2 edition of Empirical evidence on European dual exchange rates and its relevance for Latin America found in the catalog.
Empirical evidence on European dual exchange rates and its relevance for Latin America
Nancy Peregrim Marion
|Statement||Nancy P. Marion.|
|Series||NBER working papers series -- working paper no. 3809, Working paper series (National Bureau of Economic Research) -- working paper no. 3809.|
|Contributions||National Bureau of Economic Research.|
|The Physical Object|
|Pagination||34,  p. :|
|Number of Pages||34|
1. Introduction. Over the two last decades, the number of institutional investors has grown substantially in developed economies such as Canada, the United States and the United Kingdom, to the pint that they now control more than half of the corporate property (Aggarwal et al., ).Chong and Lopez-de-Silanes () found that as the presence of large and multiple institutional investors in Cited by: This paper investigates the relationship between the monetary regime: pegged, currency board, dollarization, and the exchange rate pass-through for a sample consisting of 15 Sub-Saharan Africa countries and 12 Latin American countries. The research findings about pass-through rates will shed light on the feasibility of a monetary union for Sub-Saharan by:
deliberately maintained an undervalued exchange rate as a way of promoting exports. In addition, exchange rate stability tends to be reflected in a lower “country risk” premium– that is, it is translated into a lower cost of capital. 1 See, for example, the analysis in Edwards (). 5 Fueling this theoretical debate is the mixed empirical evidence on whether pegged regimes contribute to higher debt dollarization and currency mismatches in firms’ balance sheets.2 Martinez and Werner () conclude that the exposure of Mexican firms to devaluation risk.
Coefficients measure the relationship across 32 countries in Latin America and the Caribbean. Exchange rate variability: standard deviation of shocks to real effective exchange rate, misalignment relative to equilibrium. t-ratio is in parantheses. * and ** denote statistical significance at the five and ten percent levels. by: 2. real exchange rate by changing price level and nominal exchange rate via its policy in-struments. The second insight from empirical researches emphasizes that real shocks, namely productivity-motivated surges, clarify the fluctuations in either real or nomi-nal exchange rates (Balassa, ; Samuelson, ; Lastrapes, ; Inoue & hamori, ).Cited by: 3.
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This paper uncovers some important empirical regularities for the European dual exchange markets of the early s, examines some of the stylized facts about the Latin American dual-rate regimes and assesses whether there are strong parallels between the two.
It concludes that one should be cautious about applying the lessons from the European experience to the Latin American ones. Empirical evidence on European dual exchange rates and its relevance for Latin America. Cambridge, MA: National Bureau of Economic Research,  (OCoLC) Material Type: Internet resource: Document Type: Book, Internet Resource: All Authors / Contributors: Nancy Peregrim Marion; National Bureau of Economic Research.
Get this from a library. Empirical Evidence on European Dual Exchange Rates and Its Relevance For Latin America. [Nancy P Marion; National Bureau of Economic Research.;] -- This paper uncovers some important empirical regularities for the European dual exchange markets of the early s, examines some of the stylized facts about the Latin American dual-rate regimes and.
Downloadable. This paper uncovers some important empirical regularities for the European dual exchange markets of the early s, examines some of the stylized facts about the Latin American dual-rate regimes and assesses whether there are strong parallels between the two. It concludes that one should be cautious about applying the lessons from the European experience to the Latin Cited by: 3.
Empirical Evidence on European Dual Exchange Rates and Its Relevance For Latin America. By Nancy P. Marion. Get PDF ( KB) Abstract. This paper uncovers some important empirical regularities for the European dual exchange markets of the early s, examines some of the stylized facts about the Latin American dual-rate regimes and assesses Author: Nancy P.
Marion. distortion is created by the spread between the two exchange rates and its evolution over time. Developing countries outside Latin America have also experimented with dual exchange rates. For example, Egypt, Iran, Nigeria, South Africa, Sudan, Syria, Uganda, Zaire, and the francophone African.
This paper finds that the introduction of dual exchange rates gives the monetary authority greater independence from external constraints than it would otherwise enjoy. The monetary authority is able to influence the level of aggregate demand in the short run and Cited by: w The Limited Viability of Dual Exchange-Rate Regimes: Marion: w Empirical Evidence on European Dual Exchange Rates and Its Relevance For Latin America: Cumby: w Monetary Policy Under Dual Exchange Rates: Obstfeld: w Capital Flows, the Current Account, and the Real Exchange Rate: Consequences of Liberalization and Stabilization: Obstfeld.
Nancy P. Marion, "Empirical Evidence on European Dual Exchange Rates and Its Relevance For Latin America," NBER Working PapersNational Bureau of Economic Research, Inc. Joshua Aizenman & Nancy Marion, "Policy Uncertainty, Persistence and Growth," NBER Working PapersNational Bureau of Economic Research, Inc.
Exchange rate policy, the real exchange rate, and inflation: lessons from Latin America (English) See More + WPS Policy Research Working Paper: Dual and multiple exchange rate systems in developing countries: some empirical evidence (English) See More + WPS Policy Research Working Paper.
The authors examine the determinants of the parallel exchange rate for a cross-country sample of developing countries. The sample includes countries in which the parallel exchange rate is official (dual exchange rate systems) as well as those in which See More +.Cited by: The analysis starts with a specification of the characteristics of the distortion introduced by the exchange-rate premium (that is, the percentage discrepancy between the financial and the commercial exchange rates), and then provides explicit formula for the equilibrium premium, for its evolution over time and for the welfare cost induced by the distortion.
For countries in Latin America, the increase in foreign bank participation over the same period was from percent to percent. At the same time, the rise in foreign bank participation often occurred in the context of already high and, in some countries, rising levels of bank concentration.
Exchange Rate Uncertainty, Socio-Political Instability and Private Investment: Empirical Evidence from Latin America May Review of Development Economics 12(2) find supporting empirical evidence for it: we show that the reactions of each bilateral exchange rate to shocks to the value of the dollar are related to the different orientation of monetary and exchange-rate policies in the various European countries, and that these differences are consistent with the.
Latin America: Towards an Integrative Resear ch Agenda”, European Review of Latin American and Caribbean Studies 79– Bebbington, A.
(ed.) () Social Conﬂict, Economic Development. In the neoclassical analysis the real exchange rate is the price of foreign resources, and, as with any price, it is the mechanism that allows and economy to adjust and reach equilibrium (with the external sector in this case).
In fact, it is believed that the nominal exchange rate is an expression of the underlying real exchange rate. While. Recent empirical studies have tried to identify the currency under/overvaluation effects on economic growth by running cross-country regressions from panel sets with the country output growth as the explained variable and the exchange rate or an undervaluation index as one of Cited by: 8.
The empirical results of the study identify that exchange rate volatility dampens both physical and financial inflows towards developing countries. The indirect impact of exchange rate volatility through financial development, however, turns out positive and statistically by: 1.
The adverse effects of real exchange rate variability in Latin America and the Caribbean Article (PDF Available) in Journal of Applied Economics 18(1) May with Reads How we measure 'reads'. Empirical evidence shows two main results. First, hard pegs have declined in its relevance; policymakers have made more emphasis on stabilizing the real economy.
In second place, fix (flex) exchange rate regimes are associated to lower (higher) inflation and higher (lower) output variability1. Levy Yeyati and Sturzenegger (LYS)Author: Cecilia Bermúdez, Carlos Dabús.REAL EXCHANGE RATE AND ECONOMIC GROWTH: NEW EMPIRICAL EVIDENCE.
Article Latin and Central America 24 (ii). Developing Asia 11 77 (iii). Sub-Saharan Africa 16 (iv).Exchange Rate Regimes in Latin America in the s and s During the s man y Latin American countries suffered of international credit rationing due to the banking crises that took place.