Effects of Changes in the Exchange Rate on Canada's Merchandise Trade PDF Download

Author: Canada. Royal Commission on Taxation
Publisher:
ISBN:
Category :
Languages : en
Pages : 100

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Author: R. G. Scott
Publisher:
ISBN:
Category :
Languages : en
Pages : 270

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Author: Robert A. Amano
Publisher:
ISBN:
Category : Foreign exchange rates
Languages : en
Pages : 52

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Author: Charles Freedman
Publisher: Ottawa, Ont. : Bank of Canada
ISBN:
Category : Banking law
Languages : en
Pages : 100

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Book Description
In this study, the authors examine three aspects of the Canadian experience with flexible exchange rates in the 1970s: the movements in the Canadian dollar-U.S. dollar exchange rate, the sharp growth of external borrowings by Canadians in the 1974-76 period, and the real effects of relative price movements. Several theoretical and empirical exchange rate models are found to have done poorly in explaining the movements of the value of the Canadian dollar over the decade. In the examination of external borrowings in the mid-1970s, it is concluded that there was some response in borrower and lender behaviour to movements in nominal long-term interest rate differentials. Four sources of explanation for such behaviour are examined. A three-sector model comprising non-tradable goods, resource-based tradable goods and non resource-based tradable goods, is used to study the effects of changes in raw material prices, domestic unit labour costs, and the exchange rate on various real variables in the Canadian economy.

Author: John A. Stovel
Publisher: Harvard University Press
ISBN: 9780674092501
Category : Business & Economics
Languages : en
Pages : 386

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Book Description
In his study of Canada, John A. Stovel examines the changes in that country's balance of payments and balance of trade from confederation to the present day, including as part of his examination historical, statistical, and theoretical points of view. The author also reexamines critically--and finds himself in sharp disagreement with--Jacob Viner's classic in the field, Canada's Balance of International Indebtedness, 1900-1913, which has long been considered the definitive analysis of the subject. Developing in Part I an eclectic theory of international balance of payments, and in Part II concentrating on the Canadian balance of trade and balance of payments in relation to economic developments preceding World War I, Stovel carefully prepares the foundation for a critique of Viner's analysis of the period 1900-1913. Discussing the inadequacy of the Mill-Taussig theory and its empirical verification, and observing the extent to which the newer theoretical developments have afforded increased understanding, Stovel criticizes Viner's statistics and the use to which they were put. He delineates with telling clarity the mutual interaction of many elements in cyclical growth development, as opposed to the oversimplified and inadequate causal links of the earlier theory. In addition to the wealth of analysis of the earlier period, the author investigates the interwar period, with the postwar boom and the depression of the thirties, presenting a careful analysis of the structural changes in the balance of payments during this period as well as indicating the change in Canada's relation to the United States and Great Britain. The concluding section of the book deals with the period following World War II, and the author indicates the possible lessons to be learned from Canada's experiences and the improvements in government policy that have taken place, especially with respect to exchange rates.

Author: Richard P. Mattione
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 22

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Author: John A. Doukas
Publisher:
ISBN:
Category :
Languages : en
Pages : 44

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This study provides new evidence on the effects of macroeconomic news announcements on the Canadian dollar futures price. Previous work on foreign exchange futures has focused only on the impact of U.S. news, ignoring the bi-national character of information flows that affect exchange rates. The study highlights the bilateral nature of exchange rates proving that both U.S. and Canadian news announcements affect the price of the futures contract. Since both countries markets operate with the same trading hours, linking both countries' news to market prices is more straightforward than in the case of other exchange rate futures contracts that are linked to the U.S. dollar (such as the EURO or the YEN). We find that news from both countries is shown to significantly affect futures prices. Noteworthy are U.S. housing starts, leading indicator and to a lesser degree federal funds rate and merchandise trade deficit. The Canadian news announcements that were found to be most significant was the official bank rate change followed by Canadian unemployment and Canadian Building permits. While announcement day volatility is shown to persist throught the trading day, we also show departures from mean variance that do not coincide with any of the announcements.

Author: Richard Dion
Publisher:
ISBN:
Category : Balance of trade
Languages : en
Pages : 42

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Author: Denis Bélanger
Publisher: École des hautes études commerciales
ISBN:
Category : Canada
Languages : en
Pages : 108

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Book Description

Author: Richard G. Harris
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 80

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Book Description
This document presents background information on the competitiveness concept. It discusses the equilibrium exchange rates and the current account. It also looks at short-run effects of exchange-rate changes. It provides a summary and policy conclusions.