| Titre : | Capital flows, exchange rate flexibility, and the real exchange rate (2022) |
| Auteurs : | Jean-Louis Combes, Auteur ; Patrick Plane, Auteur |
| Type de document : | Article : Revues - Articles |
| Dans : | Journal of macroeconomics (Vol. 34 N°4, December 2012) |
| Article en page(s) : | pp. 1034-1043 |
| Langues: | Anglais |
| Catégories : |
[Eurovoc] FINANCES > économie monétaire > politique des changes > taux de change [Eurovoc] FINANCES > investissement et financement > investissement > investissement étranger [Eurovoc] FINANCES > libre circulation des capitaux > saorghluaiseacht chaipitil > mouvement de capitaux |
| Résumé : | This paper first analyzes the impact of capital inflows on the real effective exchange rate for a sample of 42 emerging and developing countries over the period 1980–2006. The results from the pooled mean group estimator show that both public and private inflows are associated with an appreciation of the real effective exchange rate. Among private inflows, portfolio investments display the biggest impact on the appreciation – almost seven times that of foreign direct investment or bank loans – while private transfers have the smallest effect. The paper also shows that a more flexible exchange rate regime, measured by different indicators, could effectively dampen the real appreciation associated with capital inflows, supporting countries’ competitiveness. |
| Note de contenu : |
Highlights
The real effective exchange rate appreciates with capital flows. Portfolio investment has the biggest appreciation effect. A flexible exchange rate dampens appreciation of the exchange rate. |
| Doi : |
DOI : 10.1016/j.jmacro.2012.08.001 
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| Axe de recherche : | Intégration des pays en développement dans l'économie mondialisée |
| En ligne : | https://www.sciencedirect.com/science/article/abs/pii/S0164070412000833?via%3Dihub |
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