Does higher openness cause more real exchange rate volatility ?:
"The "New Open Economy Macroeconomics" argues that: (a) non-monetary factors have gained importance in explaining exchange rate volatility, and (b) trade and financial openness may have a potential role of mitigating and/or amplifying real and nominal shocks to real exchange rates. Th...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C]
World Bank
2009
|
| Schriftenreihe: | Policy research working paper
4896 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "The "New Open Economy Macroeconomics" argues that: (a) non-monetary factors have gained importance in explaining exchange rate volatility, and (b) trade and financial openness may have a potential role of mitigating and/or amplifying real and nominal shocks to real exchange rates. The goal of the present paper is to examine the ability of trade and financial openness to exacerbate or mitigate real exchange rate volatility. The authors collected information on the real effective exchange rate, its fundamentals, and (outcome and policy measures of) trade and financial openness for a sample of industrial and developing countries for the period 1975-2005. Using instrumental variables techniques, the analysis finds that: (a) High real exchange rate volatility is the result of highly volatile productivity shocks, and sharp oscillations in monetary and fiscal policy shocks. (b) Countries more integrated with international markets of goods and services tend to display more stable real exchange rate fluctuations. (c) Financial openness seems to amplify the fluctuations in real exchange rates. (d) The composition of trade and capital flows plays a role in explaining the smoothing properties of trade and financial openness. Although the former is mainly driven by manufacturing trade, the latter depends on the share of debt (and equity) in total foreign liabilities. (e) Financial openness would attenuate (magnify) real exchange rate volatility, the greater the share of equity (debt) in foreign liabilities. (f) The composition of flows also matters for explaining the smoothing properties of trade and financial openness in periods of currency crisis. "--World Bank web site |
| Beschreibung: | Includes bibliographical references. - Title from PDF file as viewed on 5/7/2009 |
| Beschreibung: | 1 Online-Ressource |
| DOI: | 10.1596/1813-9450-4896 |
Internformat
MARC
| LEADER | 00000nmm a2200000zcb4500 | ||
|---|---|---|---|
| 001 | BV048264337 | ||
| 003 | DE-604 | ||
| 007 | cr|uuu---uuuuu | ||
| 008 | 220609s2009 |||| o||u| ||||||eng d | ||
| 024 | 7 | |a 10.1596/1813-9450-4896 |2 doi | |
| 035 | |a (ZDB-1-WBA)NLM010319972 | ||
| 035 | |a (OCoLC)1075141362 | ||
| 035 | |a (DE-599)GBVNLM010319972 | ||
| 040 | |a DE-604 |b ger |e rda | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-12 |a DE-521 |a DE-573 |a DE-523 |a DE-Re13 |a DE-19 |a DE-355 |a DE-703 |a DE-91 |a DE-706 |a DE-29 |a DE-M347 |a DE-473 |a DE-824 |a DE-20 |a DE-739 |a DE-1043 |a DE-863 |a DE-862 | ||
| 100 | 1 | |a Calderón, César |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Does higher openness cause more real exchange rate volatility ? |c Cesar Calderon, Megumi Kubota |
| 264 | 1 | |a [Washington, D.C] |b World Bank |c 2009 | |
| 300 | |a 1 Online-Ressource | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
| 338 | |b cr |2 rdacarrier | ||
| 490 | 0 | |a Policy research working paper |v 4896 | |
| 500 | |a Includes bibliographical references. - Title from PDF file as viewed on 5/7/2009 | ||
| 520 | |a "The "New Open Economy Macroeconomics" argues that: (a) non-monetary factors have gained importance in explaining exchange rate volatility, and (b) trade and financial openness may have a potential role of mitigating and/or amplifying real and nominal shocks to real exchange rates. The goal of the present paper is to examine the ability of trade and financial openness to exacerbate or mitigate real exchange rate volatility. The authors collected information on the real effective exchange rate, its fundamentals, and (outcome and policy measures of) trade and financial openness for a sample of industrial and developing countries for the period 1975-2005. Using instrumental variables techniques, the analysis finds that: (a) High real exchange rate volatility is the result of highly volatile productivity shocks, and sharp oscillations in monetary and fiscal policy shocks. (b) Countries more integrated with international markets of goods and services tend to display more stable real exchange rate fluctuations. (c) Financial openness seems to amplify the fluctuations in real exchange rates. (d) The composition of trade and capital flows plays a role in explaining the smoothing properties of trade and financial openness. Although the former is mainly driven by manufacturing trade, the latter depends on the share of debt (and equity) in total foreign liabilities. (e) Financial openness would attenuate (magnify) real exchange rate volatility, the greater the share of equity (debt) in foreign liabilities. (f) The composition of flows also matters for explaining the smoothing properties of trade and financial openness in periods of currency crisis. "--World Bank web site | ||
| 650 | 4 | |a Foreign exchange rates | |
| 700 | 1 | |a Kubota, Megumi |4 oth | |
| 710 | 2 | |a World Bank |4 oth | |
| 776 | 0 | 8 | |i Calderón, César |a Does higher openness cause more real exchange rate volatility ? |
| 856 | 4 | 0 | |u https://doi.org/10.1596/1813-9450-4896 |x Verlag |z kostenfrei |3 Volltext |
| 912 | |a ZDB-1-WBA | ||
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-033644531 | |
Datensatz im Suchindex
| _version_ | 1812671718526812160 |
|---|---|
| adam_text | |
| adam_txt | |
| any_adam_object | |
| any_adam_object_boolean | |
| author | Calderón, César |
| author_facet | Calderón, César |
| author_role | aut |
| author_sort | Calderón, César |
| author_variant | c c cc |
| building | Verbundindex |
| bvnumber | BV048264337 |
| collection | ZDB-1-WBA |
| ctrlnum | (ZDB-1-WBA)NLM010319972 (OCoLC)1075141362 (DE-599)GBVNLM010319972 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| doi_str_mv | 10.1596/1813-9450-4896 |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>00000nmm a2200000zcb4500</leader><controlfield tag="001">BV048264337</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">220609s2009 |||| o||u| ||||||eng d</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1596/1813-9450-4896</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-1-WBA)NLM010319972</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1075141362</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)GBVNLM010319972</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-12</subfield><subfield code="a">DE-521</subfield><subfield code="a">DE-573</subfield><subfield code="a">DE-523</subfield><subfield code="a">DE-Re13</subfield><subfield code="a">DE-19</subfield><subfield code="a">DE-355</subfield><subfield code="a">DE-703</subfield><subfield code="a">DE-91</subfield><subfield code="a">DE-706</subfield><subfield code="a">DE-29</subfield><subfield code="a">DE-M347</subfield><subfield code="a">DE-473</subfield><subfield code="a">DE-824</subfield><subfield code="a">DE-20</subfield><subfield code="a">DE-739</subfield><subfield code="a">DE-1043</subfield><subfield code="a">DE-863</subfield><subfield code="a">DE-862</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Calderón, César</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Does higher openness cause more real exchange rate volatility ?</subfield><subfield code="c">Cesar Calderon, Megumi Kubota</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">[Washington, D.C]</subfield><subfield code="b">World Bank</subfield><subfield code="c">2009</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">Policy research working paper</subfield><subfield code="v">4896</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">Includes bibliographical references. - Title from PDF file as viewed on 5/7/2009</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">"The "New Open Economy Macroeconomics" argues that: (a) non-monetary factors have gained importance in explaining exchange rate volatility, and (b) trade and financial openness may have a potential role of mitigating and/or amplifying real and nominal shocks to real exchange rates. The goal of the present paper is to examine the ability of trade and financial openness to exacerbate or mitigate real exchange rate volatility. The authors collected information on the real effective exchange rate, its fundamentals, and (outcome and policy measures of) trade and financial openness for a sample of industrial and developing countries for the period 1975-2005. Using instrumental variables techniques, the analysis finds that: (a) High real exchange rate volatility is the result of highly volatile productivity shocks, and sharp oscillations in monetary and fiscal policy shocks. (b) Countries more integrated with international markets of goods and services tend to display more stable real exchange rate fluctuations. (c) Financial openness seems to amplify the fluctuations in real exchange rates. (d) The composition of trade and capital flows plays a role in explaining the smoothing properties of trade and financial openness. Although the former is mainly driven by manufacturing trade, the latter depends on the share of debt (and equity) in total foreign liabilities. (e) Financial openness would attenuate (magnify) real exchange rate volatility, the greater the share of equity (debt) in foreign liabilities. (f) The composition of flows also matters for explaining the smoothing properties of trade and financial openness in periods of currency crisis. "--World Bank web site</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Foreign exchange rates</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Kubota, Megumi</subfield><subfield code="4">oth</subfield></datafield><datafield tag="710" ind1="2" ind2=" "><subfield code="a">World Bank</subfield><subfield code="4">oth</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Calderón, César</subfield><subfield code="a">Does higher openness cause more real exchange rate volatility ?</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">https://doi.org/10.1596/1813-9450-4896</subfield><subfield code="x">Verlag</subfield><subfield code="z">kostenfrei</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-1-WBA</subfield></datafield><datafield tag="943" ind1="1" ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-033644531</subfield></datafield></record></collection> |
| id | DE-604.BV048264337 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T19:59:49Z |
| indexdate | 2024-10-12T04:01:01Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033644531 |
| oclc_num | 1075141362 |
| open_access_boolean | 1 |
| owner | DE-12 DE-521 DE-573 DE-523 DE-Re13 DE-BY-UBR DE-19 DE-BY-UBM DE-355 DE-BY-UBR DE-703 DE-91 DE-BY-TUM DE-706 DE-29 DE-M347 DE-473 DE-BY-UBG DE-824 DE-20 DE-739 DE-1043 DE-863 DE-BY-FWS DE-862 DE-BY-FWS |
| owner_facet | DE-12 DE-521 DE-573 DE-523 DE-Re13 DE-BY-UBR DE-19 DE-BY-UBM DE-355 DE-BY-UBR DE-703 DE-91 DE-BY-TUM DE-706 DE-29 DE-M347 DE-473 DE-BY-UBG DE-824 DE-20 DE-739 DE-1043 DE-863 DE-BY-FWS DE-862 DE-BY-FWS |
| physical | 1 Online-Ressource |
| psigel | ZDB-1-WBA |
| publishDate | 2009 |
| publishDateSearch | 2009 |
| publishDateSort | 2009 |
| publisher | World Bank |
| record_format | marc |
| series2 | Policy research working paper |
| spellingShingle | Calderón, César Does higher openness cause more real exchange rate volatility ? Foreign exchange rates |
| title | Does higher openness cause more real exchange rate volatility ? |
| title_auth | Does higher openness cause more real exchange rate volatility ? |
| title_exact_search | Does higher openness cause more real exchange rate volatility ? |
| title_exact_search_txtP | Does higher openness cause more real exchange rate volatility ? |
| title_full | Does higher openness cause more real exchange rate volatility ? Cesar Calderon, Megumi Kubota |
| title_fullStr | Does higher openness cause more real exchange rate volatility ? Cesar Calderon, Megumi Kubota |
| title_full_unstemmed | Does higher openness cause more real exchange rate volatility ? Cesar Calderon, Megumi Kubota |
| title_short | Does higher openness cause more real exchange rate volatility ? |
| title_sort | does higher openness cause more real exchange rate volatility |
| topic | Foreign exchange rates |
| topic_facet | Foreign exchange rates |
| url | https://doi.org/10.1596/1813-9450-4896 |
| work_keys_str_mv | AT calderoncesar doeshigheropennesscausemorerealexchangeratevolatility AT kubotamegumi doeshigheropennesscausemorerealexchangeratevolatility AT worldbank doeshigheropennesscausemorerealexchangeratevolatility |