The Changing Role of the Exchange Rate for Macroeconomic Adjustment:
Recent episodes of large exchange rate movements, such as for Japan or the United Kingdom, have typically not been associated with large changes in trade balances and despite the polarisation of international investment positions large currency fluctuations during the global crisis of 2008-09 did no...
Gespeichert in:
| Beteilige Person: | |
|---|---|
| Weitere beteiligte Personen: | , |
| Format: | Elektronisch E-Book |
| Sprache: | Englisch |
| Veröffentlicht: |
Paris
OECD Publishing
2015
|
| Schriftenreihe: | OECD Economics Department Working Papers
|
| Schlagwörter: | |
| Links: | https://doi.org/10.1787/5js4rfhjf15l-en |
| Zusammenfassung: | Recent episodes of large exchange rate movements, such as for Japan or the United Kingdom, have typically not been associated with large changes in trade balances and despite the polarisation of international investment positions large currency fluctuations during the global crisis of 2008-09 did not cause significant financial dislocations. This paper presents empirical evidence that for a number of OECD countries firms' increasing participation in global value chains may have contributed to reducing exchange rate pass-through to the terms of trade, which may in turn have contributed to reducing the response of trade balances to exchange rate changes. Further empirical evidence suggests that over the past two decades large net external debtor countries, including emerging market economies, have reduced net aggregate foreign currency exposures, thereby limiting direct financial effects of exchange rate fluctuations through the valuation of external assets and liabilities. However, sizable increases in foreign currency borrowing for a number of emerging market economies in the wake of the global crisis of 2008-09, including by non-financial corporations, suggest that large exchange rate movements may nonetheless cause financial stress for exposed sectors and entities that may percolate through the financial system despite limited aggregate exposures |
| Umfang: | 1 Online-Ressource (33 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/5js4rfhjf15l-en |
Internformat
MARC
| LEADER | 00000nam a2200000zc 4500 | ||
|---|---|---|---|
| 001 | BV047932374 | ||
| 003 | DE-604 | ||
| 007 | cr|uuu---uuuuu | ||
| 008 | 220413s2015 xx o|||| 00||| eng d | ||
| 024 | 7 | |a 10.1787/5js4rfhjf15l-en |2 doi | |
| 035 | |a (ZDB-13-SOC)061308072 | ||
| 035 | |a (OCoLC)1312706326 | ||
| 035 | |a (DE-599)BVBBV047932374 | ||
| 040 | |a DE-604 |b ger |e aacr | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-384 |a DE-91 |a DE-473 |a DE-824 |a DE-29 |a DE-739 |a DE-355 |a DE-20 |a DE-1028 |a DE-1049 |a DE-188 |a DE-521 |a DE-861 |a DE-898 |a DE-92 |a DE-573 |a DE-19 | ||
| 100 | 1 | |a Ollivaud, Patrice |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a The Changing Role of the Exchange Rate for Macroeconomic Adjustment |c Patrice Ollivaud, Elena Rusticelli and Cyrille Schwellnus = Changement du rôle du taux de change pour l'ajustement macroéconomique / Patrice Ollivaud, Elena Rusticelli et Cyrille Schwellnus |
| 246 | 1 | 3 | |a Changement du rôle du taux de change pour l'ajustement macroéconomique |
| 264 | 1 | |a Paris |b OECD Publishing |c 2015 | |
| 300 | |a 1 Online-Ressource (33 Seiten) |c 21 x 29.7cm | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
| 338 | |b cr |2 rdacarrier | ||
| 490 | 0 | |a OECD Economics Department Working Papers | |
| 520 | |a Recent episodes of large exchange rate movements, such as for Japan or the United Kingdom, have typically not been associated with large changes in trade balances and despite the polarisation of international investment positions large currency fluctuations during the global crisis of 2008-09 did not cause significant financial dislocations. This paper presents empirical evidence that for a number of OECD countries firms' increasing participation in global value chains may have contributed to reducing exchange rate pass-through to the terms of trade, which may in turn have contributed to reducing the response of trade balances to exchange rate changes. Further empirical evidence suggests that over the past two decades large net external debtor countries, including emerging market economies, have reduced net aggregate foreign currency exposures, thereby limiting direct financial effects of exchange rate fluctuations through the valuation of external assets and liabilities. However, sizable increases in foreign currency borrowing for a number of emerging market economies in the wake of the global crisis of 2008-09, including by non-financial corporations, suggest that large exchange rate movements may nonetheless cause financial stress for exposed sectors and entities that may percolate through the financial system despite limited aggregate exposures | ||
| 650 | 4 | |a Economics | |
| 700 | 1 | |a Rusticelli, Elena |4 ctb | |
| 700 | 1 | |a Schwellnus, Cyrille |4 ctb | |
| 856 | 4 | 0 | |u https://doi.org/10.1787/5js4rfhjf15l-en |x Verlag |z kostenfrei |3 Volltext |
| 912 | |a ZDB-13-SOC | ||
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-033313868 | |
Datensatz im Suchindex
| DE-BY-TUM_katkey | 2628735 |
|---|---|
| _version_ | 1821934699739611136 |
| adam_text | |
| any_adam_object | |
| author | Ollivaud, Patrice |
| author2 | Rusticelli, Elena Schwellnus, Cyrille |
| author2_role | ctb ctb |
| author2_variant | e r er c s cs |
| author_facet | Ollivaud, Patrice Rusticelli, Elena Schwellnus, Cyrille |
| author_role | aut |
| author_sort | Ollivaud, Patrice |
| author_variant | p o po |
| building | Verbundindex |
| bvnumber | BV047932374 |
| collection | ZDB-13-SOC |
| ctrlnum | (ZDB-13-SOC)061308072 (OCoLC)1312706326 (DE-599)BVBBV047932374 |
| discipline | Wirtschaftswissenschaften |
| doi_str_mv | 10.1787/5js4rfhjf15l-en |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>00000nam a2200000zc 4500</leader><controlfield tag="001">BV047932374</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">220413s2015 xx o|||| 00||| eng d</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1787/5js4rfhjf15l-en</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-13-SOC)061308072</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1312706326</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV047932374</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">aacr</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-384</subfield><subfield code="a">DE-91</subfield><subfield code="a">DE-473</subfield><subfield code="a">DE-824</subfield><subfield code="a">DE-29</subfield><subfield code="a">DE-739</subfield><subfield code="a">DE-355</subfield><subfield code="a">DE-20</subfield><subfield code="a">DE-1028</subfield><subfield code="a">DE-1049</subfield><subfield code="a">DE-188</subfield><subfield code="a">DE-521</subfield><subfield code="a">DE-861</subfield><subfield code="a">DE-898</subfield><subfield code="a">DE-92</subfield><subfield code="a">DE-573</subfield><subfield code="a">DE-19</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Ollivaud, Patrice</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">The Changing Role of the Exchange Rate for Macroeconomic Adjustment</subfield><subfield code="c">Patrice Ollivaud, Elena Rusticelli and Cyrille Schwellnus = Changement du rôle du taux de change pour l'ajustement macroéconomique / Patrice Ollivaud, Elena Rusticelli et Cyrille Schwellnus</subfield></datafield><datafield tag="246" ind1="1" ind2="3"><subfield code="a">Changement du rôle du taux de change pour l'ajustement macroéconomique</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Paris</subfield><subfield code="b">OECD Publishing</subfield><subfield code="c">2015</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (33 Seiten)</subfield><subfield code="c">21 x 29.7cm</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">OECD Economics Department Working Papers</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">Recent episodes of large exchange rate movements, such as for Japan or the United Kingdom, have typically not been associated with large changes in trade balances and despite the polarisation of international investment positions large currency fluctuations during the global crisis of 2008-09 did not cause significant financial dislocations. This paper presents empirical evidence that for a number of OECD countries firms' increasing participation in global value chains may have contributed to reducing exchange rate pass-through to the terms of trade, which may in turn have contributed to reducing the response of trade balances to exchange rate changes. Further empirical evidence suggests that over the past two decades large net external debtor countries, including emerging market economies, have reduced net aggregate foreign currency exposures, thereby limiting direct financial effects of exchange rate fluctuations through the valuation of external assets and liabilities. However, sizable increases in foreign currency borrowing for a number of emerging market economies in the wake of the global crisis of 2008-09, including by non-financial corporations, suggest that large exchange rate movements may nonetheless cause financial stress for exposed sectors and entities that may percolate through the financial system despite limited aggregate exposures</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Economics</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Rusticelli, Elena</subfield><subfield code="4">ctb</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Schwellnus, Cyrille</subfield><subfield code="4">ctb</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">https://doi.org/10.1787/5js4rfhjf15l-en</subfield><subfield code="x">Verlag</subfield><subfield code="z">kostenfrei</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="943" ind1="1" ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-033313868</subfield></datafield></record></collection> |
| id | DE-604.BV047932374 |
| illustrated | Not Illustrated |
| indexdate | 2025-01-11T15:45:33Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033313868 |
| oclc_num | 1312706326 |
| open_access_boolean | 1 |
| owner | DE-384 DE-91 DE-BY-TUM DE-473 DE-BY-UBG DE-824 DE-29 DE-739 DE-355 DE-BY-UBR DE-20 DE-1028 DE-1049 DE-188 DE-521 DE-861 DE-898 DE-BY-UBR DE-92 DE-573 DE-19 DE-BY-UBM |
| owner_facet | DE-384 DE-91 DE-BY-TUM DE-473 DE-BY-UBG DE-824 DE-29 DE-739 DE-355 DE-BY-UBR DE-20 DE-1028 DE-1049 DE-188 DE-521 DE-861 DE-898 DE-BY-UBR DE-92 DE-573 DE-19 DE-BY-UBM |
| physical | 1 Online-Ressource (33 Seiten) 21 x 29.7cm |
| psigel | ZDB-13-SOC |
| publishDate | 2015 |
| publishDateSearch | 2015 |
| publishDateSort | 2015 |
| publisher | OECD Publishing |
| record_format | marc |
| series2 | OECD Economics Department Working Papers |
| spellingShingle | Ollivaud, Patrice The Changing Role of the Exchange Rate for Macroeconomic Adjustment Economics |
| title | The Changing Role of the Exchange Rate for Macroeconomic Adjustment |
| title_alt | Changement du rôle du taux de change pour l'ajustement macroéconomique |
| title_auth | The Changing Role of the Exchange Rate for Macroeconomic Adjustment |
| title_exact_search | The Changing Role of the Exchange Rate for Macroeconomic Adjustment |
| title_full | The Changing Role of the Exchange Rate for Macroeconomic Adjustment Patrice Ollivaud, Elena Rusticelli and Cyrille Schwellnus = Changement du rôle du taux de change pour l'ajustement macroéconomique / Patrice Ollivaud, Elena Rusticelli et Cyrille Schwellnus |
| title_fullStr | The Changing Role of the Exchange Rate for Macroeconomic Adjustment Patrice Ollivaud, Elena Rusticelli and Cyrille Schwellnus = Changement du rôle du taux de change pour l'ajustement macroéconomique / Patrice Ollivaud, Elena Rusticelli et Cyrille Schwellnus |
| title_full_unstemmed | The Changing Role of the Exchange Rate for Macroeconomic Adjustment Patrice Ollivaud, Elena Rusticelli and Cyrille Schwellnus = Changement du rôle du taux de change pour l'ajustement macroéconomique / Patrice Ollivaud, Elena Rusticelli et Cyrille Schwellnus |
| title_short | The Changing Role of the Exchange Rate for Macroeconomic Adjustment |
| title_sort | the changing role of the exchange rate for macroeconomic adjustment |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/5js4rfhjf15l-en |
| work_keys_str_mv | AT ollivaudpatrice thechangingroleoftheexchangerateformacroeconomicadjustment AT rusticellielena thechangingroleoftheexchangerateformacroeconomicadjustment AT schwellnuscyrille thechangingroleoftheexchangerateformacroeconomicadjustment AT ollivaudpatrice changementduroledutauxdechangepourlajustementmacroeconomique AT rusticellielena changementduroledutauxdechangepourlajustementmacroeconomique AT schwellnuscyrille changementduroledutauxdechangepourlajustementmacroeconomique |