How Long to Read External Shocks, Policies, and Tail-Shifts in Real Exchange Rates

How Long Does it Take to Read External Shocks, Policies, and Tail-Shifts in Real Exchange Rates?

It takes the average reader and 51 minutes to read External Shocks, Policies, and Tail-Shifts in Real Exchange Rates by Mr. Nicolas E Magud

Assuming a reading speed of 250 words per minute. Learn more

Description

We use panel quantile regressions to study extreme (rather than average) movements in the distribution of the real effective exchange rate (REER) of small open economies. We document that global uncertainty (VIX) and global financial conditions (U.S. monetary policy) shocks have a strong impact on the distribution of the REER changes, with larger impacts in the tails of the distribution, and especially in economies with shallower FX markets, lower central bank credibility, and higher credit risk (i.e., weaker macro fundamentals). Foreign exchange intervention (FXI) partially offsets the impact of these shocks, especially in the left tail (large depreciations) and particularly in economies with weaker fundamentals but, more importantly, when FXI is used sporadically. Thus, our results highlight the importance of deepening FX markets, improving central bank credibility, and strengthening macro fundamentals against the potential dynamic trade-offs of overreliance on a policy that would exacerbate the previously mentioned frictions. While our results point to low effectiveness of capital flow management in preventing large REER movements, they seem to enable more impactful foreign exchange intervention in the immediate aftermath of shocks.

How long is External Shocks, Policies, and Tail-Shifts in Real Exchange Rates?

External Shocks, Policies, and Tail-Shifts in Real Exchange Rates by Mr. Nicolas E Magud is 51 pages long, and a total of 12,801 words.

This makes it 17% the length of the average book. It also has 16% more words than the average book.

How Long Does it Take to Read External Shocks, Policies, and Tail-Shifts in Real Exchange Rates Aloud?

The average oral reading speed is 183 words per minute. This means it takes 1 hour and 9 minutes to read External Shocks, Policies, and Tail-Shifts in Real Exchange Rates aloud.

What Reading Level is External Shocks, Policies, and Tail-Shifts in Real Exchange Rates?

External Shocks, Policies, and Tail-Shifts in Real Exchange Rates is suitable for students ages 8 and up.

Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.

When deciding what to show young students always use your best judgement and consult a professional.

Where Can I Buy External Shocks, Policies, and Tail-Shifts in Real Exchange Rates?

External Shocks, Policies, and Tail-Shifts in Real Exchange Rates by Mr. Nicolas E Magud is sold by several retailers and bookshops. However, Read Time works with Amazon to provide an easier way to purchase books.

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