Data for: Current account dynamics, real exchange rate adjustment, and the exchange rate regime in emerging-market economies

Abstract of associated article: In emerging-market economies, real exchange rate adjustment is critical for achieving a sustainable current account position and thereby for helping to maintain macroeconomic and financial stability. This study examines two related hypotheses: (i) that real exchange rate adjustment promotes the rebalancing of the current account and (ii) that a flexible nominal exchange rate facilitates real exchange rate adjustment and thus the rebalancing of the current account. Evidence from an event-study analysis for a large set of emerging-market economies over the period 1975–2008 indicates that real exchange rate adjustment has contributed significantly to reducing current account imbalances. The adjustment of current account deficits in countries with a fixed exchange rate regime typically occurs through an exchange rate crisis, and substantial costs in terms of forgone output are incurred. Vector-error-correction analysis supports the findings of the event study; namely, in the long run, real exchange rate movements facilitate current account adjustment.

关联论文摘要：在新兴市场经济体中，实际汇率调整对于实现可持续的经常账户收支格局至关重要，进而有助于维持宏观经济与金融稳定。本研究检验了两项相关假说：其一，实际汇率调整可推动经常账户收支再平衡；其二，弹性名义汇率能够促进实际汇率调整，进而助力经常账户收支再平衡。基于1975年至2008年涵盖大量新兴市场经济体的事件研究分析证据表明，实际汇率调整对缩减经常账户失衡发挥了显著作用。实行固定汇率制的国家，其经常账户赤字调整通常需借助汇率危机完成，且会承受产出损失带来的高昂成本。向量误差修正分析（Vector-error-correction analysis）验证了事件研究的结论，即从长期视角来看，实际汇率变动能够有效推动经常账户收支调整。