This paper studies export adjustment to negative shocks in currency unions. I consider the hitherto ignored role of trade costs and taxes in internal devaluations, which have been brought to the fore of international policy during the recent euro periphery crisis. Trade costs can limit the...

The debate regarding the usage of domestic currency versus dollarizing an economy is still robust in many developing countries. Dollarizing an economy commonly entails dollarizing bank deposits and loans, transacting in dollars and tagging prices of goods and services in dollar. In Tanzania,...

Wie wirken sich die Pfund-Abwertung und der Wachstumsrückgang im Vereinigten Königreich auf die deutsche Wirtschaft aus? Die kurzfristigen Auswirkungen des anstehenden Brexit auf das Vereinigte Königreich waren bislang geringer als befürchtet. Daher stellt sich die Frage, welche Effekte für...

The paper employs a post-Kaleckian model to address the question of how currency devaluations affect aggregate demand, capital accumulation, and debt in an economy with foreign currency liabilities. In benchmark post-Kaleckian open economy models currency devaluations have two key effects....

The Russian government implemented a wheat export tax in February 2015 to reduce food inflationary pressures resulting from the rouble's dramatic devaluation. This article discusses the causes of the rouble's instability and volatility, and the effects of the export controls on domestic wheat...

Cover -- Contents -- Abstract -- I. Introduction -- II. Literature Overview -- III. Methodological Notes -- A. The DSGE Model -- B. Event Study -- C. Regression Analysis -- IV. Results -- A. Inflation -- B. Real Depreciation -- C. Growth -- D. Consumption -- E. Investment -- F. External Balances...

The exchange rate fluctuations strongly affect the Russian economy, given its heavy dependence on foreign trade and investment. Since January 2014, the Ruble lost 50% of its value against the US Dollar. The fall of the currency started with the conflict between Russia and Ukraine. The impact of...

The Russian government implemented a wheat export tax in February 2015 to reduce food inflationary pressures resulting from the rouble’s dramatic devaluation. This article discusses the causes of the rouble’s instability and volatility, and the effects of the export controls on domestic...

While the impact of exchange rate changes on economic growth has long been an issue of key importance in international macroeconomics, it has received renewed attention in recent years, owing to weaker growth rates and the debate on "currency wars". However, in spite of its prevalence in the...

While the impact of exchange rate changes on economic growth has long been an issue of key importance in international macroeconomics, it has received renewed attention in recent years, owing to weaker growth rates and the debate on "currency wars". However, in spite of its prevalence in the...

While the impact of exchange rate changes on economic growth has long been an issue of key importance in international macroeconomics, it has received renewed attention in recent years, owing to weaker growth rates and the debate on "currency wars". However, in spite of its prevalence in the...

Üblicherweise werden drei Wege unterschieden, wie einzelne Länder der Eurozone ihre preisliche Wettbewerbsfähigkeit wiedererlangen können. Neben (1) einer vertragswidrigen Inflationspolitik in den wettbewerbsfähigeren Kernländern sind das (2) eine reale Abwertung in den Krisenländern oder...

Agriculture was the mainstay of the Nigerian economy prior to independence and immediately after. Agriculture however, has suffered persistent decline since the 1970s with the exchange rate policy being implicated in the misfortune of this sector. Earlier studies on the effect of exchange rate...

Üblicherweise werden drei Wege unterschieden, wie einzelne Länder der Eurozone ihre preisliche Wettbewerbsfähigkeit wiedererlangen können. Neben (1) einer vertragswidrigen Inflationspolitik in den wettbewerbsfähigeren Kernländern sind das (2) eine reale Abwertung in den Krisenländern oder...

During episodes of increased global risk aversion, or risk-off episodes, safe haven currencies such as the Swiss franc tend to appreciate. The immediate impact of a risk-off shock is an increase in net private inflows to Switzerland, mostly driven by a reduction in Swiss residents' net purchases...

Üblicherweise werden drei Wege unterschieden, wie einzelne Länder der Eurozone ihre preisliche Wettbewerbsfähigkeit wiedererlangen können. Neben (1) einer vertragswidrigen Inflationspolitik in den wettbewerbsfähigeren Kernländern sind das (2) eine reale Abwertung in den Krisenländern oder...