Trade Liberalization and Real Exchange Rate Movement

Released on by Ms.Xiangming Li
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  • Trade Liberalization and Real Exchange Rate Movement Book Detail

  • Author : Ms.Xiangming Li
  • Release Date : 2003-06-01
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 39
  • ISBN 13 : 1451854749
  • File Size : 11,11 MB
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Trade Liberalization and Real Exchange Rate Movement by Ms.Xiangming Li PDF Summary

Book Description: Although theory suggests that the real exchange rate should depreciate after a credible trade liberalization but could appreciate temporarily with a noncredible one, little empirical evidence exists. Unlike existing studies that use either indirect tests or unreliable openness measures, this paper uses an event study based on carefully documented trade liberalization in 45 countries. The result shows that real exchange rates depreciate after countries open their economies to trade. In countries with multiple liberalization episodes, however, real exchange rates appreciate during early episodes, suggesting that partial or noncredible trade liberalizations are associated with real appreciation.

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