Download or read book Equilibrium Real Exchange Rates in Central Europe s Transition Economies written by Balázs Égert and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Equilibrium Real Exchange Rates in Central Europe s Transition Economics Knocking on Heaven s Door written by Balazs Egert and published by . This book was released on 2002 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Equilibrium Exchange Rates in Transition Economies written by Lionel Halpern and published by International Monetary Fund. This book was released on 1996-11-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: A stylized fact of the transition process is an early profound exchange rate depreciation followed by continuing real appreciation. Absent historical reference points, it is difficult to judge whether the real appreciation is threatening competitiveness. This paper interprets the stylized facts and offers estimates of the equilibrium real exchange rate based on an international comparison of dollar wages and on a study of the dynamics of real exchange rates in several transition economies. The results suggest that the process of real appreciation is a combination of a return to equilibrium following the early overshooting and equilibrium appreciation.
Download or read book Equilibrium Exchange Rates of Central and Eastern European Countries on the Road to the European Monetary Union written by Jörg Rahn and published by Peter Lang Publishing. This book was released on 2005 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: The upcoming enlargement of the European Monetary Union involves the selection of appropriate reference rates at which the exchange rates of the accession countries will be fixed against the euro in order to avoid economic distortions as consequences of serious exchange rate misalignments. Determination of an exchange rate that is neither undervalued nor overvalued raises the issue of equilibrium exchange rates. Based on time series as well as panel estimation techniques three different concepts - BEER, PEER and PPP - are applied in this study to calculate equilibrium exchange rate levels for ten Central and Eastern European countries. The results indicate significant real misalignments in a number of accession countries.
Download or read book Equilibrium Exchange Rates in the Transition written by Balázs Égert and published by . This book was released on 2007 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper sets out to estimate equilibrium real exchange rates for the Czech Republic, Hungary, Poland, Slovakia and Slovenia. A theoretical model is developed that provides an explanation for the appreciation of the real exchange rate based on tradable prices in the acceding countries. Our model can be considered as a competing but also completing framework to the traditional Balassa-Samuelson model. With this as a background, alternative cointegration methods are applied to time series (Engle-Granger, DOLS, ARDL and Johansen) and to three small-size panels (pooled and fixed effect OLS, DOLS, PMGE and MGE), which leaves us with around 5,000 estimated regressions. This enables us to examine the uncertainty surrounding estimates of equilibrium real exchange rates and the size of the underlying real misalignments.
Download or read book Monetary Policy Regimes and Real Exchange Rates in Central Europe s Transition Economies written by Lucjan T. Orlowski and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how various approaches to monetary policy in Poland, Hungary and the Czech Republic during the period 1995-1999 influence the trend and the stability of real exchange rates. It argues that, in contrast to the Polish and the Czech systems, the Hungarian commitment to exchange rate stability has been successful in lowering the scope of real currency appreciation and in diminishing volatility of real exchange rates, although at the cost of higher inflation. The paper proves empirically that the Hungarian monetary policy allows for an active use of the exchange rate channel of monetary transmission, while the alternative Polish and Czech monetary regimes based on more flexible exchange rates disable this channel. The empirical tests cast doubts about effectiveness of crawling devaluations. They further prove that changes in real exchange rates are influenced mainly by fluctuations in nominal rates and by their own stochastic time trend.
Download or read book Estimating the Equilibrium Exchange Rate of the Central and Eastern European Acceding Countries written by Balázs Égert and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ambition of this study is to estimate the equilibrium real and nominal exchange rates for 5 selected Central and Eastern European transition economies, namely for the Czech Republic, Hungary, Poland, Slovakia and Slovenia. For this purpose, the fundamental equilibrium exchange rate (FEER) methodology developed by Williamson (1994) is combined with the behavioural equilibrium exchange rate (BEER) approach advocated by Clark and McDonald (1998). Our investigation is based on the notion of internal and external balances defined respectively in terms of the relative price of non-tradable goods and the long-run sustainability of the current account position, and is carried out in the framework of a VAR-based 3-equation cointegration system. Long-term equilibrium values for relative prices are determined using relative productivity and private consumption, whereas the current account is regressed on terms of trade and the openness ratio. To derive the equilibrium real exchange rate and to compute subsequently the extent of misalignment, the long-run values for external and internal balances are substituted in the simultaneously estimated cointegration relationships connecting the real effective exchange rate with relative prices and the current account. The empirical findings show that the gap between the observed and estimated equilibrium real exchange rates differs across the 5 transition countries: the Czech Republic, Poland and Slovakia may have experienced an excessive appreciation of their real effective exchange rate whilst Hungary and Slovenia show little sign of overvaluation during the period under study. These results suggest the role flexible exchange rate regimes may play in exchange rate misalignments. Assuming that the obtained misalignment can be eliminated with adjustments in the nominal exchange rate, the estimated misalignment is used to derive the equilibrium nominal exchange rate against the euro. Finally, we construct a hypothetical ERM-II so as to investigate the nominal exchange rate stability around the estimated equilibrium nominal exchange rate.
Download or read book Equilibrium Exchange Rates in the Transition written by Balázs Égert and published by . This book was released on 2004 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper sets out to estimate equilibrium real exchange rates for the Czech Republic, Hungary, Poland, Slovakia and Slovenia. A theoretical model is developed that provides an explanation for the appreciation of the real exchange rate based on tradable prices in the acceding countries. Our model can be considered as a competing but also completing framework to the traditional Balassa-Samuelson model. With this as a background, alternative cointegration methods are applied to time series (Engle-Granger, DOLS, ARDL and Johansen) and to three small-size panels (pooled and fixed effect OLS, DOLS, PMGE and MGE), which leaves us with around 5,000 estimated regressions. This enables us to examine the uncertainty surrounding estimates of equilibrium real exchange rates and the size of the underlying real misalignments.
Download or read book Bank Performance in Transition Economies written by Steven Fries, Damien Neven and Paul Seabright and published by . This book was released on 2002 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Human Capital growth and Inequality in transition economies Working Paper Number 499 July 2002 written by Michael Spagat and published by . This book was released on 2002 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Modeling Sequences of Long Memory Non negative Covariance Stationary Random Variables written by Dmitri Koulikov and published by . This book was released on 2003 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Effects of Ownership and Financial Status on Corporate Environmental Performance written by Dietrich Earnhart and published by . This book was released on 2002 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Indian Economic Review written by and published by . This book was released on 2009 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corruption and Cross Border Invesment Firm Level Evidence written by Beata K. Smarzynska and Shang-Jin Wei and published by . This book was released on 2002 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book COMPETITION INNOVATION AND GROWTH IN TRANSITION EXPLORING THE INTERACTIONS BETWEEN POLICIES written by PHIIPPE AGHION, WENDY CARLIN AND MARK SCHAFFER and published by . This book was released on 2002 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Does the Balassa Samuelson Hypothesis Hold for Asian Counties An Empirical Analysis using Panel Data Cointegration Tests written by Imed Drine and Christophe Rault and published by . This book was released on 2002 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Understanding Czech Long terma unemployment Working Paper Number 498 August 2002 written by Stepan Jurajda and Daniel Munich and published by . This book was released on 2002 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
