Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues
dc.contributor.author | Égert, Balázs | en_US |
dc.contributor.author | Halpern, László | en_US |
dc.contributor.author | MacDonald, Ronald | en_US |
dc.date.accessioned | 2006-08-01T15:37:55Z | |
dc.date.available | 2006-08-01T15:37:55Z | |
dc.date.issued | 2005-10-01 | en_US |
dc.identifier.other | RePEc:wdi:papers:2005-793 | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/40179 | en_US |
dc.description.abstract | In this paper we present an overview of a number of issues relating to the equilibrium exchange rates of transition economies of the former soviet bloc. In particular, we present a critical overview of the various methods available for calculating equilibrium exchange rates and discuss how useful they are likely to be for the transition economies. Amongst our findings is the result that the trend appreciation usually observed for the exchange rates of these economies is affected by factors other than the usual Balassa-Samuelson effect, such as the behaviour of the real exchange rate of the open sector and regulated prices. We then consider three main sources of uncertainty relating to the implementation of an equilibrium exchange rate model, namely: differences in the theoretical underpinnings; differences in the econometric estimation techniques; and differences relating to the time series and cross-sectional dimensions of the data. The ensuing three-dimensional space of real misalignments is probably a useful tool in determining the direction of a possible misalignment rather than its precise size. | en_US |
dc.format.extent | 200983 bytes | |
dc.format.extent | 3151 bytes | |
dc.format.extent | 679880 bytes | |
dc.format.mimetype | text/plain | |
dc.format.mimetype | text/plain | |
dc.format.mimetype | application/pdf | |
dc.language.iso | en_US | en_US |
dc.relation.ispartofseries | 793 | en_US |
dc.subject | Equilibrium Exchange Rate, Purchasing Power Parity, Trend Appreciation, Balassa-Samuelson Effect, Productivity, Inflation Differential, Tradable Prices, Regulated Prices, Fundamental Equilibrium Exchange Rate, Behavioural Equilibrium Exchange Rate, Permanent Equilibrium Exchange Rate, NATREX, CHEER, Transitional Economies, Euro. | en_US |
dc.subject.other | C15, E31, F31, O11, P17. | en_US |
dc.title | Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues | en_US |
dc.type | Working Paper | en_US |
dc.subject.hlbsecondlevel | Economics | en_US |
dc.subject.hlbtoplevel | Business | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/40179/3/wp793.pdf | en_US |
dc.owningcollname | William Davidson Institute (WDI) - Working Papers |
Files in this item
Remediation of Harmful Language
The University of Michigan Library aims to describe library materials in a way that respects the people and communities who create, use, and are represented in our collections. Report harmful or offensive language in catalog records, finding aids, or elsewhere in our collections anonymously through our metadata feedback form. More information at Remediation of Harmful Language.
Accessibility
If you are unable to use this file in its current format, please select the Contact Us link and we can modify it to make it more accessible to you.