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02130cas a2200241 a 4500 |
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|c 5.00 USD
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|z 9781484339824
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|a 1934-7685
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|a BD-DhAAL
|c BD-DhAAL
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|a International Monetary Fund.
|b Western Hemisphere Dept.
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|a Uruguay :
|b Selected Issues.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2018.
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|a 1 online resource (49 pages)
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|a IMF Staff Country Reports
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This Selected Issues paper investigates the impact of exchange rate movements on private consumption in Uruguay. Uruguay is a highly dollarized economy, which makes the relationship between exchange rate movements and private consumption particularly complex. The paper shows that a large share of Uruguayan households is liquidity constrained, which allows the transitory real income shocks brought about by exchange rate pass-through to have a significant impact on consumption. Moreover, exchange rate pass-through is highly heterogenous, with relative prices of durables increasing (decreasing) following a depreciation (appreciation). This creates incentives for households to engage in intertemporal substitution where they buy durables when they are relatively cheaper. Data from Input-Output tables show that Uruguay produces a nontrivial amount of the tradable, durable goods it consumes, opening the door to contractionary depreciations. The results offer a potential explanation for the often noted 'excess volatility of consumption' in emerging markets for the case of Uruguay.
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|a Mode of access: Internet
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|a IMF Staff Country Reports; Country Report ;
|v No. 2018/024
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/002/2018/024/002.2018.issue-024-en.xml
|z IMF e-Library
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