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Exchange Rates in Emerging Countries: Eleven Empirical Regularities from Latin America and East Asia

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  • Sebastian Edwards

Abstract

In this paper I discuss some of the most important lessons on exchange rate policies in emerging markets during the last 35 years. The analysis is undertaken from the perspective of both the Latin American and East Asian nations. Some of the topics addressed include: the relationship between exchange rate regimes and growth, the costs of currency crises, the merits of "dollarization," the relation between exchange rates and macroeconomic stability, monetary independence under alternative exchange rate arrangements, and the effects of the recent global "currency wars" on exchange rates in commodity exporters.

Suggested Citation

  • Sebastian Edwards, 2011. "Exchange Rates in Emerging Countries: Eleven Empirical Regularities from Latin America and East Asia," NBER Working Papers 17074, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:17074
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    Cited by:

    1. Lahura, Erick & Vega, Marco, 2013. "Regímenes cambiarios y desempeño macroeconómico: Una evaluación de la literatura," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 26, pages 101-119.
    2. Dąbrowski, Marek A. & Papież, Monika & Śmiech, Sławomir, 2024. "Output volatility and exchange rates: New evidence from the updated de facto exchange rate regime classifications," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 894-908.
    3. Bodart, Vincent & Candelon, Bertrand & Carpantier, Jean-Francois, 2015. "Real exchanges rates, commodity prices and structural factors in developing countries," Journal of International Money and Finance, Elsevier, vol. 51(C), pages 264-284.
    4. Evžen Kočenda & Balázs Varga, 2018. "The Impact of Monetary Strategies on Inflation Persistence," International Journal of Central Banking, International Journal of Central Banking, vol. 14(4), pages 229-274, September.
    5. Tang, Bo, 2015. "Real exchange rate and economic growth in China: A cointegrated VAR approach," China Economic Review, Elsevier, vol. 34(C), pages 293-310.
    6. Fatma Erdem & Erdal Özmen, 2015. "Exchange Rate Regimes and Business Cycles: An Empirical Investigation," Open Economies Review, Springer, vol. 26(5), pages 1041-1058, November.
    7. Slimani, Slah & Ben allem, Khaoula, 2017. "Les déterminants du misalignement du taux de change réel : Analyse empirique pour le cas de la région MENA [Determinants of misalignment of the real exchange rate: An empirical analysis for the MEN," MPRA Paper 81247, University Library of Munich, Germany.
    8. Muhammad Umar Draz & Fayyaz Ahmad & Bhumika Gupta & Waqas Amin, 2019. "Macroeconomic fundamentals and exchange rates in South Asian economies : evidence from pooled and panel estimations," Post-Print hal-02559707, HAL.
    9. Abdullahil Mamun & Harun Bal & Shahanara Basher & Md Mahi Uddin & Nazamul Hoque, 2023. "Growth Effects Of Currency Misalignment And Capital Flight In Turkey," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 26(2), pages 221-250, May.
    10. Sebastian Edwards, 2017. "The London Monetary and Economic Conference of 1933 and the End of the Great Depression," Open Economies Review, Springer, vol. 28(3), pages 431-459, July.
    11. Dąbrowski, Marek A. & Wróblewska, Justyna, 2020. "Insulating property of the flexible exchange rate regime: A case of Central and Eastern European countries," International Economics, Elsevier, vol. 162(C), pages 34-49.
    12. Sebastian Edwards, 2017. "The London Monetary and Economic Conference of 1933 and the End of The Great Depression: A “Change of Regime” Analysis," NBER Working Papers 23204, National Bureau of Economic Research, Inc.
    13. Victor Shevchuk & Roman Kopych, 2021. "Exchange Rate Volatility, Currency Misalignment, and Risk of Recession in the Central and Eastern European Countries," Risks, MDPI, vol. 9(5), pages 1-19, May.
    14. Helder Mendonça & Felipe Tostes, 2015. "The Effect of Monetary and Fiscal Credibility on Exchange Rate Pass-Through in an Emerging Economy," Open Economies Review, Springer, vol. 26(4), pages 787-816, September.
    15. Fatma Taşdemir & Erdal Özmen, 2018. "Exchange Rate Regimes As Thresholds: The Main Determinants Of Capital Inflows In Emerging Market Economies," ERC Working Papers 1810, ERC - Economic Research Center, Middle East Technical University, revised Oct 2018.
    16. repec:cii:cepiei:2015-q1-141-8 is not listed on IDEAS
    17. Slimani, Slah & Ben Allem, Khawla, 2018. "Determinants of real exchange rate misalignment: An empirical analysis for MENA region," MPRA Paper 91605, University Library of Munich, Germany.
    18. Adrian Saville & Douglas Mbululu & Nicola K. Rowbotham, 2014. "Exchange Rate Policy and Export Performance in Efficiency-Driven Economies," Working Papers 469, Economic Research Southern Africa.
    19. Nikolaos Giannellis & Minoas Koukouritakis, 2018. "Currency Misalignments in the BRIICS Countries: Fixed Vs. Floating Exchange Rates," Open Economies Review, Springer, vol. 29(5), pages 1123-1151, November.
    20. Marcos Stockl & Ricardo Ramalhete Moreira & Ana Carolina Giuberti, 2017. "O impacto das commodities sobre a dinâmica da inflação no Brasil e o papel amortecedor do câmbio: evidências para o CRB Índex e Índice de Commodities Brasil [The impact of commodities on Brazilian inf," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 27(1), pages 173-207, January-A.
    21. Sebastian Edwards & Luis Cabezas, 2021. "Exchange rate pass-through, monetary policy, and real exchange rates - Iceland and the 2008 crisis," Economics wp85, Department of Economics, Central bank of Iceland.
    22. Sebastian Edwards & Luis Cabezas, 2022. "Exchange Rate Pass-Through, Monetary Policy, and Real Exchange Rates: Iceland and the 2008 Crisis," Open Economies Review, Springer, vol. 33(2), pages 197-230, April.
    23. Helena Glebocki Keefe & Sujata Saha, 2022. "Threshold effects of openness on real and nominal effective exchange rates in emerging and developing economies," The World Economy, Wiley Blackwell, vol. 45(5), pages 1386-1408, May.
    24. Darya Antonova & Yulia Vymyatnina, 2018. "Inflation and Population Age Structure: The Case of Emerging Economies," Russian Journal of Money and Finance, Bank of Russia, vol. 77(4), pages 3-25, December.

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    More about this item

    JEL classification:

    • F0 - International Economics - - General
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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