchange rate in response to a Dutch Disease episode is highly distortionary.
Author |
: Warner Max Corden |
Publisher |
: |
Total Pages |
: 37 |
Release |
: 1982 |
ISBN-10 |
: 0868310794 |
ISBN-13 |
: 9780868310794 |
Rating |
: 4/5 (94 Downloads) |
Synopsis Booming Sector and Dutch Disease Economics by : Warner Max Corden
Author |
: Ruy Lama |
Publisher |
: |
Total Pages |
: 44 |
Release |
: 2014 |
ISBN-10 |
: OCLC:1308961400 |
ISBN-13 |
: |
Rating |
: 4/5 (00 Downloads) |
Synopsis Is Exchange Rate Stabilization an Appropriate Cure for the Dutch Disease? by : Ruy Lama
This paper evaluates how successful is a policy of exchange rate stabilization to counteract the negative effects of a Dutch Disease episode. We consider a small open economy model that incorporates nominal rigidities and a learning-by-doing externality in the tradable sector. The paper shows that leaning against an appreciated exchange rate can prevent an inefficient loss of tradable output but at the cost of generating a misallocation of resources in other sectors of the economy. The paper also finds that welfare is a decreasing function of exchange rate intervention. These results suggest that stabilizing the nominal exchange rate in response to a Dutch Disease episode is highly distortionary.
Author |
: Juan Pablo Medina Guzman |
Publisher |
: International Monetary Fund |
Total Pages |
: 46 |
Release |
: 2010-08-01 |
ISBN-10 |
: 9781455201655 |
ISBN-13 |
: 1455201650 |
Rating |
: 4/5 (55 Downloads) |
Synopsis Is Exchange Rate Stabilization a+L4510n Appropriate Cure for the Dutch Disease? by : Juan Pablo Medina Guzman
This paper evaluates how successful is a policy of exchange rate stabilization to counteract the negative effects of a Dutch Disease episode. We consider a small open economy model that incorporates nominal rigidities and a learning-by-doing externality in the tradable sector. The paper shows that leaning against an appreciated exchange rate can prevent an inefficient loss of tradable output but at the cost of generating a misallocation of resources in other sectors of the economy. The paper also finds that welfare is a decreasing function of exchange rate intervention. These results suggest that stabilizing the nominal exchange rate in response to a Dutch Disease episode is highly distortionary.
Author |
: Joseph E. Gagnon |
Publisher |
: Peterson Institute |
Total Pages |
: 265 |
Release |
: 2011 |
ISBN-10 |
: 0881326275 |
ISBN-13 |
: 9780881326277 |
Rating |
: 4/5 (75 Downloads) |
Synopsis Flexible Exchange Rates for a Stable World Economy by : Joseph E. Gagnon
Author |
: Kenneth W. Clements |
Publisher |
: Cambridge University Press |
Total Pages |
: 401 |
Release |
: 2013-01-31 |
ISBN-10 |
: 9781107014763 |
ISBN-13 |
: 110701476X |
Rating |
: 4/5 (63 Downloads) |
Synopsis Currencies, Commodities and Consumption by : Kenneth W. Clements
Discusses economic issues associated with exchange rates, commodity prices, the economic size of countries and alternatives to PPP exchange rates.
Author |
: Ronald MacDonald |
Publisher |
: Routledge |
Total Pages |
: 334 |
Release |
: 2005 |
ISBN-10 |
: 9781134838226 |
ISBN-13 |
: 1134838220 |
Rating |
: 4/5 (26 Downloads) |
Synopsis Exchange Rate Economics by : Ronald MacDonald
''In summary, the book is valuable as a textbook both at the advanced undergraduate level and at the graduate level. It is also very useful for the economist who wants to be brought up-to-date on theoretical and empirical research on exchange rate behaviour.'' ""Journal of International Economics""
Author |
: International Monetary Fund |
Publisher |
: International Monetary Fund |
Total Pages |
: 45 |
Release |
: 2012-01-01 |
ISBN-10 |
: 9781463931179 |
ISBN-13 |
: 1463931174 |
Rating |
: 4/5 (79 Downloads) |
Synopsis Commodity Price Volatility and the Sources of Growth by : International Monetary Fund
This paper studies the impact of the level and volatility of the commodity terms of trade on economic growth, as well as on the three main growth channels: total factor productivity, physical capital accumulation, and human capital acquisition. We use the standard system GMM approach as well as a cross-sectionally augmented version of the pooled mean group (CPMG) methodology of Pesaran et al. (1999) for estimation. The latter takes account of cross-country heterogeneity and cross-sectional dependence, while the former controls for biases associated with simultaneity and unobserved country-specific effects. Using both annual data for 1970-2007 and five-year non-overlapping observations, we find that while commodity terms of trade growth enhances real output per capita, volatility exerts a negative impact on economic growth operating mainly through lower accumulation of physical capital. Our results indicate that the negative growth effects of commodity terms of trade volatility offset the positive impact of commodity booms; and export diversification of primary commodity abundant countries contribute to faster growth. Therefore, we argue that volatility, rather than abundance per se, drives the "resource curse" paradox.
Author |
: Sebastian Edwards |
Publisher |
: Johns Hopkins University Press |
Total Pages |
: 110 |
Release |
: 1988 |
ISBN-10 |
: STANFORD:36105040907409 |
ISBN-13 |
: |
Rating |
: 4/5 (09 Downloads) |
Synopsis Exchange Rate Misalignment in Developing Countries by : Sebastian Edwards
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.
Author |
: Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico |
Publisher |
: |
Total Pages |
: 0 |
Release |
: 2013 |
ISBN-10 |
: 9291319627 |
ISBN-13 |
: 9789291319626 |
Rating |
: 4/5 (27 Downloads) |
Synopsis Market Volatility and Foreign Exchange Intervention in EMEs by : Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico