Financial Liberalization, Structural Change, and Real Exchange Rate Appreciations

Released on by Carlos Urrutia
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  • Financial Liberalization, Structural Change, and Real Exchange Rate Appreciations Book Detail

  • Author : Carlos Urrutia
  • Release Date : 2010-03-01
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 42
  • ISBN 13 : 1451982070
  • File Size : 86,86 MB
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Financial Liberalization, Structural Change, and Real Exchange Rate Appreciations by Carlos Urrutia PDF Summary

Book Description: We account for the appreciation of the real exchange rate in Mexico between 1988 and 2002 using a two sector dynamic general equilibrium model of a small open economy with two driving forces: (i) differential productivity growth across sectors and (ii) a decline in the cost of borrowing in foreign markets. These two mechanisms account for 60 percent of the decline in the relative price of tradable goods and explain a large fraction of the reallocation of labor across sectors. We do not find a significant role for migration remittances, foreign reserves accumulation, government spending, terms of trade, or import tariffs.

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Fiscal Policy and the Real Exchange Rate

Fiscal Policy and the Real Exchange Rate

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Government spending on infrastructure has recently increased sharply in many emerging-market economies. This paper examines the mechanism through which public i