| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w5650 |
| 来源ID | Working Paper 5650 |
| The Aftermath of Appreciations | |
| Ilan Goldfajn; Rodrigo O. Valdes | |
| 发表日期 | 1996-07-01 |
| 出版年 | 1996 |
| 语种 | 英语 |
| 摘要 | This paper empirically analyzes a broad range of real exchange rate appreciation episodes. The cases are identified after compiling a large sample of monthly multilateral real exchange rates from 1960 to 1994. The objective is twofold. First, the paper studies the dynamics of appreciations, avoiding the sample selection of analyzing exclusively the crisis (or devaluation) cases. Second, the paper analyzes the mechanism by which overvaluations are corrected. In particular, we are interested in the proportion of the reversions that occur through nominal devaluations, rather than cumulative inflation differentials. We calculate the probability of undoing appreciations without nominal depreciations for various degrees of misalignment. The overall conclusion is that it is very unlikely to undo large and medium appreciations without nominal devaluations. |
| 主题 | International Economics ; International Finance |
| URL | https://www.nber.org/papers/w5650 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563130 |
| 推荐引用方式 GB/T 7714 | Ilan Goldfajn,Rodrigo O. Valdes. The Aftermath of Appreciations. 1996. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w5650.pdf（2533KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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