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  • 1.
    Habimana, Olivier
    Jönköping University, Jönköping International Business School, JIBS, Economics. Department of Applied Statistics, College of Business and Economics, University of Rwanda, Kigali, Rwanda.
    Do flexible exchange rates facilitate external adjustment? A dynamic approach with time-varying and asymmetric volatility2017In: International Economics and Economic Policy, ISSN 1612-4804, E-ISSN 1612-4812, Vol. 14, no 4, p. 625-642Article in journal (Refereed)
    Abstract [en]

    This paper revisits the claim that flexible exchange rates facilitate external adjustment. While previous studies have used exchange rate regime as a proxy for exchange rate flexibility, in this study there is evidence of ARCH effects in exchange rate, and thus GARCH models are employed to estimate volatility. A dynamic panel data model is then specified, and the Arellano-Bond estimator and the Blundell-Bond estimator are employed to estimate the effect of exchange rate flexibility on the speed of adjustment of current account in a panel of 28 emerging and developing economies. There is robust evidence that flexible exchange rates indeed facilitate smoother adjustment of current account imbalances.

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