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on South East Asia |
| By: | Alessandra Tracogna (CSIL Centre for Industrial Studies); Giovanni Barbiano di Belgiojoso |
| Abstract: | The entire South East Asian region is a dynamic area for the furniture sector and the current globalisation process has deeply affected the furniture industry in South East Asia, South Korea and Taiwan. The global crisis is showing its effects also in these economies but with different degree due to the economic characteristics' differences. Indonesia, Malaysia and Thailand are leading furniture exporters. Vietnam is another very important emerging country, with its impressive growth in production and exports, particularly towards the United States, and because it provides a very cheap productive base for the furniture sector. On the other side, most of the leading furniture companies in Singapore and Taiwan have important production facilities in China and other Asian countries. CSIL's South East Asia Report offers you an overview of this area, providing information on the furniture production system and the import and export flows by country, as well as information on the factors affecting furniture demand, the local market and the leading companies operating in it. The furniture industry in South East Asia, South Korea and Taiwan analyzes for the following countries: Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, Vietnam, factors determining the demand for furniture, furniture distribution channels, as well as furniture supply structure, with data on furniture companies and employment. Furniture imports and furniture exports are broken down by country and product (office furniture, kitchen furniture, upholstered furniture, non-upholstered seats, bedroom furniture, seats parts and parts of furniture). The wood and forestry sector is also considered: production, imports, exports and consumption data are provided for the main semi-finished wood products (sawnwood, wood-based panels). Data on woodworking machinery imports and exports are available for some of the considered countries. |
| JEL: | L11 L22 L68 |
| Date: | 2009–02 |
| URL: | http://d.repec.org/n?u=RePEc:mst:csilre:w05&r=sea |
| By: | Sara Paoletti (CSIL Centre for Industrial Studies); Mauro Spinelli (CSIL Centre for Industrial Studies); Sara Maddaloni |
| Abstract: | This report offers a comprehensive picture of the office furniture sector in Asia Pacific, providing trends in office furniture production and consumption, office furniture imports and exports. The office furniture distribution system is examined for selected countries. For each country the main economic indicators are provided. Office furniture imports and exports are broken down by country and geographical area. Short profiles for the main office furniture companies, data on sales and market shares are also available. Countries covered: China, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, Vietnam. |
| JEL: | L11 L22 L68 |
| Date: | 2008–08 |
| URL: | http://d.repec.org/n?u=RePEc:mst:csilre:s23&r=sea |
| By: | Daniel Toro Gonzalez |
| Abstract: | This document is intended to show some results about the predictions over the long run economic growth of some emerging markets. Following Lucas (2009) we successfully replicate the estimation about Thailand, South Korea, Indonesia and Hong Kong, and we also use the model to predict the per capita GDP in some Latin American countries like Chile, Colombia and Mexico taking United States as the leading economy. We show that there are significant differences in the catch up process between the Asian economies and the Latin American Economies. In Latin America, the convergence process will take more than twice the time needed by the Asian economies to catch up the most advanced economies. |
| Date: | 2009–06–03 |
| URL: | http://d.repec.org/n?u=RePEc:col:000162:005573&r=sea |
| By: | Aurelio Volpe (CSIL Centre for Industrial Studies); Stefania Pelizzari (CSIL Centre for Industrial Studies); Donatella Cheri |
| Abstract: | This report provides an overview of the world trade of kitchen furniture, with 2006 production and consumption data at world-wide level and data on the evolution (2001-2006) of kitchen furniture trade in 60 countries selected according to their contribution to international trade of kitchen furniture. The world imports and exports of kitchen furniture are broken down by geographical area (European Union (27) + Norway and Switzerland, Other European countries outside the EU, Asia and Pacific, Middle East and Africa, North America, South America) and by developed countries/emerging countries. World import and export data are also given in kitchen furniture units, for 60 countries.Statistics and outlook data are also available in a country format: 2006 kitchen furniture production andn consumption in value and quantity and historical series (1999-2006) for trade, as well as economic indicators (population, area, Total GNP, Per capita GNP, HEC and GNP at PPP). Country rankings are made to place all statistics in a broad worldwide context. The report provides a picture of opportunities for kitchen furniture exporters arising from the increasing openness of markets and a rich collection of key country-data, allowing comparisons among specific interest areas. Countries considered in the report: Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, Canada, Chile, China, Croatia, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Finland, France, Germany, Greece, Hong Kong, China, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, Korea South, Kuwait, Latvia, Lebanon, Lithuania, Malaysia, Malta, Mexico, Netherlands, New Zealand, Norway, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Serbia, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, Ukraine, United Arab Emirates, United Kingdom, United States, Vietnam. |
| JEL: | L11 L81 L68 |
| Date: | 2007–11 |
| URL: | http://d.repec.org/n?u=RePEc:mst:csilre:w14&r=sea |
| By: | Alessandra Tracogna (CSIL Centre for Industrial Studies); Giovanni Barbiano di Belgiojoso |
| Abstract: | According to the Malaysian Industrial Development Authority (MIDA), there are about 2,400 furniture firms. Malaysia’s furniture sector has developed from a host of small manufacturers into a major industry. From generic products of simple manufacture, the export-driven industry has today become one of the most important in Asia. The market research The furniture industry in Malaysia offers a comprehensive picture of the furniture sector in Malaysia, providing data on furniture production and furniture consumption, furniture imports and exports. Factors determining the demand for furniture are examined, as well as furniture distribution system and furniture supply structure. The construction industry is also considered. Short profiles are provided for the main Malaysian furniture manufacturers. Malaysian furniture imports and exports are broken down by country and product (office furniture, kitchen furniture, upholstered furniture, non-upholstered seats, bedroom furniture, seats parts and parts of furniture). The wood and forestry sector is also considered: production, imports, exports and consumption data are provided for the main semi-finished wood products (sawnwood, wood-based panels). Data on woodworking machinery imports and exports by main partner countries are included. |
| JEL: | L11 L22 L68 |
| Date: | 2009–02 |
| URL: | http://d.repec.org/n?u=RePEc:mst:csilre:w05my&r=sea |
| By: | Alessandra Tracogna (CSIL Centre for Industrial Studies); Giovanni Barbiano di Belgiojoso |
| Abstract: | The furniture industry in Singapore may not appear significant in the international context, and in the region it is surpassed by several countries like Indonesia, Vietnam and Malaysia. Yet Singaporean firms play an important role as investors in those countries, which proved central to the development of the local furniture industry. The market research The furniture industry in Singapore offers a comprehensive picture of the furniture sector in Singapore, providing data on furniture production and furniture consumption, furniture imports and exports. Factors determining the demand for furniture are examined, as well as furniture distribution system and furniture supply structure. The construction industry is also considered. Short profiles are provided for the main Singaporean furniture manufacturers. Singaporean furniture imports and exports are broken down by country and product (office furniture, kitchen furniture, upholstered furniture, non-upholstered seats, bedroom furniture, seats parts and parts of furniture). The wood and forestry sector is also considered: production, imports, exports and consumption data are provided for the main semi-finished wood products (sawnwood, wood-based panels). Data on woodworking machinery imports and exports by main partner countries are included. |
| JEL: | L11 L22 L68 |
| Date: | 2009–02 |
| URL: | http://d.repec.org/n?u=RePEc:mst:csilre:w05sg&r=sea |
| By: | John Gilbert (Department of Economics and Finance, Utah State University) |
| Abstract: | We review the literature on the relationship between agricultural trade policy reform and poverty, and the results of recent detailed simulation studies applied to economies in the Asia- Pacific region. We then use the GTAP model to evaluate the possible impacts of the most recently proposed modalities for agricultural trade reform under Doha on the economies of the Asia-Pacific region, which we compare to a benchmark of comprehensive agricultural trade reform. The current proposal does not result in significant cuts to applied tariffs, and has very modest overall effects on welfare. Poverty in the region would decrease overall, but the distribution across countries is uneven. By contrast, comprehensive agricultural trade reform, with developing economies fully engaged, tends to benefit most economies in the region in the aggregate, and to consistently lower poverty. |
| Keywords: | Agricultural trade, Doha, Asia-Pacific, Poverty |
| JEL: | F13 F17 C68 O53 |
| Date: | 2008–12–19 |
| URL: | http://d.repec.org/n?u=RePEc:usu:wpaper:2008-01&r=sea |
| By: | Alessandra Tracogna (CSIL Centre for Industrial Studies); Giovanni Barbiano di Belgiojoso |
| Abstract: | The Indonesian furniture industry comprises more than 3,500 companies and over two million workers with wooden furniture dominating the sector. Among the strengths of the Indonesian furniture industry, we can mention the rich woodcarving tradition, the abundance of raw materials and a relatively low cost skilled labour force. The market research The furniture industry in Indonesia offers a comprehensive picture of the furniture sector in Indonesia, providing data on furniture production and furniture consumption, furniture imports and exports. Factors determining the demand for furniture are examined, as well as furniture distribution system and furniture supply structure. Short profiles are provided for the main Indonesian furniture manufacturers. Indonesian furniture imports and exports are broken down by country and product (office furniture, kitchen furniture, upholstered furniture, non-upholstered seats, bedroom furniture, seats parts and parts of furniture). The wood and forestry sector is also considered: production, imports, exports and consumption data are provided for the main semi-finished wood products (sawnwood, wood-based panels). Data on woodworking machinery imports and exports by main partner countries are included. |
| JEL: | L11 L22 L68 |
| Date: | 2009–02 |
| URL: | http://d.repec.org/n?u=RePEc:mst:csilre:w05id&r=sea |
| By: | John Gilbert (Department of Economics and Finance, Utah State University) |
| Abstract: | We review the literature on the relationship between trade policy reform and poverty, and recent approaches in the numerical simulation literature to estimating the impact of alternative trade reform scenarios. The GTAP model is then used to simulate the effect of the trade cooperation among the economies of BIMSTEC and Japan on aggregate welfare and poverty in the BIMSTEC member economies. As a case study, the results of the global model simulations are then used as an input to a more detailed model of simulation model of India, which identifies nine household groups classifed by their source of income and consumption pattern. Detailed estimates of the eect of trade reform at the household level are presented for India. |
| Keywords: | Trade reform, CGE, regional trading agreements, poverty, India, BIMSTEC |
| JEL: | F13 F17 C68 O53 |
| Date: | 2008–12–19 |
| URL: | http://d.repec.org/n?u=RePEc:usu:wpaper:2008-03&r=sea |
| By: | Calvo-Pardo, Hector; Freund, Caroline; Ornelas, Emanuel |
| Abstract: | Using detailed data on trade and tariffs from 1992-2007, the authors examine how the ASEAN Free Trade Agreement has affected trade with nonmembers and external tariffs facing nonmembers. First, the paper examines the effect of preferential and external tariff reduction on import growth from ASEAN insiders and outsiders across HS 6-digit industries. The analysis finds no evidence that preferential liberalization has led to lower import growth from nonmembers. Second, it examines the relationship between preferential tariff reduction and MFN tariff reduction. The analysis finds that preferential liberalization tends to precede external tariff liberalization. To examine whether this tariff complementarity is a result of simultaneous decision making, the authors use the scheduled future preferential tariff reductions (agreed to in 1992) as instruments for actual preferential tariff changes after the Asia crisis. The results remain unchanged, suggesting that there is a causal relationship between preferential and MFN tariff reduction. The findings also indicate that external liberalization was relatively sharper in the products where preferences are likely to be most damaging, proving further support for a causal effect. Overall, the results imply that the ASEAN agreement has been a force for broader liberalization. |
| Keywords: | Free Trade,Trade Policy,Trade Law,Trade and Regional Integration,International Trade and Trade Rules |
| Date: | 2009–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:4960&r=sea |
| By: | Chellaraj, Gnanaraj; Maskus, Keith E.; Mattoo, Aaditya |
| Abstract: | Singapore is an interesting example of how the pattern of foreign investment changes with economic development. The authors analyze inbound and outbound investment between Singapore and a sample of industrialized and developing countries over the period 1984-2003. They find that Singapore’s two-way investment with industrialized nations has shifted into skill-seeking activities over the period, while Singapore’s investments in developing countries have increased sharply and become concentrated in labor-seeking activities. Singapore’s increasing skill abundance relative to all countries in the sample accounted for 41 percent of average inbound stocks during the period, that is, US$18 billion annually; the corresponding figure for outbound stocks was 40 percent, that is, US$5.51 billion annually. |
| Keywords: | Debt Markets,Non Bank Financial Institutions,Investment and Investment Climate,Economic Theory&Research, |
| Date: | 2009–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:4950&r=sea |
| By: | Sylvia Weichenberger (CSIL Centre for Industrial Studies); Sara Colautti (CSIL Centre for Industrial Studies) |
| Abstract: | World furniture production is worth about US$ 352 billion. About 30% of the total is produced by the 200 major furniture manufacturers included in the report: these furniture companies have headquarters in various countries in Europe, North America and Asia. This seventh edition contains company profiles of 203 furniture manufacturing companies and groups, selected according to the volume of their sales. Basic data on the 203 furniture manufacturers (estimated shipments of the considered companies) are summarized in table format, by country and geographical area (Europe, North America, Asia), by company (alphabetical listing) and by product type (home furniture, kitchen furniture, office furniture). Company profiles are available for each furniture manufacturer, with information on company background, turnover, type of furniture produced and product breakdown, employees and production facilities, divisions, controlled companies and subsidiaries, brands, exports and outlet markets, distribution network and commercial strategies, investments and company strategies, mergers & acquisitions, joint-ventures. |
| JEL: | L11 L22 L68 |
| Date: | 2009–03 |
| URL: | http://d.repec.org/n?u=RePEc:mst:csilre:w16&r=sea |
| By: | Ugo Finzi (CSIL Centre for Industrial Studies); Stefania Pelizzari (CSIL Centre for Industrial Studies); Sylvia Weichenberger (CSIL Centre for Industrial Studies) |
| Abstract: | In 2008, for the first time, CSIL put together the profiles of the world's largest furniture retailers in a CSIL report called "Profiles of 50 major furniture retailers worldwide ". CSIL estimates that currently about 19% of worldwide furniture sales are made by "Major Furniture Retailers" which are covered in the new CSIL report. In this first edition we tried to outline the new challenges of the distribution market at a global level. The report provides rankings by geographical region (North America, Europe, Asia), detailed company profiles, financial data and full contact details on about 120 pages. The Major Retailers listed in our report have headquarters in 13 countries of which 9 are in Europe (Austria, Belgium, Denmark, France, Germany, Netherlands, Spain, Sweden, UK), 2 in North America (Canada and US) and 2 in Asia (China and Japan). To draw a picture as precise as possible we considered Furniture Retail Chains (like Ikea, Rooms To Go), Department Stores (like JC Penneys, Macy's), Hypermarket Chains (like Wal Mart, Bailing Group), E-commerce, Mail Order specialists (like Otto Group) and DIY Stores (like B&Q). The report does not include furniture retailer specialised exclusively in office furniture. The total number of profiles included in the report is 54 (25 in Europe, 23 in North America and 6 in Asia). Information in the profiles includes: (i) data provided by the retailers to CSIL during interviews, during the preparation of other CSIL reports and in the course of current research work; (ii) data in company reports, particularly for companies listed on stock exchanges; (iii) information from catalogues, public relations material and websites; (iiii) sector magazines. |
| JEL: | L81 L22 L68 |
| Date: | 2008–05 |
| URL: | http://d.repec.org/n?u=RePEc:mst:csilre:w18&r=sea |
| By: | Sara Colautti (CSIL Centre for Industrial Studies); Stefania Pelizzari (CSIL Centre for Industrial Studies); Ugo Finzi (CSIL Centre for Industrial Studies) |
| Abstract: | This report provides an overview of the world upholstered furniture industry, with basic data (upholstery production, consumption, imports, exports) and forecasts 2008-2009 for 60 upholstered furniture markets. The growth of upholstered furniture imports and the role of upholstered furniture exporting countries in the world marketplace are also considered. Prospects of world upholstered furniture trade in 2007 and forecasts on the evolution of upholstery markets in the 60 countries (selected according to their contribution to production and international trade of furniture) are based on the analysis of furniture industry dynamics and of macro-economic indicators. The world consumption and production of upholstered furniture are broken down by geographical area: European Union (25 countries), Norway and Switzerland; non EU Central-East Europe and Russia; Asia and Pacific; Middle East and Africa; North America; South America. The analysis of the opening of upholstered furniture markets covers 10 years, with data on imports/consumption and exports/production ratio. Market shares of the major upholstery exporters are provided by developed and emerging/transforming countries. Trend in the world upholstered furniture trade is outlined, while forecasts 2008-2009 are provided for both upholstery consumption and trade in large markets. Statistics and outlook data are also available in a country format: historical series on upholstered furniture production, consumption and trade, opening of the upholstered furniture sector to foreign trade, growth of upholstery products consumption (forecasts), origin of upholstery imports, destination of upholstery exports, country rankings to place all statistics in a broad worldwide context. A section provides detailed company profiles of selected major upholstered furniture manufacturers. |
| JEL: | L11 L22 L68 |
| Date: | 2008–08 |
| URL: | http://d.repec.org/n?u=RePEc:mst:csilre:w13&r=sea |
| By: | Alessandra Tracogna (CSIL Centre for Industrial Studies); Giovanni Barbiano di Belgiojoso |
| Abstract: | There are about 2,600 Thai firms producing furniture, most of them small or medium-sized. Only about 10% of firms are medium-large. The Thai furniture industry employs a workforce of 400,000, of these 165,000 are employed by firms with more than 10 workers. Furniture in wood is estimated to account for 70% of all the furniture produced and the material most commonly used in furniture production is parawood (60%). The market research The furniture industry in Thailand offers a comprehensive picture of the furniture sector in Thailand, providing data on furniture production and furniture consumption, furniture imports and exports. Factors determining the demand for furniture are examined, as well as furniture distribution system and furniture supply structure. The construction industry is also considered. Short profiles are provided for the main Thai furniture manufacturers. Thai furniture imports and exports are broken down by country and product (office furniture, kitchen furniture, upholstered furniture, non-upholstered seats, bedroom furniture, seats parts and parts of furniture). The wood and forestry sector is also considered: production, imports, exports and consumption data are provided for the main semi-finished wood products (sawnwood, wood-based panels). Data on woodworking machinery imports and exports by main partner countries are included. |
| JEL: | L11 L22 L68 |
| Date: | 2009–02 |
| URL: | http://d.repec.org/n?u=RePEc:mst:csilre:w05th&r=sea |
| By: | Johan F.M. Swinnen |
| Abstract: | Thirty years ago, a vast share of the poor and the middle income countries were heavily state-controlled. The effects of the liberalizations in the 1980s and 1990s differed strongly between regions in Africa, Asia and Europe. This paper compares the relative reform performance across Asia, Africa and Europe, using a series of indicators to compare changes in output and productivity during the reform period, with respect to agriculture. The paper shows a model which analyzes how liberalization affects the production and income distribution when liberalization affects the institutions that govern production and exchange. The model helps to derive hypothesis on how the endogenous institutional adjustments affect the supply response to the liberalizations. These insights are related to the empirical observations on agricultural performance and variations in commodity chain performance across countries. [LICOS DP no.233/2009] |
| Keywords: | liberalization; endogenous institutions; agricultural reforms; Asia; Africa; Europe; agricultural performance trends; pre-liberalization economy; model of liberalization; liberalization performances |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2009&r=sea |
| By: | Suwanee Arunsawadiwong; Gavin C. Reid |
| Abstract: | This paper does two things. First, it presents alternative approaches to the standard methods of estimating productive efficiency using a production function. It favours a parametric approach (viz. the stochastic production frontier approach) over a non-parametric approach (e.g. data envelopment analysis); and, further, one that provides a statistical explanation of efficiency, as well as an estimate of its magnitude. Second, it illustrates the favoured approach (i.e. the ‘single stage procedure’) with estimates of two models of explained inefficiency, using data from the Thai manufacturing sector, after the crisis of 1997. Technical efficiency is modelled as being dependent on capital investment in three major areas (viz. land, machinery and office appliances) where land is intended to proxy the effects of unproductive, speculative capital investment; and both machinery and office appliances are intended to proxy the effects of productive, non-speculative capital investment. The estimates from these models cast new light on the five-year long, post-1997 crisis period in Thailand, suggesting a structural shift from relatively labour intensive to relatively capital intensive production in manufactures from 1998 to 2002. |
| Keywords: | productive efficiency, stochastic production frontier, Thai manufacturing sector |
| JEL: | C21 L64 N65 L69 L85 |
| Date: | 2009–06 |
| URL: | http://d.repec.org/n?u=RePEc:san:crieff:0906&r=sea |
| By: | Viroj Tangcharoensathien |
| Abstract: | End stage organ failure is very distressing condition. Initially, there was only palliativetreatment for end stage organ failure such as hemodialysis or peritoneal dialysis. Later on, the advancement of immunosuppressive drugs, surgical techniques and medical diagnostic devices gave hope for end stage organ failure patients (1, 2). With organ transplantation the failing organ is replaced with a functioning one. The results are very impressive; the 1-year survival rate was 93-98% and 5-year survival rate was 73-82% compared to those of hemodialysis and peritoneal dialysis, 78% and 29% respectively (3). Patients can function almost normally in their daily activities, play sport and do some hard work. There are also benefits for good mental health and social relationships (2, 4). In developed countries, organ transplantation is currently considered a well-established treatment for irreversible renal, cardiac and liver failure, as well as for some respiratory diseases (5). Although the operative costs and the immunosuppressive drugs are very expensive, in the long term, the total cost of kidney transplantation is lower than that of hemodialysis and peritoneal dialysis (6, 7).[HEFP WP NO 04/03] |
| Keywords: | Medical Council; Organ Donation Center; Thai Transplantation Society; Thailand; transplantations; organs; regulations; environment; semi structured interviews; organ harvest procedure; Cadaver donor procedure; Living related donor procedure; Stakeholder analysis; Primary stakeholders |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2027&r=sea |
| By: | Ostrup, Finn (Copenhagen Business School); Oxelheim, Lars (Research Institute of Industrial Economics (IFN)); Wihlborg, Clas (Chapman University, Orange, CA) |
| Abstract: | Since July 2007 the world economy has experienced a severe financial crisis originating in the U.S. housing market. The crisis has subsequently spread to the financial sectors in European and Asian economies and led to a severe worldwide recession. The existing literature on financial crises rarely distinguish between factors that create the original strain on the financial sector and factors that explain why these strains lead to system-wide contagion and a possible credit crunch. Most of the literature on financial crises refers to factors that cause an original disruption in the financial system. We argue that a financial crisis with its contagion within the system is caused by failures of legal, regulatory and political institutions. <p> One policy implication of our view is that the need for various forms of rescues of financial firms in times of crises would be reduced if appropriate institutions could be put in place Lacking appropriate institutions to avoid contagion within the financial system and a potential credit crunch, ad hoc financial crisis management is required. We draw on experiences from the financial crises in the Nordic countries at the end of the 1980s and the beginning of the 1990s. In particular, the Swedish model for crisis resolution, which has received attention during the current crisis, is discussed in order to illustrate the problems policy makers face in a financial crisis without appropriate institutions. Current European Union approaches to the crisis are discussed before turning to policy implications from an emerging market perspective in the current crisis. |
| Keywords: | Financial Crisis; Institutional Failure; Insolvency Procedures; Contagion; Systemic Effects; Macroeconomic Shock; Financial Crisis Management; Swedish Model |
| JEL: | D53 E44 E58 F32 F42 G15 G18 G21 G28 |
| Date: | 2009–05–20 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:iuiwop:0796&r=sea |
| By: | Kohlscheen, E (Economics Department, University of Warwick.) |
| Abstract: | In spite of early skepticism on the merits of floating exchange rate regimes in emerging markets, 8 of the 25 largest countries in this group have now had a floating exchange rate regime for more than a decade. Using parsimonious VAR specifications covering the period of floating exchange rates, this study computes the dynamics of exchange rate pass-throughs to consumer price indices. We find that pass-throughs have typically been moderate even though emerging floaters have seen considerable nominal and real exchange rate volatilities. Previous studies that set out to estimate exchange rate pass-throughs ignored changes in policy regimes, making them vulnerable to the Lucas critique. We find that, within the group of emerging floaters, estimated pass-throughs are higher for countries with greater nominal exchange rate volatilities and that trade more homogeneous goods. These findings are consistent with the pass-through model of Floden and Wilander (2006) and earlier findings by Campa and Goldberg (2005), respectively. Furthermore, we find that the Indonesian Rupiah, the Thai Baht and possibly the Mexican Peso are commodity currencies, in the sense that their real exchange rates are cointegrated with international commodity prices. |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:wrk:warwec:905&r=sea |