Author: United States Tariff CommissionPublisher:
ISBN:
Category : Commerce
Languages : en
Pages : 134
Book Description
Depreciated Exchange and International Trade
Author: United States Tariff CommissionPublisher:
ISBN:
Category : Commerce
Languages : en
Pages : 134
Book Description
Dominant Currency Paradigm: A New Model for Small Open Economies
Author: Camila CasasPublisher: International Monetary Fund
ISBN: 1484330609
Category : Business & Economics
Languages : en
Pages : 62
Book Description
Most trade is invoiced in very few currencies. Despite this, the Mundell-Fleming benchmark and its variants focus on pricing in the producer’s currency or in local currency. We model instead a ‘dominant currency paradigm’ for small open economies characterized by three features: pricing in a dominant currency; pricing complementarities, and imported input use in production. Under this paradigm: (a) the terms-of-trade is stable; (b) dominant currency exchange rate pass-through into export and import prices is high regardless of destination or origin of goods; (c) exchange rate pass-through of non-dominant currencies is small; (d) expenditure switching occurs mostly via imports, driven by the dollar exchange rate while exports respond weakly, if at all; (e) strengthening of the dominant currency relative to non-dominant ones can negatively impact global trade; (f) optimal monetary policy targets deviations from the law of one price arising from dominant currency fluctuations, in addition to the inflation and output gap. Using data from Colombia we document strong support for the dominant currency paradigm.
Exchange Depreciation
Author: Seymour Edwin HarrisPublisher: Cambridge : Harvard University Press
ISBN:
Category : Currency question
Languages : en
Pages : 556
Book Description
Domestic and Foreign Exchange
Author: Ira Brown CrossPublisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 598
Book Description
Foreign Exchange ...
Author: Leonard Le Marchant MintyPublisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 144
Book Description
Global Value Chains and the Exchange Rate Elasticity of Exports
Author: Swarnali AhmedPublisher: International Monetary Fund
ISBN: 1513560972
Category : Business & Economics
Languages : en
Pages : 28
Book Description
This paper analyzes how the formation of Global Value Chains (GVCs) has affected the exchange rate elasticity of exports. Using a panel framework covering 46 countries over the period 1996-2012, we first find some suggestive evidence that the elasticity of real manufacturing exports to the Real Effective Exchange Rate (REER) has decreased over time. We then examine whether the formation of supply chains has affected this elasticity using different measures of GVC integration. Intuitively, as countries are more integrated in global production processes, a currency depreciation only improves competitiveness of a fraction of the value of final good exports. In line with this intuition, we find evidence that GVC participation reduces the REER elasticity of manufacturing exports by 22 percent, on average.
Exchange Rate Economics
Author: Ronald MacDonaldPublisher: Routledge
ISBN: 1134838220
Category : Foreign exchange
Languages : en
Pages : 334
Book Description
''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""
Money and the Mechanism of Exchange
Author: William Stanley JevonsPublisher:
ISBN:
Category : Exchange
Languages : en
Pages : 380
Book Description
Hearings
Author: United States. Congress. House. Committee on Ways and MeansPublisher:
ISBN:
Category : Finance
Languages : en
Pages : 452
Book Description
Author: