Welfare Impacts of Exchange Rate Adjustments on the Canadian Agricultural Sector PDF Download

Author: Robert John MacGregor
Publisher:
ISBN:
Category :
Languages : en
Pages : 452

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Author: Sebastian Edwards
Publisher: Johns Hopkins University Press
ISBN:
Category : Business & Economics
Languages : en
Pages : 110

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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.

Author: Mary E. Burfisher
Publisher: International Monetary Fund
ISBN: 1498303285
Category : Business & Economics
Languages : en
Pages : 34

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The United States – Mexico – Canada Agreement (USMCA) was signed on November 30, 2018 and aims to replace and modernize the North-American Free Trade Agreement (NAFTA). This paper uses a global, multisector, computable-general-equilibrium model to provide an analytical assessment of five key provisions in the new agreement, including tighter rules of origin in the automotive, textiles and apparel sectors, more liberalized agricultural trade, and other trade facilitation measures. The results show that together these provisions would adversely affect trade in the automotive, textiles and apparel sectors, while generating modest aggregate gains in terms of welfare, mostly driven by improved goods market access, with a negligible effect on real GDP. The welfare benefits from USMCA would be greatly enhanced with the elimination of U.S. tariffs on steel and aluminum imports from Canada and Mexico and the elimination of the Canadian and Mexican import surtaxes imposed after the U.S. tariffs were put in place.

Author: Giannini Foundation of Agricultural Economics
Publisher: Giannini Foundation of Agricultural Economics University of California
ISBN:
Category : Agriculture
Languages : en
Pages : 422

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Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1513573691
Category : Business & Economics
Languages : en
Pages : 34

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Determining the magnitude and speed of the exchange rate passthrough (ERPT) to inflation has been of paramount importance for policy-makers in developed and emerging economies. This paper estimates the exchange rate passthrough in Mozambique using econometric techniques on a sample spanning from 2001 to 2019. Results suggest that the ERPT is assymetric, sizable and fast, with 50 percent of the exchange rate variations passing through to prices in less than six months. Policy-makers should continue to pursue low and stable inflation and develop a strong track record of prudent macroeconomic policies for the ERPT to decline.

Author: Romain Lafarguette
Publisher: International Monetary Fund
ISBN: 1513569406
Category : Business & Economics
Languages : en
Pages : 33

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This paper presents a rule for foreign exchange interventions (FXI), designed to preserve financial stability in floating exchange rate arrangements. The FXI rule addresses a market failure: the absence of hedging solution for tail exchange rate risk in the market (i.e. high volatility). Market impairment or overshoot of exchange rate between two equilibria could generate high volatility and threaten financial stability due to unhedged exposure to exchange rate risk in the economy. The rule uses the concept of Value at Risk (VaR) to define FXI triggers. While it provides to the market a hedge against tail risk, the rule allows the exchange rate to smoothly adjust to new equilibria. In addition, the rule is budget neutral over the medium term, encourages a prudent risk management in the market, and is more resilient to speculative attacks than other rules, such as fixed-volatility rules. The empirical methodology is backtested on Banco Mexico’s FXIs data between 2008 and 2016.

Author:
Publisher:
ISBN:
Category : Free trade
Languages : en
Pages : 788

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"The symposium included nearly all of the research by computable general equilibrium (CGE) modelers currently involved in studying the NAFTA as well as one macroeconomic forecasting model of a FTA with Mexico ... The first volume is a critical review and summary prepared by the Commission staff ... Thesecond volume is an addendum of all the papers submitted by the authors and discussants' written comments"--Vol. 1, preface.

Author: Cida
Publisher: IICA Biblioteca Venezuela
ISBN:
Category :
Languages : en
Pages : 148

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Author:
Publisher:
ISBN:
Category : Agriculture
Languages : en
Pages : 24

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Author: United States International Trade Commission
Publisher:
ISBN:
Category : Free trade
Languages : en
Pages : 728

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