Correcting Real Exchange RateMisalignment : Conceptual and Practical Issues | |
Eden, Maya ; Nguyen, Ha | |
World Bank, Washington, DC | |
关键词: ACCESS TO INSURANCE; ACCOUNTS RECEIVABLE; ACCUMULATION OF RESERVES; ADVERSE SHOCKS; AGGREGATE DEMAND; | |
DOI : 10.1596/1813-9450-6045 RP-ID : WPS6045 |
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学科分类:社会科学、人文和艺术(综合) | |
来源: World Bank Open Knowledge Repository | |
【 摘 要 】
This paper studies the issue of realexchange rate misalignment and the difficulties in settlinginternational real exchange rate disputes. The authors showtheoretically that determining when a country should besanctioned for real exchange rate "manipulations"is difficult: in some situations a country's realexchange rate targeting can be beneficial to othercountries, while in others it is not. Regardless, it isdifficult to establish whether a misaligned real exchangerate is intentionally manipulated rather thanunintentionally caused by other policies or by variousdistortions in the economy. The paper continues byillustrating the difficulty in measuring real exchange ratemisalignment, and provides a critical assessment of existingmethodologies. It concludes by proposing a new method formeasuring real exchange rate misalignment based ondifferences in marginal products between producers oftradable and non-tradable goods.
【 预 览 】
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WPS6045.pdf | 738KB | download |