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Monetary Unions and Hard PegsEffects on Trade, Financial Development, and Stability$
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Volbert Alexander, George M. von Furstenberg, and Jacques Mélitz

Print publication date: 2004

Print ISBN-13: 9780199271405

Published to Oxford Scholarship Online: August 2004

DOI: 10.1093/0199271402.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 19 September 2019

Trade Agreements, Exchange Rate Disagreements

Trade Agreements, Exchange Rate Disagreements

Chapter:
(p.135) 9 Trade Agreements, Exchange Rate Disagreements
Source:
Monetary Unions and Hard Pegs
Author(s):

Eduardo Fernández-Arias

Ugo Panizza

Ernesto Stein

Publisher:
Oxford University Press
DOI:10.1093/0199271402.003.0009

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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