This paper looks at the correlation between the cyclical components of gross domestic product and the exchange rate and classifies countries' currencies as procyclical if they appreciate in good times, countercyclical if they appreciate in bad times, and acyclical otherwise. With this classification, the paper shows that: (i) the countries that are commodity exporters and experience procyclical capital flows tend to have procyclical currencies; (ii)...
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ПОДРОБНАЯ ИНФОРМАЦИЯ
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2014/11/01
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Рабочий документ в рамках исследования вопросов политики
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WPS7113
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1
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1
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2014/11/01
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Disclosed
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What makes a currency procyclical ? an empirical investigation
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absolute value