Cataclysms and Currencies: Does the Exchange Rate Regime Matter for Real Shocks?
Does the choice of exchange rate regime affect the way an economy''s adjustment to real shocks? Exploiting the randomness of natural shocks, this paper assesses empirically the often contrasting answers found in the theoretical literature. The evidence supports key themes in this literatur...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2005
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 05/85 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | Does the choice of exchange rate regime affect the way an economy''s adjustment to real shocks? Exploiting the randomness of natural shocks, this paper assesses empirically the often contrasting answers found in the theoretical literature. The evidence supports key themes in this literature, and points to an important tradeoff between regimes. First, adverse natural shocks are associated with both higher investment and foreign direct investment (FDI) only in developing countries with fixed rate regimes. Second, over a 24-month horizon, growth rebounds earlier in flexible rate regimes. Third, in the long run, more adverse shocks are associated with higher growth and investment only in predominantly fixed regimes. Thus, while claims of faster adjustment to real shocks under flexible rate arrangements have merit, so does the idea that exchange rate variability can impede investment. And the benefits from faster adjustment may come at the cost of foregoing the long run productivity benefits embodied in the larger investment response in fixed rate regimes |
| Beschreibung: | 1 Online-Ressource (35 p) |
| ISBN: | 1451861044 9781451861044 |
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| spelling | Ramcharan, Rodney Verfasser aut Cataclysms and Currencies Does the Exchange Rate Regime Matter for Real Shocks? Ramcharan, Rodney Washington, D.C International Monetary Fund 2005 1 Online-Ressource (35 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 05/85 Does the choice of exchange rate regime affect the way an economy''s adjustment to real shocks? Exploiting the randomness of natural shocks, this paper assesses empirically the often contrasting answers found in the theoretical literature. The evidence supports key themes in this literature, and points to an important tradeoff between regimes. First, adverse natural shocks are associated with both higher investment and foreign direct investment (FDI) only in developing countries with fixed rate regimes. Second, over a 24-month horizon, growth rebounds earlier in flexible rate regimes. Third, in the long run, more adverse shocks are associated with higher growth and investment only in predominantly fixed regimes. Thus, while claims of faster adjustment to real shocks under flexible rate arrangements have merit, so does the idea that exchange rate variability can impede investment. And the benefits from faster adjustment may come at the cost of foregoing the long run productivity benefits embodied in the larger investment response in fixed rate regimes Online-Ausg http://elibrary.imf.org/view/IMF001/01111-9781451861044/01111-9781451861044/01111-9781451861044.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Ramcharan, Rodney Cataclysms and Currencies Does the Exchange Rate Regime Matter for Real Shocks? |
| title | Cataclysms and Currencies Does the Exchange Rate Regime Matter for Real Shocks? |
| title_auth | Cataclysms and Currencies Does the Exchange Rate Regime Matter for Real Shocks? |
| title_exact_search | Cataclysms and Currencies Does the Exchange Rate Regime Matter for Real Shocks? |
| title_exact_search_txtP | Cataclysms and Currencies Does the Exchange Rate Regime Matter for Real Shocks? |
| title_full | Cataclysms and Currencies Does the Exchange Rate Regime Matter for Real Shocks? Ramcharan, Rodney |
| title_fullStr | Cataclysms and Currencies Does the Exchange Rate Regime Matter for Real Shocks? Ramcharan, Rodney |
| title_full_unstemmed | Cataclysms and Currencies Does the Exchange Rate Regime Matter for Real Shocks? Ramcharan, Rodney |
| title_short | Cataclysms and Currencies |
| title_sort | cataclysms and currencies does the exchange rate regime matter for real shocks |
| title_sub | Does the Exchange Rate Regime Matter for Real Shocks? |
| url | http://elibrary.imf.org/view/IMF001/01111-9781451861044/01111-9781451861044/01111-9781451861044.xml |
| work_keys_str_mv | AT ramcharanrodney cataclysmsandcurrenciesdoestheexchangerateregimematterforrealshocks |