Trade Agreements, Exchange Rate Disagreements
The negative effects on exports and FDI flows of an exchange rate misalignment are amplified when the misalignment is among countries that share a regional integration agreement. Such agreements strengthen the well-established relationship between real appreciation and currency crises. We conclude that coordination to achieve real-exchange-rate consistency within blocs is key to macro stability and, a fortiori, sustainable trade agreements.
Keywords: currency crises, exchange-rate agreements, exchange-rate and trade regimes, international compatibility, protectionism, trade agreements
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