This paper looks at the correlation between the cyclical components of gross domestic product and the exchange rate and classifies countries’ currencies as pro-cyclical if they appreciate in good times, countercyclical if they appreciate in bad times and a cyclical 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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INFORMATION
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2015/03/11
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Article de revue
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100264
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1
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1
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2015/10/22
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Disclosed
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What makes a currency procyclical? An empirical investigation
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monetary policy
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