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 impacts of GDP, trade structure, exchange rate and FDI (foreign direct investment) inflows on China's carbon emissions from 1982 to 2016 and verifies the validity of EKC (Environmental Kuznets Curve) hypothesis for China.
209 citations
TL;DR: This paper explored the effects of central bank independence on inflation in a sample of 24 Latin American and Caribbean countries during 1985-2002 using panel regressions, and found a negative relationship between CBI and inflation.
209 citations
TL;DR: In this article, the authors show that abundant foreign exchange loans can force an appreciation of the real exchange rate (often through domestic inflation rather than a nominal appreciation), and since the government is almost always the recipient of these loans, it can crowd out the private sector if it increases its aggregate demand for domestic goods and services.
209 citations
TL;DR: In this article, the authors investigated possible causal relationships between tourism expenditure, real exchange rate and economic growth by using quarterly data and confirmed the tourism-led growth hypothesis through cointegration and causality testing.
Abstract: Tourism is one of the most important factors in the productivity of the Mexican economy with significant multiplier effects on economic activity. This paper investigates possible causal relationships between tourism expenditure, real exchange rate and economic growth by using quarterly data. Johansen co-integration analysis shows the existence of one cointegrated vector among real GDP, tourism expenditure, and real exchange rate where the corresponding elasticities are positive. The tourism-led growth hypothesis is confirmed through cointegration and causality testing. Expenditure is weakly exogenous to real GDP producing a more than proportional effect in growth (it means real GDP increases 60% more when expenditure in tourism is increased). Short-run Granger causality shows that causality goes from expenditure to GDP, and there is a bidirectional short-run causality between real exchange rate and real GDP. Impulse response analysis shows that a shock in expenditure produce a continuous positive effect on growth while a shock in real exchange rate produces first a negative effect and then a positive one.
208 citations
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TL;DR: This paper found that negative US-specific macroeconomic shocks during the crisis have triggered a significant strengthening of the US dollar, rather than a weakening, and that macroeconomic fundamentals and financial exposure of individual countries played a key role in the transmission process of US shocks: in particular countries with low FX reserves, weak current account positions and high direct financial exposure vis-a-vis the United States have experienced substantially larger currency depreciations during the financial crisis overall and to US shocks in particular.
Abstract: A striking and unexpected feature of the financial crisis has been the sharp appreciation of the US dollar against virtually all currencies globally. The paper finds that negative US-specific macroeconomic shocks during the crisis have triggered a significant strengthening of the US dollar, rather than a weakening. Macroeconomic fundamentals and financial exposure of individual countries are found to have played a key role in the transmission process of US shocks: in particular countries with low FX reserves, weak current account positions and high direct financial exposure vis-a-vis the United States have experienced substantially larger currency depreciations during the crisis overall, and to US shocks in particular.
208 citations