Equilibrium Exchange Rates In Transition Economies

Author : Lionel Halpern,Mr.Charles Wyplosz
Publisher : International Monetary Fund
Page : 40 pages
File Size : 52,8 Mb
Release : 1996-11-01
Category : Business & Economics
ISBN : 9781451854794

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Equilibrium Exchange Rates in Transition Economies by Lionel Halpern,Mr.Charles Wyplosz Pdf

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 Absent historical reference points, it is difficult to judge whether the real appreciation is threatening competitiveness.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.

Author : Mario I. Blejer,Marko Skreb
Publisher : Springer Science & Business Media
Page : 501 pages
File Size : 53,6 Mb
Release : 2007-08-23
Category : Business & Economics
ISBN : 9780585313467

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Balance of Payments, Exchange Rates, and Competitiveness in Transition Economies by Mario I. Blejer,Marko Skreb Pdf

Integrating transition economies into the global commercial and trade market system is a prolonged and risky process. This book is a collection of studies dealing with the different issues related to the liberalization of external relations in economies moving from a socialist to a market-based system The focus is on external sector developments, and the topics deal with balance of payments conditions, exchange rate policies and regimes, international competitiveness, international capital flows, trade, and other matters related to the integration of transition economies into the world economy. An understanding of the principles involved and of the experiences of both transition and advanced economies during this process is crucial to ensure its ultimate success. Written by internationally recognized scholars, the chapters cover these issues in a systematic manner. The first section treats current account developments, capital flows, and exchange rate policies in transition countries, the second section deals with specific issues related to international trade, and the final section consists of six specific country experiences. In this final section, a chapter dealing with the Russian Federation discusses the collapse of the ruble in August 1998.

Author : Balázs Égert,Kirsten Lommatzsch
Publisher : Unknown
Page : 59 pages
File Size : 41,8 Mb
Release : 2004
Category : Electronic
ISBN : 9516869610

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Equilibrium Exchange Rates in the Transition by Balázs Égert,Kirsten Lommatzsch Pdf

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.

Author : Ronald MacDonald,Jerome L. Stein
Publisher : Springer Science & Business Media
Page : 353 pages
File Size : 49,8 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9789401144117

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Equilibrium Exchange Rates by Ronald MacDonald,Jerome L. Stein Pdf

How successful is PPP, and its extension in the monetary model, as a measure of the equilibrium exchange rate? What are the determinants and dynamics of equilibrium real exchange rates? How can misalignments be measured, and what are their causes? What are the effects of specific policies upon the equilibrium exchange rate? The answers to these questions are important to academic theorists, policymakers, international bankers and investment fund managers. This volume encompasses all of the competing views of equilibrium exchange rate determination, from PPP, through other reduced form models, to the macroeconomic balance approach. This volume is essentially empirical: what do we know about exchange rates? The different econometric and theoretical approaches taken by the various authors in this volume lead to mutually consistent conclusions. This consistency gives us confidence that significant progress has been made in understanding what are the fundamental determinants of exchange rates and what are the forces operating to bring them back in line with the fundamentals.

Author : Balázs Égert
Publisher : Unknown
Page : 63 pages
File Size : 47,6 Mb
Release : 2007
Category : Electronic
ISBN : OCLC:1290322679

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Equilibrium Exchange Rates in the Transition by Balázs Égert Pdf

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.

Author : Christos Papazoglou
Publisher : Springer
Page : 201 pages
File Size : 44,8 Mb
Release : 2001-05-15
Category : Business & Economics
ISBN : 9780230554535

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Exchange Rate Policies, Prices and Supply-side Response by Christos Papazoglou Pdf

This book, based upon a large-scale research project, examines alternative types of exchange rate policies being pursued and the changing nature of exchange rate policy during the transition process in four countries, Slovenia, Bulgaria, Poland and the Czech Republic. The book brings together a series of original contributions by country experts and draws out some common themes and over-arching policy implications for the operation of exchange rate policy in the transition process.

Author : P. Karadeloglou,V. Terraza
Publisher : Springer
Page : 255 pages
File Size : 40,9 Mb
Release : 2008-02-13
Category : Business & Economics
ISBN : 9780230582699

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Exchange Rates and Macroeconomic Dynamics by P. Karadeloglou,V. Terraza Pdf

This book looks at the PPP persistence puzzle, and econometric aspects of exchange rate dynamics and their implications. It also explores the importance of exchange rate dynamics in the pass-through effects (PTE) and the econometric aspects of the exchange rates dynamics linked to structural shocks on different economies.

Author : Mr.Richard C. Bart,Mr.Chorng-Huey Wong
Publisher : International Monetary Fund
Page : 316 pages
File Size : 53,8 Mb
Release : 1994-06-01
Category : Business & Economics
ISBN : 1557753644

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Approaches to Exchange Rate Policy by Mr.Richard C. Bart,Mr.Chorng-Huey Wong Pdf

External sector policies and exchange rate policy are central to a country's economic performance and to the IMF's surveillance functions. The papers in this book, edited by Richard Barth and Chorng-Huey Wong, were presented at a seminar on Exchange Rate Policy in Developing and Transition Economies held by the IMF Institute. They analyze choices of exchange rate regimes, issues affecting management of exchange regimes, and specific types of regimes, including case studies from the former Soviet Union, Africa, Asia, and Latin America.

Author : Guillermo A. Calvo
Publisher : MIT Press
Page : 536 pages
File Size : 48,7 Mb
Release : 1996
Category : Business & Economics
ISBN : 0262032368

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Money, Exchange Rates, and Output by Guillermo A. Calvo Pdf

Guillermo Calvo, who foresaw the financial crisis that followed the devaluationn of Mexico's peso, has spent much of his career thinking beyond the conventional wisdom. In a quiet and understated way, Calvo has made seminal contributions to several major research areas in macroeconomics, particularly monetary policy, exchange rates, public debt, and stabilization in Latin America and post-communist countries. Money, Exchange Rates, and Output brings together these contributions in a broad selection of the author's work over the past two decades. There are introductions to each section, and an introduction to the entire collection that outlines the connections throughout and survey the current state of macroeconomic theory. Specific issues covered are predetermined exchange rates, currency substitution, domestic public debt and seigniorage, and stabilizing transition economics.

Author : Ms.Kornelia Krajnyak,Mr.Jeronimo Zettelmeyer
Publisher : International Monetary Fund
Page : 56 pages
File Size : 52,9 Mb
Release : 1997-11-01
Category : Business & Economics
ISBN : 9781451923551

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Competitiveness in Transition Economies by Ms.Kornelia Krajnyak,Mr.Jeronimo Zettelmeyer Pdf

This paper estimates equilibrium dollar wages for 15 transition economies. Equilibrium dollar wages are interpreted as full employment wages consistent with a country’s physical and human capital endowment, and estimated by regressing actual dollar wages on productivity and human capital proxies in a short (1990-95) panel of 85 countries. The main results are: (i) equilibrium dollar wages have appreciated steadily in the Baltic countries and fast-reforming Central and Eastern European (CEE) transition economies, but have been flat in most CIS countries; and (ii) 1996 actual dollar wages remain below estimated equilibrium dollar wages for most but not all transition countries covered.

Author : László Halpern,Charles Wyplosz
Publisher : Unknown
Page : 42 pages
File Size : 41,9 Mb
Release : 1995
Category : Cuestión monetaria - Estudios comparados
ISBN : OCLC:122300186

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Equilibrium Real Exchange Rates in Transition by László Halpern,Charles Wyplosz Pdf

Author : John Williamson
Publisher : Peterson Institute
Page : 608 pages
File Size : 55,9 Mb
Release : 1994
Category : Business & Economics
ISBN : 0881320765

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Estimating Equilibrium Exchange Rates by John Williamson Pdf

The problems of exchange rate misalignments and the resulting payments imbalances have plagued the world economy for decades. At the Louvre Accord of 1987, the Group of Five industrial countries adopted a system of reference ranges for exchange rate management, influenced by proposals of C. Fred Bergstan and John Williamson for a target zone system. The reference range approach has, however, been operated only intermittently and half-heartedly, and questions continue to be raised in policy and scholarly circles about the design and operation of a full-fledged target zone regime. This volume, with chapters by leading international economists, explores one crucial issue in the design of a target zone system: the problem of calculating Williamson's concept of the fundamental equilibrium exchange rate (FEER). Williamson contributes an overview of the policy and analytic issues and a second chapter on his own calculations.

Author : Mark de Broeck,Torsten Sløk
Publisher : Unknown
Page : 40 pages
File Size : 53,9 Mb
Release : 2001
Category : Foreign exchange rates
ISBN : UCSD:31822029920311

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Interpreting Real Exchange Rate Movements in Transition Countries by Mark de Broeck,Torsten Sløk Pdf

Author : Jörg Rahn
Publisher : Peter Lang Publishing
Page : 204 pages
File Size : 50,5 Mb
Release : 2005
Category : Business & Economics
ISBN : IND:30000109310379

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Equilibrium Exchange Rates of Central and Eastern European Countries on the Road to the European Monetary Union by Jörg Rahn Pdf

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.

Author : Clemens Grafe,Charles Wyplosz
Publisher : Unknown
Page : 34 pages
File Size : 45,6 Mb
Release : 1997
Category : Economics
ISBN : 0753012227

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The Real Exchange Rate in Transition Economies by Clemens Grafe,Charles Wyplosz Pdf