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Record Nr. |
UNINA9910814668903321 |
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Autore |
Mendoza Enrique |
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Titolo |
Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies / / Enrique Mendoza |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2006 |
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ISBN |
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1-4623-8714-4 |
1-4527-5216-8 |
1-282-44833-1 |
1-4519-0883-0 |
9786613821522 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (34 p.) |
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Collana |
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Soggetti |
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Foreign exchange rates - Mexico - Econometric models |
Prices - Mexico |
Foreign exchange rates - Developing countries - Econometric models |
Foreign Exchange |
Macroeconomics |
Money and Monetary Policy |
Macroeconomics: Consumption |
Saving |
Wealth |
Monetary Policy, Central Banking, and the Supply of Money and Credit: General |
Currency |
Foreign exchange |
Monetary economics |
Real exchange rates |
Consumption |
Managed exchange rates |
Exchange rate arrangements |
Credit |
Economics |
Mexico |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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""Contents""; ""I. INTRODUCTION""; ""II. VARIANCE ANALYSIS OF THE PESO-DOLLAR REAL EXCHANGE RATE""; ""III. SUDDEN STOPS AND NONTRADABLES-DRIVEN REAL EXCHANGE RATE VOLATILITY""; ""IV. CONCLUSIONS""; ""REFERENCES"" |
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Sommario/riassunto |
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This paper shows that the dominant view that the high variability of real exchange rates is due to movements in exchange rate-adjusted prices of tradable goods does not hold for Mexican data for periods with a managed exchange rate. The relative price of nontradables accounts for up to 70 percent of real exchange rate variability during these periods. The paper also proposes a model in which this fact, and the sudden stops that accompanied the collapse of Mexico's managed exchange rates, could result from a Fisherian debt-deflation mechanism operating via nontradables prices in economies with dollarized liabilities. |
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