Arbeitspapier
Macroeconomic Policy Making, Exchange Rate Adjustment and Current Account Imbalances in Emerging Markets
Since a series of crisis events after 2007, the discussion about the adjustment channels of current account imbalances has been revived. We discuss the effectiveness of exchange rates versus macroeconomic policies to rebalance current accounts for a set of 86 mainly emerging market economies. We find that nominal exchange rates are not a sufficient adjustment channel for (unsustainable) current account positions. Instead, depending on the region, monetary and/or fiscal policies are the main determinants of current accounts. For East Asia and the oil exporting countries sterilization policies, i.e. relatively tight monetary policies, are the main determinants. In contrast the main driving forces for emerging and southern Europe are fiscal policy stances. Only for the Latin American countries the exchange rate seems to play a significant role.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 5064
- Klassifikation
-
Wirtschaft
Economic Growth of Open Economies
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
Foreign Exchange
- Thema
-
global imbalances
intra-european imbalances
exchange rate adjustment
monetary policy
fiscal policy
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Duarte, Pablo
Schnabl, Gunther
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2014
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Duarte, Pablo
- Schnabl, Gunther
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2014
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