About: Short- and long-term growth effects of exchange rate adjustment

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Description	The European sovereign debt crisis revived the discussion concerning pros and cons of exchange rate adjustment in the face of asymmetric shocks. In the spirit of Keynes, exit from the euro area is to regain rapidly international competitiveness. In the spirit of Schumpeter, exchange rate stability with structural reforms would be beneficial towards the long-run growth performance. Previous literature has estimated the average growth of countries with different degrees of exchange rate flexibility. This literature is augmented by analyzing short- and long-term growth effects of exchange rate flexibility in a panel cointegration framework for a sample of 60 countries clustered in five country groups. The estimations show that countries with a high degree of exchange rate stability exhibit a higher long-term growth performance. It is shown that the degree of business cycle synchronization with the anchor country matters for the impact of exchange rate flexibility on growth. The European sovereign debt crisis revived the discussion concerning pros and cons of exchange rate adjustment in the face of asymmetric shocks. In the spirit of Keynes, exit from the euro area is to regain rapidly international competitiveness. In the spirit of Schumpeter, exchange rate stability with structural reforms would be beneficial towards the long-run growth performance. Previous literature has estimated the average growth of countries with different degrees of exchange rate flexibility. This literature is augmented by analyzing short- and long-term growth effects of exchange rate flexibility in a panel cointegration framework for a sample of 60 countries clustered in five country groups. The estimations show that countries with a high degree of exchange rate stability exhibit a higher long-term growth performance. It is shown that the degree of business cycle synchronization with the anchor country matters for the impact of exchange rate flexibility on growth. (en)
Title	Short- and long-term growth effects of exchange rate adjustment Short- and long-term growth effects of exchange rate adjustment (en)
skos:prefLabel	Short- and long-term growth effects of exchange rate adjustment Short- and long-term growth effects of exchange rate adjustment (en)
skos:notation	RIV/00216208:11640/13:00391312!RIV14-GA0-11640___
http://linked.open...avai/predkladatel	Centrum pro ekonomický výzkum a doktorská studia
http://linked.open...avai/riv/aktivita	I P
http://linked.open...avai/riv/aktivity	I, P(GAP403/11/0020)
http://linked.open...iv/cisloPeriodika	1
http://linked.open...vai/riv/dodaniDat	2014
http://linked.open...aciTvurceVysledku	Kočenda, Evžen
http://linked.open.../riv/druhVysledku	J - Článek v odborném periodiku
http://linked.open...iv/duvernostUdaju	S - Úplné a pravdivé údaje nepodléhající ochraně podle zvláštních právních předpisů
http://linked.open...titaPredkladatele	Univerzita Karlova v Praze / Centrum pro ekonomický výzkum a doktorská studia
http://linked.open...dnocenehoVysledku	104964
http://linked.open...ai/riv/idVysledku	RIV/00216208:11640/13:00391312
http://linked.open...riv/jazykVysledku	eng - angličtina
http://linked.open.../riv/klicovaSlova	optimum currency areas; panel-data; volatility (en)
http://linked.open.../riv/klicoveSlovo	optimum currency areas volatility panel-data
http://linked.open...odStatuVydavatele	GB - Spojené království Velké Británie a Severního Irska
http://linked.open...ontrolniKodProRIV	[240D0AACA211]
http://linked.open...i/riv/nazevZdroje	Review of International Economics
http://linked.open...in/vavai/riv/obor	AH
http://linked.open...ichTvurcuVysledku	1 (xsd:int)
http://linked.open...cetTvurcuVysledku	3 (xsd:int)
http://linked.open...vavai/riv/projekt	Dynamics of information flows and volatility transmission in financial markets
http://linked.open...UplatneniVysledku	2013
http://linked.open...v/svazekPeriodika	21
http://linked.open...iv/tvurceVysledku	Kočenda, Evžen Maurel, M. Schnabl, G.
http://linked.open...ain/vavai/riv/wos	000313983100011
issn	0965-7576
number of pages	14 (xsd:int)
http://bibframe.org/vocab/doi	10.1111/roie.12025
http://localhost/t...ganizacniJednotka	11640

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