دانلود مقاله ISI انگلیسی شماره 93826
ترجمه فارسی عنوان مقاله

حساب جاری و تغییرات واقعی نرخ ارز: تاثیر باز بودن تجارت

عنوان انگلیسی
Current account and real exchange rate changes: The impact of trade openness
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
93826 2018 24 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : European Economic Review, Volume 105, June 2018, Pages 135-158

چکیده انگلیسی

This paper investigates the impact of trade openness on the relationship between current account and the real exchange rate, by focusing on event windows of significant balance of payments distress. We identify episodes of sudden stops in capital flows and of abrupt currency depreciations for a large sample of developed and emerging economies over the period 1970–2011, and we find that, during these episodes, currency depreciations are associated with larger improvements in the current account in countries that are more open to trade. Our results suggest that the magnitude of exchange rate depreciations over the adjustment process of current accounts is related to the degree of openness to trade.