An Alternative Theory of Long-Run Exchange Rate Determination » książka
An Alternative Theory of Long-Run Exchange Rate Determination
ISBN-13: 9783639156690 / Angielski / Miękka / 2009 / 100 str.
Conventional exchange rate models are based on the fundamental hypothesis that, in the long run, real exchange rates adjust in such a way as to make countries equally competitive, eliminating trade surpluses and deficits. The contention of this book, based on the theoretical underpinnings of absolute competitive advantage, is that movements of long-run exchange rate are determined by real unit costs of tradable goods. According to this argument, the empirical finding of persistent trade imbalances is not the exception, but rather an anticipated outcome. When competitive absolute advantage replaces the, all too often embraced, principle of comparative advantage a framework emerges that stands in opposition to orthodox models. A theoretically grounded, empirically robust explanation of real exchange rate movements is constructed that can be of practical use to researchers, but also, and equally importantly, to policymakers.
Conventional exchange rate models are based on thefundamental hypothesis that, in the long run, realexchange rates adjust in such a way as to makecountries equally competitive, eliminating tradesurpluses and deficits. The contention of this book,based on the theoretical underpinnings of absolutecompetitive advantage, is that movements of long-runexchange rate are determined by real unit costs oftradable goods. According to this argument, theempirical finding of persistent trade imbalances isnot the exception, but rather an anticipated outcome.When competitive absolute advantage replaces the, alltoo often embraced, principle of comparativeadvantage a framework emerges that stands inopposition to orthodox models. A theoreticallygrounded, empirically robust explanation of realexchange rate movements is constructed that can be ofpractical use to researchers, but also, and equallyimportantly, to policymakers.
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