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Special Issue Information

Dear Colleagues,

This Special Issue aims to gather empirical and theoretical papers that investigate exchange-rate-related issues in developing, emerging markets and advanced economies covering real exchange rate modelling (including the purchasing power parity, the Balassa–Samuelson effect, and the Dutch Disease), nominal exchange rate forecasting and modelling (e.g., monetary model to the exchange rate, target zones), central bank actual and verbal foreign exchange interventions, the connection between the exchange rate, trade, and current account, and the exchange rate–inflation nexus (e.g., exchange rate pass-through, inflation targeting in open economies).

Dr. Balázs Égert
Guest Editor

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Keywords

exchange rate drivers
dynamics
impacts
policies

Published Papers (2 papers)

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Research

12 pages, 287 KiB

Open AccessArticle

Investigating How Exchange Rates Impact Japan’s Machinery Exports since 1990

by Willem Thorbecke

Economies 2024, 12(6), 133; https://doi.org/10.3390/economies12060133 - 28 May 2024

Viewed by 94

Abstract

Japan exports sophisticated capital goods. Since the Global Financial Crisis (GFC), Japanese companies have offshored the production of lower-end goods and parts and components to Asian countries. Because of this, several researchers argued that a weaker yen no longer stimulates machinery exports much because an increase in Japanese exports increases parts and components imports from overseas Asian subsidiaries. This paper finds that, after the GFC, a weaker yen no longer increases Japanese machinery exports to Asia but continues to stimulate exports outside of Asia. Thus, the weaker yen since 2020 does not help Asian firms to import vital Japanese capital goods but does increase the profitability of Japanese manufacturers and their exports to non-Asian countries. Full article

(This article belongs to the Special Issue Exchange Rates: Drivers, Dynamics, Impacts, and Policies)

13 pages, 1204 KiB

Open AccessArticle

Asymmetric Exchange Rate Effects on Trade Flows in India

by Niloufer Sohrabji

Economies 2024, 12(5), 114; https://doi.org/10.3390/economies12050114 - 9 May 2024

Viewed by 636

Abstract

This paper examines the role of exchange rate changes on India’s trade. The drivers of exports and imports (income, exchange rate including sectoral differences, and exchange rate variability) are estimated for the short and long run including a structural break. Using annual data from 1994 to 2022, the results of dynamic fixed effects estimation show that both exports and imports are income-elastic in the short and long run, but income elasticity is far stronger for exports. Moreover, exports are responsive to the real effective exchange rate in the short run but not in the long run, and the reverse is true for imports. Furthermore, exchange rates have asymmetric effects for high-volume and primary sectors for exports and imports. The combined impacts show the ineffectiveness of using currency depreciation to address trade imbalances. Full article

(This article belongs to the Special Issue Exchange Rates: Drivers, Dynamics, Impacts, and Policies)

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