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Record Nr. |
UNINA9910826877503321 |
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Titolo |
To Smooth or Not to Smooth—The Impact of Grants and Remittances on the Equilibrium Real Exchange Rate in Jordan |
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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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1-4623-5282-0 |
1-4527-8040-4 |
1-283-51274-2 |
1-4519-0970-5 |
9786613825193 |
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Descrizione fisica |
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1 online resource (39 p.) |
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Collana |
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Soggetti |
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Foreign exchange rates - Jordan - Mathematical models |
Emigrant remittances - Jordan - Mathematical models |
Grants-in-aid - Jordan - Mathematical models |
Smoothing (Numerical analysis) |
Exports and Imports |
Foreign Exchange |
Empirical Studies of Trade |
Remittances |
Currency |
Foreign exchange |
International economics |
Real exchange rates |
Real effective exchange rates |
Exchange rates |
Terms of trade |
Outward remittances |
Economic policy |
nternational cooperation |
Emigrant remittances |
Jordan |
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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 (p. 35-37). |
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Nota di contenuto |
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""Contents""; ""I. INTRODUCTION""; ""II. DATA AND METHODOLOGY""; ""III. MODELING AND INTERPRETING THE EQUILIBRIUM REAL EXCHANGE RATE""; ""IV. ASSESSING THE EQUILIBRIUM REAL EXCHANGE RATE""; ""V. CONCLUSIONS""; ""Appendix: Methodological Problems with Smoothing""; ""REFERENCES"" |
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Sommario/riassunto |
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This paper estimates the effect of grants and workers' remittances on Jordan's long-term equilibrium real exchange rate. We estimate an equilibrium path for the Jordanian real exchange rate using the Johansen cointegration methodology over the period 1964 to 2005. Controlling for other fundamentals, we find that both grants and workers' remittances appreciate the equilibrium real exchange rate in a statistically and economically significant way. We also find that assessing deviations of the actual real exchange rate from the estimated equilibrium real exchange rate is nontrivial because different smoothing methodologies and the nonsmoothed estimates give very different results. |
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