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Demand for Value Added and Value-Added Exchange Rates
Mr.Rudolfs BemsRobert C. Johnson
出版International Monetary Fund, 2015-09-08
主題Business & Economics / Foreign ExchangeBusiness & Economics / Economics / TheoryBusiness & Economics / Finance / General
ISBN15135950409781513595047
URLhttp://books.google.com.hk/books?id=aLQaEAAAQBAJ&hl=&source=gbs_api
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註釋We examine the role of cross-border input linkages in governing how international relative price changes influence demand for domestic value added. We define a novel value-added real effective exchange rate (REER), which aggregates bilateral value-added price changes, and link this REER to demand for value added. Input linkages enable countries to gain competitiveness following depreciations by supply chain partners, and hence counterbalance beggar-thy-neighbor effects. Cross-country differences in input linkages also imply that the elasticity of demand for value added is country specific. Using global input-output data, we demonstrate these conceptual insights are quantitatively important and compute historical value-added REERs.