The Macroeconomic Effects of Large Exchange Rate Appreciations:
In this paper we study the macroeconomic effects of large exchange rate appreciations. In a sample of 128 countries since 1960, we identify 25 episodes of large nominal and real appreciations shocks and study their macroeconomic effects in a dummy-augmented panel autoregressive model. Our results sh...
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| Weitere Verfasser: | , , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2011
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| Schriftenreihe: | OECD Development Centre Working Papers
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| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | In this paper we study the macroeconomic effects of large exchange rate appreciations. In a sample of 128 countries since 1960, we identify 25 episodes of large nominal and real appreciations shocks and study their macroeconomic effects in a dummy-augmented panel autoregressive model. Our results show that an exchange rate appreciation can have strong effects on current account balances. Within three years after the appreciation event, the current account balance on average deteriorates by three percentage points of GDP. This effect occurs through a reduction of savings without a meaningful reduction in investment. Real export growth slows down substantially, while imports remain by and large unaffected. However, the output costs of appreciation are small and not statistically significant, indicating a shift towards domestic sources of growth. All these effects appear somewhat more pronounced in developing countries |
| Beschreibung: | 1 Online-Ressource (55 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/5kgglsnbscbs-en |
Internformat
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| 520 | |a In this paper we study the macroeconomic effects of large exchange rate appreciations. In a sample of 128 countries since 1960, we identify 25 episodes of large nominal and real appreciations shocks and study their macroeconomic effects in a dummy-augmented panel autoregressive model. Our results show that an exchange rate appreciation can have strong effects on current account balances. Within three years after the appreciation event, the current account balance on average deteriorates by three percentage points of GDP. This effect occurs through a reduction of savings without a meaningful reduction in investment. Real export growth slows down substantially, while imports remain by and large unaffected. However, the output costs of appreciation are small and not statistically significant, indicating a shift towards domestic sources of growth. All these effects appear somewhat more pronounced in developing countries | ||
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| 700 | 1 | |a Turkisch, Edouard |4 ctb | |
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Datensatz im Suchindex
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| spelling | Kappler, Marcus Verfasser aut The Macroeconomic Effects of Large Exchange Rate Appreciations Marcus Kappler ... [et al] Paris OECD Publishing 2011 1 Online-Ressource (55 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Development Centre Working Papers In this paper we study the macroeconomic effects of large exchange rate appreciations. In a sample of 128 countries since 1960, we identify 25 episodes of large nominal and real appreciations shocks and study their macroeconomic effects in a dummy-augmented panel autoregressive model. Our results show that an exchange rate appreciation can have strong effects on current account balances. Within three years after the appreciation event, the current account balance on average deteriorates by three percentage points of GDP. This effect occurs through a reduction of savings without a meaningful reduction in investment. Real export growth slows down substantially, while imports remain by and large unaffected. However, the output costs of appreciation are small and not statistically significant, indicating a shift towards domestic sources of growth. All these effects appear somewhat more pronounced in developing countries Development Reisen, Helmut ctb Schularick, Moritz ctb Turkisch, Edouard ctb https://doi.org/10.1787/5kgglsnbscbs-en Verlag kostenfrei Volltext |
| spellingShingle | Kappler, Marcus The Macroeconomic Effects of Large Exchange Rate Appreciations Development |
| title | The Macroeconomic Effects of Large Exchange Rate Appreciations |
| title_auth | The Macroeconomic Effects of Large Exchange Rate Appreciations |
| title_exact_search | The Macroeconomic Effects of Large Exchange Rate Appreciations |
| title_exact_search_txtP | The Macroeconomic Effects of Large Exchange Rate Appreciations |
| title_full | The Macroeconomic Effects of Large Exchange Rate Appreciations Marcus Kappler ... [et al] |
| title_fullStr | The Macroeconomic Effects of Large Exchange Rate Appreciations Marcus Kappler ... [et al] |
| title_full_unstemmed | The Macroeconomic Effects of Large Exchange Rate Appreciations Marcus Kappler ... [et al] |
| title_short | The Macroeconomic Effects of Large Exchange Rate Appreciations |
| title_sort | the macroeconomic effects of large exchange rate appreciations |
| topic | Development |
| topic_facet | Development |
| url | https://doi.org/10.1787/5kgglsnbscbs-en |
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