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Globalization, exports, and effective exchange rate indices

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  • Ho, Lok Sang

Abstract

This paper offers a new way of compiling effective exchange rate indices, which is then shown to perform generally better in prototype equations explaining total real exports than other published indices. Researchers can use this method to compile effective exchange rates, real or nominal, readily for any country. The generally superior performance, based on cointegration tests using data from four major economies, four Latin American countries, and four South East Asian countries, suggests the proposed index which uses GDP weights rather than trade weights, is more appropriate in a highly globalized world. Intensified globalization in the past two decades appears indicated by the higher elasticities of exports with respect to the real effective exchange rate over time.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of International Money and Finance.

Volume (Year): 31 (2012)
Issue (Month): 5 ()
Pages: 996-1007

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Handle: RePEc:eee:jimfin:v:31:y:2012:i:5:p:996-1007

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Web page: http://www.elsevier.com/locate/inca/30443

Related research

Keywords: Effective exchange rate indices; Real effective exchange rate indices; GDP-weighted effective exchange rates; Globalization; Estimated exports functions;

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  1. Menzie Chinn, 2006. "A Primer on Real Effective Exchange Rates: Determinants, Overvaluation, Trade Flows and Competitive Devaluation," Open Economies Review, Springer, vol. 17(1), pages 115-143, January.
  2. Lok Sang Ho, 2000. "Towards a New International Monetary Order: The World Currency Unit and the Global Indexed Bond," The World Economy, Wiley Blackwell, vol. 23(7), pages 939-950, 07.
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Cited by:
  1. THORBECKE, Willem, 2014. "Measuring the Competitiveness of China's Processed Exports," Discussion papers 14049, Research Institute of Economy, Trade and Industry (RIETI).
  2. Campbell, Douglas L & Pyun, Ju Hyun, 2014. "Through the Looking Glass: A WARPed View of Real Exchange Rate History," MPRA Paper 55870, University Library of Munich, Germany.

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