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Registros recuperados: 13
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Country Risk and the Mundell-Fleming Model Applied to the 1999-2000 Argentine Experience AgEcon
Ortiz, Javier; Rodriguez, Carlos A..
In this paper we propose a modification of the traditional Mundell-Fleming model. The extended model introduces the implications of including the fiscal deficit and international reserves as determinants of the level of country risk. This slight modification of the traditional paradigm leads to radical changes in the effects that fiscal and monetary policies have in economies with high capital mobility under an extreme version of a fixed exchange rate regime (Currency Board). We use the proposed model to evaluate some of the economic policies implemented between December 1999 and March 2001 by the first economic team under the Presidency of Fernando De la Rúa in Argentina. Additionally, we suggest that some of the main results obtained from the model are...
Tipo: Journal Article Palavras-chave: Open economy macroeconomics; Country risk for Argentina; Reserves; Convertibility; Risk and Uncertainty; F41.
Ano: 2002 URL: http://purl.umn.edu/44295
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Dollar-Euro Exchange Rate 1999-2004 - Dollar and Euro as International Currencies AgEcon
Shams, Rasul.
On January 1,1999 euro became the currency for 11 member states of the European Union. Since then the dollar-euro exchange rate has completed a full turning. Three years of depreciation of the euro followed by three years of appreciation without wild fluctuations asks for an explanation which would adequately account for the position of the euro as an emerging international currency. In this paper, first we present a concise summary of the theory of world money. Then we apply the theory to explain the development of the exchange rat of euro versus dollar in the subperiods 1999-2002 and 2002-2004.
Tipo: Working or Discussion Paper Palavras-chave: Exchange Rates; Balance of Payments; International currency; Financial Economics; F3; F41; G15.
Ano: 2005 URL: http://purl.umn.edu/26228
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Exchange Rate and Output Dynamics Between Japan and Korea AgEcon
Kang, Sammo; Kim, Soyoung; Wang, Yunjong; Yoon, Deok Ryong.
Japan and Korea are close countries in terms of economic interaction as well as geography. To quantify the impact of changes in the yen-dollar exchange rate on the Korean economy before and after the crisis in 1997, the sample period has been divided into two sub-periods and the causal relationships examined by using vector autoregression analysis. Our estimates show that while the response of Korean industrial production to changes in the yen-dollar exchange rate was not significant during the pre-crisis period, it became significant during the post-crisis period. The forecast error variance decomposition also confirms that the yen-dollar exchange rate shocks have almost negligible explanatory power with regards to Korean industrial production during the...
Tipo: Working or Discussion Paper Palavras-chave: International Relations/Trade; E32; F36; F41.
Ano: 2003 URL: http://purl.umn.edu/26297
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Financial Sector Reforms and Currency Crisis: The Indonesian Experience AgEcon
Shakur, Shamim; Obben, James; Nugroho, Agus Eko.
The theory of exchange rate determination clearly links a depreciating currency to a deteriorating trade balance, interest differential and related economic fundamentals. Empirical testing carried out routinely confirms these relationships in “normal” times as currencies constantly align themselves to find their places in the global marketplace. When depreciation reaches crisis proportions, they are not always caused by a proportional deterioration in economic fundamentals. Random activities like speculative attacks are prompted by perceived problems in the banking sector as well as the contagion effect, leading to a currency crisis. Using pre crisis data and focusing on the Indonesian rupiah, this view is confirmed in the research.
Tipo: Journal Article Palavras-chave: Currency Crisis; Indonesia; Exchange Rate; Financial Economics; F31; F41.
Ano: 2005 URL: http://purl.umn.edu/50271
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Import Protection, Capital Flows, and Real Exchange Rate Dynamics AgEcon
Sjaastad, Larry A.; Manzur, Meher.
This paper focuses on the effect of import protection on the response of the real exchange rate to capital flows. The central hypothesis is that barriers to imports blunt the expenditure and production shifting effects of changes in relative prices, and hence the ability of the real exchange rate to equilibrate the economy in response to international capital flows. Employing a cross-section approach, the study focuses on three broadly similar countries but with very different levels of protection: Argentina, Australia, and Canada. The empirical results are consistent with the central hypothesis.
Tipo: Journal Article Palavras-chave: Import protection; Real exchange rate; International Relations/Trade; Financial Economics; F13; F32; F41.
Ano: 2003 URL: http://purl.umn.edu/44073
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International Trade, Productivity Growth, Education and the Wage Differential: A Case Study of Taiwan AgEcon
Chang, Hsiao-chuan.
The cause of changes in the wage differential between skilled and unskilled labor has been an important subject of debate for several decades. International trade and productivity growth are two main causes that have been suggested from large country studies. Recent research proposes that education is another influence. All three causes have been significantly associated with Taiwan’s economic development. This paper attempts to contribute to the literature by investigating the wage differential in Taiwan, a small open economy. A Dynamic Intertemporal General Equilibrium (DIGE) model is used to perform theoretical simulation. An Error Correction Model (ECM) incorporating both short- and long-run effects is employed to accomplish the empirical examination....
Tipo: Journal Article Palavras-chave: Wage differential; Dynamic intertemporal general equilibrium model; Error correction model; International Relations/Trade; Labor and Human Capital; C12; C15; C51; F10; F41; H52; J31.
Ano: 2003 URL: http://purl.umn.edu/44011
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Multinational Activity in a Macroeconomic Model of the Small Open Economy AgEcon
Otto, Alkis Henri.
We study the effects of FDI and increasing multinational activity utilizing a macroeconomic two-sector model of the small open economy with flexible exchange rates and perfect capital mobility. The focus is on horizontal greenfield investment and its impact on production, exchange rates, trade, and welfare. In the host country, an increase in multinational activity harms the established industries. Nevertheless it increases welfare. In the home country, an increase in multinational activity lowers domestic output of the established industries too and, thereby, decreases welfare.
Tipo: Working or Discussion Paper Palavras-chave: Foreign Direct Investment; Multinational activity; Welfare effects; Macroeconomic effects; International Relations/Trade; F21; F41.
Ano: 2004 URL: http://purl.umn.edu/26242
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Passive immunity in cattle against enterotoxigenic Escherichia coli: serologic evaluation of a bacterin containing K99 and F41 fimbriae in colostrum of vaccinated females and calf serum Arq. Bras. Med. Vet. Zootec.
Figueiredo,H.C.P.; Lage,A.P.; Pereira Júnior,F.N.; Leite,R.C..
A bacterin from enterotoxigenic Escherichia coli (ETEC), containing fimbriae K99 and F41, was produced and its capacity to induce anti-K99 and anti-F41 antibodies in colostrum of vaccinated cows and in calf serum, and the persistence of these antibodies in neonates were determined. Three experiments were performed on two commercial farms. In all experiments animals were allotted randomly to the blocks, each block consisting of two pregnant females (a vaccinated one and a control one) and their respective calves. In experiment A (farm 1), comprised of 18 blocks, the animals received a vaccine dose 30 days before delivery. In experiment B (farm 1), consisted of 26 blocks, the animals received two vaccine doses (60 and 30 days before delivery). In experiment...
Tipo: Info:eu-repo/semantics/article Palavras-chave: Calf; Enterotoxigenic Escherichia coli; Vaccine; Diarrhea; K99; F41.
Ano: 2004 URL: http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0102-09352004000400001
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Recent Macroeconomic Dynamics and Agriculture in Historical Perspective AgEcon
Orden, David.
This article explores the similarities, differences, and implications from the 1970s–1980s experience for the macroeconomic dynamic that may arise from the 2008 price spike and subsequent recession. Role of monetary policy (deviations from Taylor rule) is assessed. This is an argument that has not been too prominent in public discourse about causes of the financial crisis or the policies undertaken to restore stability to financial markets and avoid an even deeper downturn than occurred. The ‘‘misery index’’ is compared across the past and recent macroeconomic events. Effects on agriculture of exchange rates are reviewed, effects dependent on currency values and interest rates that can change quickly and in unexpected ways.
Tipo: Journal Article Palavras-chave: Monetary policy; Exchange rates; Macroeconomic effects on agriculture; Agribusiness; Agricultural Finance; Environmental Economics and Policy; Political Economy; Production Economics; Public Economics; E52; F41; Q18.
Ano: 2010 URL: http://purl.umn.edu/92581
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Sudden Stops in Capital Inflows and the Design of Exchange Rate Regimes AgEcon
Ritter, Raymond.
A two sector small open economy model developed by Corden (1991, 2002) is used to analyse the impact of sudden stops in capital inflows on an internal and external equilibrium and to explore the merits of disposing of the nominal exchange rate as policy tool in rectifying real exchange rate misalignments. It is shown how the economy's sectoral demand properties determine the extent of recession associated with real exchange rate adjustment that is neither engineered by nominal exchange rate changes nor brought about by a decline in nontraded goods prices. The conclusion is drawn that, when deciding on the design of exchange rate regimes, the structural characteristics of the economy ought to be considered so as to appropriately strengthen its capacity to...
Tipo: Working or Discussion Paper Palavras-chave: Capital inflows; Sudden stops; Real exchange rate adjustment; Exchange rate regimes; Financial Economics; F31; F32; F41.
Ano: 2003 URL: http://purl.umn.edu/26317
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Sustainability of the US current account deficit: An econometric analysis of the impact of capital inflow on domestic economy AgEcon
Ansari, Mohammed I..
The purpose of this paper is to estimate, by using the recent econometric techniques of unit root testing and Johansen-Juselius cointegration technique (1990), the impact of foreign capital inflow on the volume and efficiency of domestic investment in the United States during the period, 1973-1999. A battery of diagnostic tests is employed to check the validity and robustness of the estimated results. Evidence suggests that capital inflows have had a significant positive effect on the volume of US investment, but the effect on the efficiency of investment has been minimal. These findings imply that, while achieving current account balance is important, it is equally important to sustain and augment the beneficial impact of capital inflow by creating a more...
Tipo: Journal Article Palavras-chave: Current account; Capital inflow; F21; F41; O51.
Ano: 2004 URL: http://purl.umn.edu/37640
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Testing Uncovered Interest Parity at Short and Long Horizons AgEcon
Chinn, Menzie D.; Meredith, Guy.
The unbiasedness hypothesis - the joint hypothesis of uncovered interest parity (UIP) and rational expectations - has been almost universally rejected in studies of exchange rate movements. In contrast to previous studies, which have used short-horizon data, we test this hypothesis using interest rates on longer-maturity bonds for the G-7 countries. The results of these long-horizon regressions are much more positive - the coefficients on interest differentials are of the correct sign, and almost all are closer to the predicted value of unity than to zero. These results are robust to changes in data type and to base currency (i.e., Deutschemark versus US dollar). We appeal to an econometric interpretation of the results, which focuses on the presence of...
Tipo: Working or Discussion Paper Palavras-chave: International Investment; Long-Term Capital Movements; Foreign Exchange; Open Economy Macroeconomics; Financial Economics; F21; F31; F41.
Ano: 2000 URL: http://purl.umn.edu/26355
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The Commodity-Currency View of the Australian Dollar: A Multivariate Cointegration Approach AgEcon
Hatzinikolaou, Dimitris; Polasek, Metodey.
Using Australian quarterly data from the post-float period 1984:1-2003:1 and a partial system, we identify and estimate two cointegrating relations, one for the interest-rate differential and the other for the nominal exchange rate. Our estimate of the long-run elasticity of the exchange rate with respect to commodity prices is 0.939, which strongly supports the widely held view that the floating Australian dollar is a ‘commodity currency’. We also find that the PPP and UIP cannot be rejected so long as commodity prices are included in the cointegrating relations. Our model outperforms the random walk model in forecasting the exchange rate in the medium run.
Tipo: Journal Article Palavras-chave: Australian dollar; Commodity currency; Cointegration; F31; F41.
Ano: 2005 URL: http://purl.umn.edu/37462
Registros recuperados: 13
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