Collateral Damage: Dollar Strength and Emerging Markets' Growth
We document that, historically, although stronger growth in the U.S. increases growth in emerging markets, U.S. dollar appreciation (depreciation) cycles-which are highly persistent-mitigate (amplify) the impact on real GDP growth in emerging markets. We argue that the main transmission channel of t...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2015
|
| Schriftenreihe: | IMF Working Papers: Working Paper No. 15 / 179
|
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | We document that, historically, although stronger growth in the U.S. increases growth in emerging markets, U.S. dollar appreciation (depreciation) cycles-which are highly persistent-mitigate (amplify) the impact on real GDP growth in emerging markets. We argue that the main transmission channel of the latter is through an income effect: as the dollar appreciates, commodity prices fall; weaker commodity prices depress domestic demand via lower real income; real GDP in emerging markets decelerates; and vice versa. These effects hold despite any potential expenditure-switching effect resulting from the relative (to the U.S. dollar) currency depreciation of emerging market economies. We also show the negative effect on emerging markets' growth of U.S. interest rates beyond the effects of the U.S. real exchange rate and real GDP growth. Therefore, at the time of writing, emerging markets' growth is expected to remain subdued reflecting, intera alia, the expected persistence of the strong dollar and the anticipated increased in the U.S. interest rates |
| Beschreibung: | 1 Online-Ressource (42 p) |
| ISBN: | 1498323332 9781498323338 |
Internformat
MARC
| LEADER | 00000nmm a2200000 cb4500 | ||
|---|---|---|---|
| 001 | BV048355832 | ||
| 003 | DE-604 | ||
| 005 | 00000000000000.0 | ||
| 007 | cr|uuu---uuuuu | ||
| 008 | 220713s2015 |||| o||u| ||||||eng d | ||
| 020 | |a 1498323332 |c 18.00 USD |9 1-498-32333-2 | ||
| 020 | |a 9781498323338 |c 18.00 USD |9 978-1-498-32333-8 | ||
| 035 | |a (ZDB-1-IMF)845962043 | ||
| 035 | |a (OCoLC)1337133323 | ||
| 035 | |a (DE-599)BVBBV048355832 | ||
| 040 | |a DE-604 |b ger | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-20 |a DE-824 |a DE-70 |a DE-155 |a DE-29 |a DE-22 |a DE-473 |a DE-1102 |a DE-703 |a DE-859 |a DE-706 |a DE-384 |a DE-860 |a DE-19 |a DE-739 |a DE-355 |a DE-Aug4 |a DE-1049 |a DE-12 |a DE-91 | ||
| 100 | 1 | |a Druck, Pablo |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Collateral Damage |b Dollar Strength and Emerging Markets' Growth |c Druck, Pablo |
| 264 | 1 | |a Washington, D.C |b International Monetary Fund |c 2015 | |
| 300 | |a 1 Online-Ressource (42 p) | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
| 338 | |b cr |2 rdacarrier | ||
| 490 | 0 | |a IMF Working Papers: Working Paper No. 15 / 179 | |
| 520 | 3 | |a We document that, historically, although stronger growth in the U.S. increases growth in emerging markets, U.S. dollar appreciation (depreciation) cycles-which are highly persistent-mitigate (amplify) the impact on real GDP growth in emerging markets. We argue that the main transmission channel of the latter is through an income effect: as the dollar appreciates, commodity prices fall; weaker commodity prices depress domestic demand via lower real income; real GDP in emerging markets decelerates; and vice versa. These effects hold despite any potential expenditure-switching effect resulting from the relative (to the U.S. dollar) currency depreciation of emerging market economies. We also show the negative effect on emerging markets' growth of U.S. interest rates beyond the effects of the U.S. real exchange rate and real GDP growth. Therefore, at the time of writing, emerging markets' growth is expected to remain subdued reflecting, intera alia, the expected persistence of the strong dollar and the anticipated increased in the U.S. interest rates | |
| 533 | |a Online-Ausg | ||
| 700 | 1 | |a Magud, Nicolas E. |e Sonstige |4 oth | |
| 700 | 1 | |a Mariscal, Rodrigo |e Sonstige |4 oth | |
| 856 | 4 | 0 | |u http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml |x Verlag |z URL des Erstveröffentlichers |3 Volltext |
| 912 | |a ZDB-1-IMF | ||
| 999 | |a oai:aleph.bib-bvb.de:BVB01-033735100 | ||
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml |l UBW01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml |l UEI01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml |l LCO01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml |l SBR01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml |l UER01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml |l SBG01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml |l UBG01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml |l FAN01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml |l UBT01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml |l FKE01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml |l UBY01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml |l UBA01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml |l FLA01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml |l UBM01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml |l UPA01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml |l UBR01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml |l FHA01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml |l FNU01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml |l BSB01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml |l TUM01 |p ZDB-1-IMF |x Verlag |3 Volltext | |
Datensatz im Suchindex
| _version_ | 1804184214793355264 |
|---|---|
| adam_txt | |
| any_adam_object | |
| any_adam_object_boolean | |
| author | Druck, Pablo |
| author_facet | Druck, Pablo |
| author_role | aut |
| author_sort | Druck, Pablo |
| author_variant | p d pd |
| building | Verbundindex |
| bvnumber | BV048355832 |
| collection | ZDB-1-IMF |
| ctrlnum | (ZDB-1-IMF)845962043 (OCoLC)1337133323 (DE-599)BVBBV048355832 |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>05594nmm a2200601 cb4500</leader><controlfield tag="001">BV048355832</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">00000000000000.0</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">220713s2015 |||| o||u| ||||||eng d</controlfield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">1498323332</subfield><subfield code="c">18.00 USD</subfield><subfield code="9">1-498-32333-2</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9781498323338</subfield><subfield code="c">18.00 USD</subfield><subfield code="9">978-1-498-32333-8</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-1-IMF)845962043</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1337133323</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV048355832</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-20</subfield><subfield code="a">DE-824</subfield><subfield code="a">DE-70</subfield><subfield code="a">DE-155</subfield><subfield code="a">DE-29</subfield><subfield code="a">DE-22</subfield><subfield code="a">DE-473</subfield><subfield code="a">DE-1102</subfield><subfield code="a">DE-703</subfield><subfield code="a">DE-859</subfield><subfield code="a">DE-706</subfield><subfield code="a">DE-384</subfield><subfield code="a">DE-860</subfield><subfield code="a">DE-19</subfield><subfield code="a">DE-739</subfield><subfield code="a">DE-355</subfield><subfield code="a">DE-Aug4</subfield><subfield code="a">DE-1049</subfield><subfield code="a">DE-12</subfield><subfield code="a">DE-91</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Druck, Pablo</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Collateral Damage</subfield><subfield code="b">Dollar Strength and Emerging Markets' Growth</subfield><subfield code="c">Druck, Pablo</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Washington, D.C</subfield><subfield code="b">International Monetary Fund</subfield><subfield code="c">2015</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (42 p)</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">IMF Working Papers: Working Paper No. 15 / 179</subfield></datafield><datafield tag="520" ind1="3" ind2=" "><subfield code="a">We document that, historically, although stronger growth in the U.S. increases growth in emerging markets, U.S. dollar appreciation (depreciation) cycles-which are highly persistent-mitigate (amplify) the impact on real GDP growth in emerging markets. We argue that the main transmission channel of the latter is through an income effect: as the dollar appreciates, commodity prices fall; weaker commodity prices depress domestic demand via lower real income; real GDP in emerging markets decelerates; and vice versa. These effects hold despite any potential expenditure-switching effect resulting from the relative (to the U.S. dollar) currency depreciation of emerging market economies. We also show the negative effect on emerging markets' growth of U.S. interest rates beyond the effects of the U.S. real exchange rate and real GDP growth. Therefore, at the time of writing, emerging markets' growth is expected to remain subdued reflecting, intera alia, the expected persistence of the strong dollar and the anticipated increased in the U.S. interest rates</subfield></datafield><datafield tag="533" ind1=" " ind2=" "><subfield code="a">Online-Ausg</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Magud, Nicolas E.</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Mariscal, Rodrigo</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml</subfield><subfield code="x">Verlag</subfield><subfield code="z">URL des Erstveröffentlichers</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-1-IMF</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-033735100</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml</subfield><subfield code="l">UBW01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml</subfield><subfield code="l">UEI01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml</subfield><subfield code="l">LCO01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml</subfield><subfield code="l">SBR01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml</subfield><subfield code="l">UER01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml</subfield><subfield code="l">SBG01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml</subfield><subfield code="l">UBG01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml</subfield><subfield code="l">FAN01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml</subfield><subfield code="l">UBT01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml</subfield><subfield code="l">FKE01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml</subfield><subfield code="l">UBY01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml</subfield><subfield code="l">UBA01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml</subfield><subfield code="l">FLA01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml</subfield><subfield code="l">UBM01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml</subfield><subfield code="l">UPA01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml</subfield><subfield code="l">UBR01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml</subfield><subfield code="l">FHA01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml</subfield><subfield code="l">FNU01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml</subfield><subfield code="l">BSB01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml</subfield><subfield code="l">TUM01</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield></record></collection> |
| id | DE-604.BV048355832 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:37Z |
| indexdate | 2024-07-10T09:35:47Z |
| institution | BVB |
| isbn | 1498323332 9781498323338 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033735100 |
| oclc_num | 1337133323 |
| open_access_boolean | |
| owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| owner_facet | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| physical | 1 Online-Ressource (42 p) |
| psigel | ZDB-1-IMF |
| publishDate | 2015 |
| publishDateSearch | 2015 |
| publishDateSort | 2015 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Working Papers: Working Paper No. 15 / 179 |
| spelling | Druck, Pablo Verfasser aut Collateral Damage Dollar Strength and Emerging Markets' Growth Druck, Pablo Washington, D.C International Monetary Fund 2015 1 Online-Ressource (42 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers: Working Paper No. 15 / 179 We document that, historically, although stronger growth in the U.S. increases growth in emerging markets, U.S. dollar appreciation (depreciation) cycles-which are highly persistent-mitigate (amplify) the impact on real GDP growth in emerging markets. We argue that the main transmission channel of the latter is through an income effect: as the dollar appreciates, commodity prices fall; weaker commodity prices depress domestic demand via lower real income; real GDP in emerging markets decelerates; and vice versa. These effects hold despite any potential expenditure-switching effect resulting from the relative (to the U.S. dollar) currency depreciation of emerging market economies. We also show the negative effect on emerging markets' growth of U.S. interest rates beyond the effects of the U.S. real exchange rate and real GDP growth. Therefore, at the time of writing, emerging markets' growth is expected to remain subdued reflecting, intera alia, the expected persistence of the strong dollar and the anticipated increased in the U.S. interest rates Online-Ausg Magud, Nicolas E. Sonstige oth Mariscal, Rodrigo Sonstige oth http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Druck, Pablo Collateral Damage Dollar Strength and Emerging Markets' Growth |
| title | Collateral Damage Dollar Strength and Emerging Markets' Growth |
| title_auth | Collateral Damage Dollar Strength and Emerging Markets' Growth |
| title_exact_search | Collateral Damage Dollar Strength and Emerging Markets' Growth |
| title_exact_search_txtP | Collateral Damage Dollar Strength and Emerging Markets' Growth |
| title_full | Collateral Damage Dollar Strength and Emerging Markets' Growth Druck, Pablo |
| title_fullStr | Collateral Damage Dollar Strength and Emerging Markets' Growth Druck, Pablo |
| title_full_unstemmed | Collateral Damage Dollar Strength and Emerging Markets' Growth Druck, Pablo |
| title_short | Collateral Damage |
| title_sort | collateral damage dollar strength and emerging markets growth |
| title_sub | Dollar Strength and Emerging Markets' Growth |
| url | http://www.elibrary.imf.org/view/IMF001/22728-9781498323338/22728-9781498323338/22728-9781498323338.xml |
| work_keys_str_mv | AT druckpablo collateraldamagedollarstrengthandemergingmarketsgrowth AT magudnicolase collateraldamagedollarstrengthandemergingmarketsgrowth AT mariscalrodrigo collateraldamagedollarstrengthandemergingmarketsgrowth |