{"product_id":"valuation-effects-on-the-business-cycle-in-emerging-markets-von-liliana-castilleja-vargas","title":"Valuation Effects on the Business Cycle in Emerging Markets","description":"\u003cp\u003eIn the aftermath of the recent financial crises in  emerging markets, contrary to the conventional  literature and the experience of advanced  countries, real depreciation proved to have adverse  effects on growth and investment. A growing  literature analysing the nature of these events has  focused on the role of balance sheet effects to  explain the contractionary impact of depreciation  in economies with liquidity constraints. This book,  therefore, examines empirically the relationships  between net capital flows, real exchange rates,  economic growth and capital accumulation in a panel  of 20 emerging economies from 1985 to 2004. A panel  of 13 developed countries is used for comparative  purposes. As an original contribution of this  research, a constructed debt-weighted real  effective exchange rate is used to focus on the  rate in which liabilities tend to be denominated in  emerging countries. The analysis should help shed  some light on why, real depreciation proves to be  contractionary in emerging markets through  valuation effects, and should be especially useful  to anyone analyzing the characteristic features of  those economies.\u003c\/p\u003e\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783838344515\"\u003e\u003ch3\u003eNet Capital Flows and Real Exchange Rate Depreciation Effects on Growth and Capital Accumulation\u003c\/h3\u003e\u003c\/div\u003e","brand":"Autorenwelt Shop","offers":[{"title":"Softcover - 9783838344515","offer_id":39498893951069,"sku":"9783838344515","price":68.0,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/4116cb01-b226-44f6-9b7a-4906005e597c.jpg?v=1776233718","url":"https:\/\/shop.autorenwelt.de\/products\/valuation-effects-on-the-business-cycle-in-emerging-markets-von-liliana-castilleja-vargas","provider":"Autorenwelt Shop","version":"1.0","type":"link"}