المستودع الأكاديمي جامعة المدينة

Macroeconomic and distributional effects of devaluation in a dollarized economx: A CGE analysis for Bolivia

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dc.creator Schweickert, Rainer
dc.creator Thiele, Rainer
dc.creator Wiebelt, Manfred
dc.date 2005
dc.date.accessioned 2013-10-16T06:15:22Z
dc.date.available 2013-10-16T06:15:22Z
dc.date.issued 2013-10-16
dc.identifier Discussion papers Ibero-Amerika-Institut für Wirtschaftsforschung, Göttingen 120
dc.identifier http://hdl.handle.net/10419/3740
dc.identifier ppn:503517240
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/3740
dc.description In this paper, a real-financial CGE model is employed for Bolivia to simulate the macroeconomic and distributional effects of exchange rate policy in a highly dollarized economy. Overall, dollarization appears to matter more through real than through financial-sector effects. The main macroeconomic result of the simulations is that the potential of nominal devaluation to smooth the adjustment path after a negative shock primarily depends on the absence of wage indexation. Only if nominal wages are constant in the short run, devaluation reduces unemployment and cushions the reduction of real GDP induced by the shock. Financial de-dollarization tends to be contractionary in Bolivia but different degrees of financial dollarization hardly change the real sector effects. As concerns distributional effects, nominal devaluation in no circumstance reduces the poverty effect of the external shock. Even the significant short-run macroeconomic expansion that occurs without wage indexation does not translate into significant poverty alleviation, given the offsetting effects of devaluation on real factor incomes, real interest incomes, and real transfers received by households.
dc.language eng
dc.publisher Ibero-Amerika-Inst. für Wirtschaftsforschung Göttingen
dc.publisher Ibero-Amerika-Institut für Wirtschaftsforschung, Göttingen
dc.relation Discussion papers // Ibero America Institute for Economic Research 120
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject D3
dc.subject C68
dc.subject ddc:330
dc.subject Dollarization
dc.subject Poverty
dc.subject Computable General Equilibrium Model
dc.subject Bolivia
dc.title Macroeconomic and distributional effects of devaluation in a dollarized economx: A CGE analysis for Bolivia
dc.type doc-type:workingPaper


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