Topic
Exchange rate
About: Exchange rate is a research topic. Over the lifetime, 47255 publications have been published within this topic receiving 944563 citations. The topic is also known as: foreign-exchange rate & forex rate.
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TL;DR: In this paper, the authors present a monthly database on de facto exchange rate regimes that cover all IMF members since 1990, and examine whether the bipolar view of exchange regimes holds with de facto regimes.
Abstract: This paper presents a monthly database on de facto exchange rate regimes that covers all IMF members since 1990. Information from IMF country reports and other sources, including exchange rate data, is utilized to determine de facto exchange rate policies. Countries are categorized based on these policies using the IMF nomenclature adopted in 1999. This approach ensures the forward compatibility of the database. The database is then used to examine whether the bipolar view of exchange regimes holds with de facto regimes. It is found that the proportion of countries adopting intermediate regimes has indeed been shrinking in favor of greater flexibility or greater fixity, especially for countries more integrated with international markets. Analyses based on Markov chains of regime transitions, however, provide (mixed) evidence against the bipolar view.
220 citations
TL;DR: In this paper, the authors used a Markov switching model approach to investigate the dynamic linkages between the exchange rates and stock market returns for the BRICS countries (Brazil, Russia, India, China and South Africa).
220 citations
TL;DR: In this paper, the impact of the exchange rate on the trade balance is examined for a number of developing countries and non-structural techniques indicate that a depreciation of the real exchange rate is not strongly associated with a significant improvement in trade balance.
220 citations
TL;DR: In this paper, the authors explore the possibility of a non-linear relationship between oil prices and the Norwegian exchange rate, which leads to an econometrically well specified and interpretable exchange rate model that also has strong predictive properties.
Abstract: Summary Previous empirical studies have suggested an ambiguous relationship between crude oil prices and exchange rates. In contrast to these studies, we explore the possibility of a non-linear relationship between oil prices and the Norwegian exchange rate. We reveal a negative relationship between oil prices and the value of the Norwegian exchange rate that is relatively strong when oil prices are below 14 dollars and are falling. Allowance for this non-linear relationship leads to an econometrically well specified and interpretable exchange rate model that also has strong predictive properties. Notably, this model substantially improves the forecasts compared with those from a similar model but with linear oil price effects and a random walk model. We undertake an extensive evaluation of our findings to demonstrate their robustness.
220 citations
TL;DR: The role of oil prices and real exchange rate in Russia's economy is discussed in this paper, where a cointegration approach is proposed to analyze the relationship between the two factors.
219 citations