English, Article, Journal or magazine article edition: EFEITO DA ABERTURA COMERCIAL NA VARIAÇÃO DA TAXA DE CÂMBIO REAL EM EPISÓDIOS DE SUDDEN STOP Enrico Vasconcelos; Maria Cristina Terra

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Bookmark: http://trove.nla.gov.au/version/123452
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • EFEITO DA ABERTURA COMERCIAL NA VARIAÇÃO DA TAXA DE CÂMBIO REAL EM EPISÓDIOS DE SUDDEN STOP
Author
  • Enrico Vasconcelos
  • Maria Cristina Terra
Physical Description
  • preprint
Notes
  • This paper investigates the relationship between trade openness and the current account reversal cost in economies that have experienced sudden stops. At the beginning of such episode, governments usually attempt to equilibrate the balance of payments spending international reserves, but sudden stops use to linger on up to a RER depreciation. A simple model shows more intense trade balance response to RER depreciation in more open economies. This stronger response makes the current account reversal less costly. We confirmed the model prediction for developing countries in an empirical exercise involving 53 countries' quarterly data series between 1970 and 2003.
  • RePEc:anp:en2005:081
Language
  • English
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