Evaluation of exchange-rate, capital market, and dollarization regimes in the presence of sudden stops:
The literature has not being able to identify clear-cut real effects of exchange-rate regimes on output growth. Similarly, no definitive view emerges from the literature in regard to the effects of open capital markets on macroeconomic performance. The paper attributes the failure of the literature...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2005
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| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11131 |
| Schlagworte: | |
| Zusammenfassung: | The literature has not being able to identify clear-cut real effects of exchange-rate regimes on output growth. Similarly, no definitive view emerges from the literature in regard to the effects of open capital markets on macroeconomic performance. The paper attributes the failure of the literature to fundamental flaws, consisting of ignoring non-linearities in the effects of exchange rate and capital-market liberalization regimes, on the macroeconomic performance. The paper develops a methodology consisting of accounting for the "crisis-prone state of the economy", summarized by a projected probability of crisis, due to sudden stops in international capital inflows. We apply the new methodology to a cross-country panel of 100 low and middle-income countries. Findings indicate that the effects of exchange rate regimes, and liberalization regimes, on macroeconomic performance go through two distinct channels: a direct channel via the real side of the economy, and an indirect channel via the financial side, which influences the probability of sudden stops. We also analyze how the projected probability of sudden stops affects the level of dollarization, and provide estimates for the effect of dollarization on growth. |
| Beschreibung: | 27, [14] S. graph. Darst. |
Internformat
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| 245 | 1 | 0 | |a Evaluation of exchange-rate, capital market, and dollarization regimes in the presence of sudden stops |c Assaf Razin ; Yona Rubinstein |
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 11131 | |
| 520 | 3 | |a The literature has not being able to identify clear-cut real effects of exchange-rate regimes on output growth. Similarly, no definitive view emerges from the literature in regard to the effects of open capital markets on macroeconomic performance. The paper attributes the failure of the literature to fundamental flaws, consisting of ignoring non-linearities in the effects of exchange rate and capital-market liberalization regimes, on the macroeconomic performance. The paper develops a methodology consisting of accounting for the "crisis-prone state of the economy", summarized by a projected probability of crisis, due to sudden stops in international capital inflows. We apply the new methodology to a cross-country panel of 100 low and middle-income countries. Findings indicate that the effects of exchange rate regimes, and liberalization regimes, on macroeconomic performance go through two distinct channels: a direct channel via the real side of the economy, and an indirect channel via the financial side, which influences the probability of sudden stops. We also analyze how the projected probability of sudden stops affects the level of dollarization, and provide estimates for the effect of dollarization on growth. | |
| 650 | 4 | |a Wechselkurssystem / Wirtschaftswachstum / Kapitalverkehrspolitik / Kapitalimport / Währungssubstitution / Schätzung / Welt | |
| 700 | 1 | |a Rubinstein, Yona |d 1962- |e Verfasser |0 (DE-588)12897009X |4 aut | |
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| id | DE-604.BV019891479 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T20:08:32Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-013215485 |
| oclc_num | 254655991 |
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| physical | 27, [14] S. graph. Darst. |
| publishDate | 2005 |
| publishDateSearch | 2005 |
| publishDateSort | 2005 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Razin, Asaf 1941- Verfasser (DE-588)124527051 aut Evaluation of exchange-rate, capital market, and dollarization regimes in the presence of sudden stops Assaf Razin ; Yona Rubinstein Cambridge, Mass. National Bureau of Economic Research 2005 27, [14] S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11131 The literature has not being able to identify clear-cut real effects of exchange-rate regimes on output growth. Similarly, no definitive view emerges from the literature in regard to the effects of open capital markets on macroeconomic performance. The paper attributes the failure of the literature to fundamental flaws, consisting of ignoring non-linearities in the effects of exchange rate and capital-market liberalization regimes, on the macroeconomic performance. The paper develops a methodology consisting of accounting for the "crisis-prone state of the economy", summarized by a projected probability of crisis, due to sudden stops in international capital inflows. We apply the new methodology to a cross-country panel of 100 low and middle-income countries. Findings indicate that the effects of exchange rate regimes, and liberalization regimes, on macroeconomic performance go through two distinct channels: a direct channel via the real side of the economy, and an indirect channel via the financial side, which influences the probability of sudden stops. We also analyze how the projected probability of sudden stops affects the level of dollarization, and provide estimates for the effect of dollarization on growth. Wechselkurssystem / Wirtschaftswachstum / Kapitalverkehrspolitik / Kapitalimport / Währungssubstitution / Schätzung / Welt Rubinstein, Yona 1962- Verfasser (DE-588)12897009X aut National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11131 (DE-604)BV002801238 11131 |
| spellingShingle | Razin, Asaf 1941- Rubinstein, Yona 1962- Evaluation of exchange-rate, capital market, and dollarization regimes in the presence of sudden stops National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Wechselkurssystem / Wirtschaftswachstum / Kapitalverkehrspolitik / Kapitalimport / Währungssubstitution / Schätzung / Welt |
| title | Evaluation of exchange-rate, capital market, and dollarization regimes in the presence of sudden stops |
| title_auth | Evaluation of exchange-rate, capital market, and dollarization regimes in the presence of sudden stops |
| title_exact_search | Evaluation of exchange-rate, capital market, and dollarization regimes in the presence of sudden stops |
| title_full | Evaluation of exchange-rate, capital market, and dollarization regimes in the presence of sudden stops Assaf Razin ; Yona Rubinstein |
| title_fullStr | Evaluation of exchange-rate, capital market, and dollarization regimes in the presence of sudden stops Assaf Razin ; Yona Rubinstein |
| title_full_unstemmed | Evaluation of exchange-rate, capital market, and dollarization regimes in the presence of sudden stops Assaf Razin ; Yona Rubinstein |
| title_short | Evaluation of exchange-rate, capital market, and dollarization regimes in the presence of sudden stops |
| title_sort | evaluation of exchange rate capital market and dollarization regimes in the presence of sudden stops |
| topic | Wechselkurssystem / Wirtschaftswachstum / Kapitalverkehrspolitik / Kapitalimport / Währungssubstitution / Schätzung / Welt |
| topic_facet | Wechselkurssystem / Wirtschaftswachstum / Kapitalverkehrspolitik / Kapitalimport / Währungssubstitution / Schätzung / Welt |
| volume_link | (DE-604)BV002801238 |
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