Navigation/Menü: Links auf weitere Seiten dieser Website
Objekt-Metadaten
| The macroeconomic effects of large exchange rate appreciations Kappler, Marcus |
| Haupttitel | The macroeconomic effects of large exchange rate appreciations |
| Autor | Kappler, Marcus; Reisen, Helmut; Schularick, Moritz; Turkisch, Edouard |
| Seitenzahl | 53 S. |
| Schriftenreihe | Discussion paper / School of Business & Economics ; 2011/3 : Economics |
| Fachbereich/Einrichtung | John-F.-Kennedy-Institut, Abteilung für Wirtschaft |
| Erscheinungsjahr | 2011 |
| Dokumente | pdf-Datei
Falls Ihr Browser eine Datei nicht öffnen kann, die Datei zuerst herunterladen und dann öffnen.
|
| Freie Schlagwörter | current account adjustment; global imbalances; exchange rate changes |
| DDC | 339 Makroökonomie und verwandte Themen |
| Dokumententyp/-Sammlungen | Monographie/Text |
| Medientyp/Format | Text |
| Abstract | In this paper we study the macroeconomic effects of large exchange rate appreciations. Using a sample of 128 countries from 1960-2008, we identify 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. 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. |
| Sprache | Englisch |
| Rechte | Nutzungsbedingungen |
| Zugriffstatistik | |
| Statische URL | http://edocs.fu-berlin.de/docs/receive/FUDOCS_document_000000009445 |
| Erstellt am | 24.02.2011 - 11:56:50 |
| Letzte Änderung | 19.03.2013 - 11:55:16 |
