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Full-Text Articles in Finance and Financial Management
Trade Liberalisation, Economic Crises And Growth, Rodney Falvey, Neil Foster, David Greenaway
Trade Liberalisation, Economic Crises And Growth, Rodney Falvey, Neil Foster, David Greenaway
Rodney Falvey
Many economic reforms are undertaken at a time of economic crisis. But is this a good time for a country to undertake trade reform? In this paper we investigate whether an economic crisis at the time of trade liberalisation affects a country’s subsequent growth performance. We employ threshold regression techniques on five crisis indicators commonly used in the literature, to identify the relevant “crisis values” and to estimate the differential postliberalisation growth effects in the crisis and non-crisis regimes. We find that the magnitude of the acceleration in postliberalisation growth depends on the characteristics of the crisis. Although trade liberalisation …
Examining Foreign Exchange Behaviour In Asia Pacific And Eastern European Emerging Countries, Catherine S. F. Ho, Mohamed Ariff
Examining Foreign Exchange Behaviour In Asia Pacific And Eastern European Emerging Countries, Catherine S. F. Ho, Mohamed Ariff
Mohamed Ariff
This paper reports new findings on exchange rate dynamics concerning whether non-parity fundamentals and parity factors affect exchange rates within a group of trade-related emerging countries: non-parity fundamentals suggested by economic theories have yet been systematically related to exchange rates. We use high- and low-frequency multi-country pooled time series panel data approach. The evidence that emerges from this paper is that non-parity factors are significant contributors to exchange rates. These new findings on other-than-parity fundamentals add to a richer understanding of exchange rate behaviour as well as clarifying why existing findings are mixed.
The Role Of Non-Parity Fundamentals In Exchange Rate Determination: Australia And The Asia Pacific Region, Mohamed Ariff, Catherine S. F. Ho
The Role Of Non-Parity Fundamentals In Exchange Rate Determination: Australia And The Asia Pacific Region, Mohamed Ariff, Catherine S. F. Ho
Mohamed Ariff
This paper extends the literature by looking at the contribution of non-parity variables after extracting the impact of parity variables on exchange rates of Australia and the Asia Pacific countries. Exchange rates are examined using high- and low-frequency multi-country panel time series data for a group of trade-related nations in the Asia Pacific, including Japan. Our findings suggest that exchange rate is affected by growth rate, and trade and capital flows: other less significant variables include sovereign debt; balance of payments; money supply; and trade openness. It also confirms that interest rate has significant effect on exchange rates while price …