Limits of floating exchange rates : the role of foreign currency debt and import structure /
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| Author / Creator: | Towbin, Pascal, author. |
|---|---|
| Imprint: | [Washington, D.C.] : International Monetary Fund, ©2011. |
| Description: | 1 online resource (52 pages) : illustrations |
| Language: | English |
| Series: | IMF working paper ; WP/11/42 IMF working paper ; WP/11/42. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12498910 |
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| 100 | 1 | |a Towbin, Pascal, |e author. |0 http://id.loc.gov/authorities/names/no2011051004 | |
| 245 | 1 | 0 | |a Limits of floating exchange rates : |b the role of foreign currency debt and import structure / |c Pascal Towbin and Sebastian Weber. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2011. | ||
| 300 | |a 1 online resource (52 pages) : |b illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper ; |v WP/11/42 | |
| 500 | |a Title from PDF title page (IMF Web site, viewed March 30, 2011). | ||
| 500 | |a At head of title: European Department. | ||
| 520 | |a A traditional argument in favor of flexible exchange rates is that they insulate output better from real shocks, because the exchange rate can adjust and stabilize demand for domestic goods through expenditure switching. This argument is weakened in models with high foreign currency debt and low exchange rate pass-through to import prices. The present study evaluates the empirical relevance of these two factors. We analyze the transmission of real external shocks to the domestic economy under fixed and flexible exchange rate regimes for a broad sample of countries in a Panel VAR and let the responses vary with foreign currency indebtedness and import structure. We find that flexible exchange rates do not insulate output better from external shocks if the country imports mainly low pass-through goods and can even amplify the output response if foreign indebtedness is high. | ||
| 504 | |a Includes bibliographical references. | ||
| 650 | 0 | |a Foreign exchange rates |x Econometric models. | |
| 650 | 0 | |a Debts, External |x Econometric models. | |
| 650 | 0 | |a Imports |x Econometric models. | |
| 650 | 6 | |a Taux de change |x Modèles économétriques. | |
| 650 | 6 | |a Dettes extérieures |x Modèles économétriques. | |
| 650 | 6 | |a Importations |x Modèles économétriques. | |
| 650 | 7 | |a Debts, External |x Econometric models. |2 fast |0 (OCoLC)fst00888832 | |
| 650 | 7 | |a Foreign exchange rates |x Econometric models. |2 fast |0 (OCoLC)fst00931818 | |
| 650 | 7 | |a Imports |x Econometric models. |2 fast |0 (OCoLC)fst00968201 | |
| 655 | 4 | |a Electronic books. | |
| 700 | 1 | |a Weber, Sebastian, |d 1981- |e author. |0 http://id.loc.gov/authorities/names/no2011051005 | |
| 710 | 2 | |a International Monetary Fund. |b European Department, |e issuing body. |0 http://id.loc.gov/authorities/names/n86100166 | |
| 776 | 0 | 8 | |i Print version: |a Towbin, Pascal. |t Limits of Floating Exchange Rates: the Role of Foreign Currency Debt and Import Structure. |d Washington : International Monetary Fund, ©2011 |z 9781455219001 |
| 830 | 0 | |a IMF working paper ; |v WP/11/42. |0 http://id.loc.gov/authorities/names/no89010263 | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/journals/001/2011/042/001.2011.issue-042-en.xml |y INTERNATIONAL MONETARY FUND |
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