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dc.contributor.authorKappler, Marcusen_US
dc.contributor.authorReisen, Helmuten_US
dc.contributor.authorSchularick, Moritzen_US
dc.contributor.authorTurkisch, Edouarden_US
dc.date.accessioned2011-03-14en_US
dc.date.accessioned2011-03-14T15:33:29Z-
dc.date.available2011-03-14T15:33:29Z-
dc.date.issued2011en_US
dc.identifier.piurn:nbn:de:bsz:180-madoc-31440-
dc.identifier.urihttp://hdl.handle.net/10419/44467-
dc.description.abstractIn this paper we study the macroeconomic effects of large exchange rate appreciations. Using a sample of 128 countries from 1960-2008, we identify large nominal and real appreciations shocks and study their macroeconomic effects in a dummy-augmented panel autoregressive model. Our results show that an exchange rate appreciation can have strong effects on current account balances. Within three years after the appreciation event, the current account balance on average deteriorates by three percentage points of GDP. This effect occurs through a reduction of savings without a meaningful reduction in investment. Real export growth slows down substantially, while imports remain by and large unaffected. The output costs of appreciation are small and not statistically significant, indicating a shift towards domestic sources of growth. All these effects appear somewhat more pronounced in developing countries.en_US
dc.language.isoengen_US
dc.publisherZentrum für Europäische Wirtschaftsforschung (ZEW) Mannheimen_US
dc.relation.ispartofseriesZEW Discussion Papers 11-016en_US
dc.subject.jelF4en_US
dc.subject.jelF31en_US
dc.subject.jelF32en_US
dc.subject.jelN10en_US
dc.subject.jelO16en_US
dc.subject.ddc330en_US
dc.subject.keywordCurrent account adjustmenten_US
dc.subject.keywordglobal imbalancesen_US
dc.subject.keywordexchange rate changesen_US
dc.titleThe macroeconomic effects of large exchange rate appreciationsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn654048169en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:zewdip:11016-
Appears in Collections:ZEW Discussion Papers
Publikationen von Forscherinnen und Forschern des ZEW

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