Do fixers perform worse than non-fixers during global recessions and recoveries?
| Autor: | Marco E. Terrones |
|---|---|
| Rok vydání: | 2020 |
| Předmět: |
Economics and Econometrics
050208 finance genetic structures media_common.quotation_subject 05 social sciences Fixed exchange rates Monetary economics Recession Exchange rate World economy 0502 economics and business Economics 050207 economics Empirical evidence Nexus (standard) Global recession Finance media_common Pace |
| Zdroj: | Journal of International Money and Finance. 104:102160 |
| ISSN: | 0261-5606 |
| DOI: | 10.1016/j.jimonfin.2020.102160 |
| Popis: | There is an important debate about how economies with different exchange rate regimes performed during the Great Recession and its ensuing recovery. While economic theory suggests that economies with fixed exchange rates are more affected and recover more slowly from global shocks than economies with non-fixed exchange rates, the empirical evidence on the most recent global recession has been mixed. This paper examines the exchange rate and economic growth nexus and assesses how this relationship is affected by the four global recessions and recoveries the world economy has experienced post-Bretton Woods. While there is no robust long-term relationship between exchange rate regimes and growth, there is evidence that fixers recover from global recessions at a weaker pace than non-fixers. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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