Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/45375 
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dc.contributor.authorKappler, Marcusen
dc.contributor.authorReisen, Helmuten
dc.contributor.authorSchularick, Moritzen
dc.contributor.authorTurkisch, Edouarden
dc.date.accessioned2011-03-24-
dc.date.accessioned2011-05-05T10:04:43Z-
dc.date.available2011-05-05T10:04:43Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/45375-
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
dc.language.isoengen
dc.publisher|aFreie Universität Berlin, Fachbereich Wirtschaftswissenschaft |cBerlinen
dc.relation.ispartofseries|aDiskussionsbeiträge |x2011/3en
dc.subject.jelF4en
dc.subject.jelF31en
dc.subject.jelF32en
dc.subject.jelN10en
dc.subject.jelO16en
dc.subject.ddc330en
dc.subject.keywordcurrent account adjustmenten
dc.subject.keywordglobal imbalancesen
dc.subject.keywordexchange rate changesen
dc.titleThe macroeconomic effects of large exchange rate appreciations-
dc.typeWorking Paperen
dc.identifier.ppn654799237en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:fubsbe:20113en

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