Konferenzbeitrag
Effective exchange rates, current accounts and global imbalances
This study analyzes the dynamics between real e ective exchange rates and current account patterns from a novel perspective. We start by dissecting long-run and time-varying short-run dynamics between both variables. Following this, we extend our framework by including interest rates into our analysis. Finally, we examine common exchange rate and current account dynamics based on common factors derived from a principal components analysis. Our results show that a real appreciation is positively related to a worsening of the current account in most cases. The adjustment pattern is time-varying but suggests that the causality mainly runs from e ective exchange rates to current accounts and occurs through valuation e ects. However, an extension of our framework based on monthly data shows that trade balance adjustment is observed less frequently. From a global point of view, cross-country trends which drive exchange rates and current accounts also share similar dynamics over the long-run.
- Sprache
-
Englisch
- Erschienen in
-
Series: Beiträge zur Jahrestagung des Vereins für Socialpolitik 2014: Evidenzbasierte Wirtschaftspolitik - Session: International Finance ; No. D21-V2
- Klassifikation
-
Wirtschaft
Foreign Exchange
Current Account Adjustment; Short-term Capital Movements
International Financial Markets
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Beckmann, Joscha
Czudaj, Robert
- Ereignis
-
Veröffentlichung
- (wer)
-
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
- (wo)
-
Kiel und Hamburg
- (wann)
-
2014
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:22 MESZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Konferenzbeitrag
Beteiligte
- Beckmann, Joscha
- Czudaj, Robert
- ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
Entstanden
- 2014
Ähnliche Objekte (12)
Effective exchange rates, current accounts and global imbalances
Nonlinear Adjustment, Purchasing Power Parity and the Role of Nominal Exchange Rates and Prices
Professional forecasters' expectations, consistency, and international spillovers
The role of expectations for currency crisis dynamics - The case of the Turkish lira
Exchange rate fluctuations and the financial channel in emerging economies
Monetary policy shocks, expectations and information rigidities
The impact of uncertainty on professional exchange rate forecasts
Exchange rate expectations since the financial crisis: Performance evaluation and the role of monetary policy and safe haven
Gold as an Infl ation Hedge in a Time-Varying Coefficient Framework
Speculation driven overreaction and momentum effects in cryptocurrency and commodity markets
Is there a Homogeneous Causality Pattern between Oil Prices and Currencies of Oil Importers and Exporters?
Information Rigidities and Exchange Rate Expectations
Effective exchange rates, current accounts and global imbalances
Nonlinear Adjustment, Purchasing Power Parity and the Role of Nominal Exchange Rates and Prices
Professional forecasters' expectations, consistency, and international spillovers
The role of expectations for currency crisis dynamics - The case of the Turkish lira
Exchange rate fluctuations and the financial channel in emerging economies
Monetary policy shocks, expectations and information rigidities
The impact of uncertainty on professional exchange rate forecasts
Exchange rate expectations since the financial crisis: Performance evaluation and the role of monetary policy and safe haven
Gold as an Infl ation Hedge in a Time-Varying Coefficient Framework
Speculation driven overreaction and momentum effects in cryptocurrency and commodity markets
Is there a Homogeneous Causality Pattern between Oil Prices and Currencies of Oil Importers and Exporters?
Information Rigidities and Exchange Rate Expectations
Effective exchange rates, current accounts and global imbalances
Nonlinear Adjustment, Purchasing Power Parity and the Role of Nominal Exchange Rates and Prices
Professional forecasters' expectations, consistency, and international spillovers
The role of expectations for currency crisis dynamics - The case of the Turkish lira
Exchange rate fluctuations and the financial channel in emerging economies
Monetary policy shocks, expectations and information rigidities
The impact of uncertainty on professional exchange rate forecasts
Exchange rate expectations since the financial crisis: Performance evaluation and the role of monetary policy and safe haven
Gold as an Infl ation Hedge in a Time-Varying Coefficient Framework
Speculation driven overreaction and momentum effects in cryptocurrency and commodity markets
Is there a Homogeneous Causality Pattern between Oil Prices and Currencies of Oil Importers and Exporters?