UID:
almafu_9958120565502883
Umfang:
1 online resource (52 p.)
ISBN:
9786612846267
,
9781462359776
,
1462359779
,
9781455291922
,
1455291927
,
9781282846265
,
1282846264
,
9781455201372
,
1455201375
Serie:
IMF Working Papers
Inhalt:
Attracting capital and foreign exchange flows is crucial for developing countries. Yet, these flows could lead to real exchange rate appreciation and may thus have detrimental effects on competitiveness, jeopardizing exports and growth. This paper investigates this dilemma by comparing the impact of six types of capital and foreign exchange flows on real exchange rate behavior in a sample of 57 developing countries covering Africa, Europe, Asia, Latin America, and the Middle East. The results reveal that portfolio investments, foreign borrowing, aid, and income lead to real exchange rate appreciation, while remittances have disparate effects across regions. Foreign direct investments have no effect on the real exchange rate, contributing to resolve the above dilemma.
Anmerkung:
"July 2010".
,
Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Capital Flows and the Real Exchange Rate Nexus: Related Literature; III. Capital Flows and Other REER Determinants; A. REER Index; 1. REER for all Six Regions Including GCC; B. Capital and Foreign Exchange Flows Variables; 2. Aggregated Capital Flows; 3. Income; 4. Aid; 5. Aid in All Regions Excluding GCC; 6. Remittances; 7. FDI; 8. Portfolio Investments; 9. Portfolio Investments Excluding GCC; 10. Debt; 11. Debt Excluding GCC; C. Control Variables; Government Consumption; Trade Openness; Productivity; Terms of Trade
,
IV. Empirical MethodologyV. Interpretation of the Results; 1. GMM-in System Estimates of the Impact of Capital Flows on Real Effective; 2. GMM-in System Estimates of the Impact of Capital Flows on Real Effective by Region; 3. Capital and Foreign Exchange Flows to the CEECs in percent of GDP; VI. Conclusion and Policy Implication; 1. List of Countries Included in our Sample; 2. List of Variables Included in our Model; References; Footnotes
Sprache:
Englisch
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