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150128 ||| eng |
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|a 9781451863482
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|a Mendoza, Enrique
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| 245 |
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|a Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies
|c Enrique Mendoza
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2006
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| 300 |
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|a 34 pages
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| 041 |
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7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781451863482.001
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| 856 |
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|u http://elibrary.imf.org/view/journals/001/2006/088/001.2006.issue-088-en.xml
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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|a This paper shows that the dominant view that the high variability of real exchange rates is due to movements in exchange rate-adjusted prices of tradable goods does not hold for Mexican data for periods with a managed exchange rate. The relative price of nontradables accounts for up to 70 percent of real exchange rate variability during these periods. The paper also proposes a model in which this fact, and the sudden stops that accompanied the collapse of Mexico's managed exchange rates, could result from a Fisherian debt-deflation mechanism operating via nontradables prices in economies with dollarized liabilities
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