Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper examines the role of the exchange rate regime in explaining how emerging market economies fared in the recent global financial crisis, particularly in terms of output losses and growth resilience. After controlling for regime switches during the crisis, using alternative definitions for pegs, and taking account of other likely determinants, we find that the growth performance for pegs was not different from that of floats during the crisis. For the recovery period 2010-11, pegs appear to be faring worse, with growth recovering more slowly than floats. These results suggest an asymmetric effect of the regime during and recovering from the crisis. We also find that proxies of the trade and financial channels are important determinants of growth performance during the crisis, while only the trade channel appears important for the recovery thus far.

Foreign exchange rates --- Foreign exchange --- Exports and Imports --- Foreign Exchange --- Empirical Studies of Trade --- Currency --- International economics --- Exchange rate arrangements --- Conventional peg --- Crawling peg --- Terms of trade --- Exchange rate flexibility --- Economic policy --- nternational cooperation --- United States --- Nternational cooperation

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The actions proposed here focus on trade integration, substantially increasing exports of the poorest countries and helping them to meet the Millennium Development Goals. As the foundation for these ambitions, we emphasize the role of a secure, open global trading environment—strengthened further by concluding the WTO Doha Round. From this base, the poorest countries also need better trade preferences from the advanced and major emerging market countries (EMs). Building the capacity to take advantage of trade opportunities will require support from the international community and policy reforms—such as to trade regimes—by the poorest countries themselves. The Fifteen Point Action Plan proposed here could increase annual exports of the least-developed countries (LDCs) by $10 billion or more, with additional benefits for other Low-Income Countries (LICs).

Exports and Imports --- Public Finance --- Taxation --- Trade Policy --- International Trade Organizations --- Trade: General --- International economics --- Public finance & taxation --- Tariffs --- Exports --- Valuation, origin and classification --- Trade relations --- Imports --- Taxes --- International trade --- Revenue administration --- Tariff --- Customs appraisal --- China, People's Republic of

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The paper explores the linkages between the global and domestic monetary gaps, and estimates the effects of monetary gaps on output growth, inflation, and net saving rates using panel data for 20 Asian countries for 1980-2008. We find a significant pass-through of the global monetary gap to domestic monetary gaps, which in turn affect output growth and inflation, in individual emerging market and developing countries in Asia. Notably, we provide evidence that the global monetary condition is partly responsible for the current account surplus in Asia. We also draw implications for monetary policy coordination for global rebalancing.

Exports and Imports --- Foreign Exchange --- Inflation --- Macroeconomics --- Production and Operations Management --- Model Construction and Estimation --- Monetary Policy --- Current Account Adjustment --- Short-term Capital Movements --- Macroeconomics: Production --- Price Level --- Deflation --- International Investment --- Long-term Capital Movements --- International economics --- Currency --- Foreign exchange --- Production growth --- Capital flows --- Output gap --- Exchange rates --- Production --- Prices --- Balance of payments --- Economic theory --- Capital movements --- United States --- Monetary policy --- Money supply

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

We review the literature on Dutch disease, and document that shocks that trigger foreign exchange inflows (such as natural resource booms, surges in foreign aid, remittances, or capital inflows) appreciate the real exchange rate, generate factor reallocation, and reduce manufacturing output and net exports. We also observe that real exchange rate misalignment due to overvaluation and higher volatility of the real exchange rate lower growth. Regarding the effect of undervaluation of the exchange rate on economic growth, the evidence is mixed and inconclusive. However, there is no evidence in the literature that Dutch disease reduces overall economic growth. Policy responses should aim at adequately managing the boom and the risks associated with it.

Exports and Imports --- Foreign Exchange --- Economic Theory --- Natural Resources --- Remittances --- Foreign Aid --- Economic Growth of Open Economies --- Resource Booms --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Currency --- Foreign exchange --- Economic theory & philosophy --- Environmental management --- International economics --- Real exchange rates --- Dutch disease --- Natural resources --- Exchange rates --- Foreign aid --- Economic theory --- Environment --- Economic forecasting --- International relief --- Mozambique, Republic of --- Foreign exchange rates. --- Exports.

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper uses a modified version of the methodology used by the IMF's Consultative Group on Exchange Rate Issues (CGER) to calculate equilibrium current account balances (or ?norms?) for a sample of 33 emerging market economies. We find that the fundamental determinants of the equilibrium current account balances are similar to those identified by the CGER using a sample that also comprises advanced economies. However, the fiscal balance has a considerably stronger impact on current account norms for emerging markets. This paper also offers estimates for the equilibrium current account balances of eleven smaller emerging market economies that are not currently included in the country sample used by the CGER.

Investments: Energy --- Exports and Imports --- Foreign Exchange --- Macroeconomics --- Current Account Adjustment --- Short-term Capital Movements --- Energy: General --- Fiscal Policy --- International economics --- Investment & securities --- Currency --- Foreign exchange --- Current account balance --- Current account --- Oil --- Real exchange rates --- Fiscal stance --- Balance of payments --- Petroleum industry and trade --- Fiscal policy --- Algeria --- Foreign exchange rates --- Monetary policy --- Econometric models. --- Statistical methods.