Determinants of Venezuela's Equilibrium Real Exchange Rate:
The Venezuelan Bolivar is pegged to the U.S. dollar and supported by foreign exchange restrictions. To assess the appropriateness of the peg during the current period of high oil export earnings and the likely consequences of a liberalization, this paper attempts to disentangle the effects of oil pr...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2006
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 06/74 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
| Zusammenfassung: | The Venezuelan Bolivar is pegged to the U.S. dollar and supported by foreign exchange restrictions. To assess the appropriateness of the peg during the current period of high oil export earnings and the likely consequences of a liberalization, this paper attempts to disentangle the effects of oil prices from other factors underlying the equilibrium real exchange rate, and examines the role of foreign exchange controls by extending the application of a vector error correction (VEC) model to parallel market exchange rates. Several findings are worth noting. First, oil prices have indeed played a significant role in determining a time-varying equilibrium real exchange rate path. Second, oil prices are not the only important determinant of the real effective exchange rate: declining productivity is also a key factor. Third, appreciation pressures are rising. Finally, the speed of convergence of a VEC model using parallel rather than official rates is higher, suggesting that the government has been able to maintain sharp deviations between the official and equilibrium rates because of Venezuela''s oil dependency and the concentration of oil income in government hands |
| Beschreibung: | 1 Online-Ressource (17 p) |
| ISBN: | 1451863349 9781451863345 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:26Z |
| indexdate | 2024-07-10T09:35:35Z |
| institution | BVB |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Zalduendo, Juan Verfasser aut Determinants of Venezuela's Equilibrium Real Exchange Rate Zalduendo, Juan Washington, D.C International Monetary Fund 2006 1 Online-Ressource (17 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 06/74 The Venezuelan Bolivar is pegged to the U.S. dollar and supported by foreign exchange restrictions. To assess the appropriateness of the peg during the current period of high oil export earnings and the likely consequences of a liberalization, this paper attempts to disentangle the effects of oil prices from other factors underlying the equilibrium real exchange rate, and examines the role of foreign exchange controls by extending the application of a vector error correction (VEC) model to parallel market exchange rates. Several findings are worth noting. First, oil prices have indeed played a significant role in determining a time-varying equilibrium real exchange rate path. Second, oil prices are not the only important determinant of the real effective exchange rate: declining productivity is also a key factor. Third, appreciation pressures are rising. Finally, the speed of convergence of a VEC model using parallel rather than official rates is higher, suggesting that the government has been able to maintain sharp deviations between the official and equilibrium rates because of Venezuela''s oil dependency and the concentration of oil income in government hands Online-Ausg http://elibrary.imf.org/view/IMF001/01698-9781451863345/01698-9781451863345/01698-9781451863345.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Zalduendo, Juan Determinants of Venezuela's Equilibrium Real Exchange Rate |
| title | Determinants of Venezuela's Equilibrium Real Exchange Rate |
| title_auth | Determinants of Venezuela's Equilibrium Real Exchange Rate |
| title_exact_search | Determinants of Venezuela's Equilibrium Real Exchange Rate |
| title_exact_search_txtP | Determinants of Venezuela's Equilibrium Real Exchange Rate |
| title_full | Determinants of Venezuela's Equilibrium Real Exchange Rate Zalduendo, Juan |
| title_fullStr | Determinants of Venezuela's Equilibrium Real Exchange Rate Zalduendo, Juan |
| title_full_unstemmed | Determinants of Venezuela's Equilibrium Real Exchange Rate Zalduendo, Juan |
| title_short | Determinants of Venezuela's Equilibrium Real Exchange Rate |
| title_sort | determinants of venezuela s equilibrium real exchange rate |
| url | http://elibrary.imf.org/view/IMF001/01698-9781451863345/01698-9781451863345/01698-9781451863345.xml |
| work_keys_str_mv | AT zalduendojuan determinantsofvenezuelasequilibriumrealexchangerate |