Arbeitspapier
Short-term and long-term growth effects of exchange rate adjustment
The European sovereign debt crisis revived the discussion concerning the pros and cons of exchange rate adjustment in the face of asymmetric shocks. Exit from the euro area is to regain rapidly international competitiveness. Exchange rate stability with structural reforms could be beneficial for long-run growth. We augment the literature by analyzing short- and long-term growth effects of exchange rate flexibility in a panel-cointegration framework. Countries with a high degree of exchange rate stability exhibit lower short-term and higher long-term growth. The degree of business cycle synchronization with the anchor country matters for the impact of exchange rate flexibility on growth.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 4018
- Klassifikation
-
Wirtschaft
Quantitative Policy Modeling
Business Fluctuations; Cycles
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
Current Account Adjustment; Short-term Capital Movements
International Monetary Arrangements and Institutions
Economic History: Financial Markets and Institutions: General, International, or Comparative
- Thema
-
exchange rate adjustment
sterilization
European sovereign debt crisis
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Kočenda, Evzen
Maurel, Mathilde
Schnabl, Gunther
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2012
- Handle
- Letzte Aktualisierung
-
12.01.2029, 11:41 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Kočenda, Evzen
- Maurel, Mathilde
- Schnabl, Gunther
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2012
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