Real exchange rate misalignments in CEECs: Have they hindered growth?
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Título
Real exchange rate misalignments in CEECs: Have they hindered growth?Fecha de publicación
2019-07-16Editor
SpringerCita bibliográfica
CUESTAS, Juan Carlos; MOURELLE, Estefanía; REGIS, Paulo José (2019). Real exchange rate misalignments in CEECs: Have they hindered growth? Empirica, online 16/7/2019Tipo de documento
info:eu-repo/semantics/articleVersión de la editorial
https://link.springer.com/article/10.1007/s10663-019-09454-5Versión
info:eu-repo/semantics/publishedVersionPalabras clave / Materias
Resumen
We study the impact of exchange rate misalignment on economic activity in nine Central and Eastern European economies. Exchange rate misalignments are computed from country-specific long-run exchange rate relationships ... [+]
We study the impact of exchange rate misalignment on economic activity in nine Central and Eastern European economies. Exchange rate misalignments are computed from country-specific long-run exchange rate relationships with determinants suggested by open macroeconomic models such as interest rate differentials or the Balassa–Samuelson effect. There was a clear reduction in misalignments, but this has been reversed to some extent after 2008. Exchange rate overvaluation has a negative impact on economic activity. The effect of misalignments on economic activity seems to be nonlinear, as overvaluation has a stronger effect than undervaluation. Other factors of economic activity, including institutions, also show nonlinear effects. [-]
Publicado en
Empirica (2019), online 16/7/2019Proyecto de investigación
ECO2017-85503-R and ECO2017-83255-C3-3-P Projects from `Agencia Estatal de Investigación’ (AEI) Spain and `Fondo Europeo de Desarrollo Regional’ (FEDER)Derechos de acceso
http://rightsstatements.org/vocab/CNE/1.0/
info:eu-repo/semantics/openAccess
info:eu-repo/semantics/openAccess
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