International Financial Integration and Real Exchange Rate Long-Run Dynamics in Emerging Countries
dc.contributor.author | Rault, Christophe | en_US |
dc.contributor.author | Caporale, Guglielmo Maria | en_US |
dc.contributor.author | Amor, Thouraya Hadj | en_US |
dc.date.accessioned | 2009-11-17T17:01:45Z | |
dc.date.available | 2009-11-17T17:01:45Z | |
dc.date.issued | 2009-09-01 | en_US |
dc.identifier.other | RePEc:wdi:papers:2009-970 | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/64383 | en_US |
dc.description.abstract | The aim of this paper is to provide new empirical evidence on the impact of international financial integration on the long-run Real Exchange Rate (RER) in 39 developing countries belonging to three different geographical regions (Latin America, Asia and MENA). It covers the period 1979-2004, and carries out "second-generation" tests for non-stationary panels. Several factors, including international financial integration, are shown to drive the long-run RER in emerging countries. It is found that the new financial environment characterised by international financial integration leads to a depreciation of the RER in the long run. Further, RER misalignments take the form of an under-valuation in most MENA countries and an over-valuation in most Latin American and Asian countries | en_US |
dc.format.extent | 348630 bytes | |
dc.format.extent | 1802 bytes | |
dc.format.mimetype | application/pdf | |
dc.format.mimetype | text/plain | |
dc.relation.ispartofseries | wp970 | en_US |
dc.subject | Emerging Economies, Real Exchange Rate, Financial Integration, Misalignment, Second-generation Panel Unit-root and Cointegration Tests | en_US |
dc.subject.other | E31, F0, F31, C15 | en_US |
dc.title | International Financial Integration and Real Exchange Rate Long-Run Dynamics in Emerging Countries | en_US |
dc.type | Working Paper | en_US |
dc.subject.hlbsecondlevel | Economics | en_US |
dc.subject.hlbtoplevel | Business | en_US |
dc.contributor.affiliationum | William Davidson Institute | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/64383/1/wp970.pdf | |
dc.contributor.authoremail | chrault@hotmail.com | en_US |
dc.owningcollname | William Davidson Institute (WDI) - Working Papers |
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