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What Determines Real Exchange Rates? The Nordic Countries

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  • Anders Bergvall
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    Abstract

    The model derived in this paper yields testable implications concerning the long-run co-movements of real exchange rates, relative labor productivity, the trade balance and terms of trade. Countries with relatively higher output growth, trade deficits or improved terms of trade are found to have more appreciated real exchange rates, with the main channel of transmission working through the relative price of nontraded goods. Exogenous terms-of-trade shocks are found to be the most important determinant of long-run movements in the real exchange rate for Denmark and Norway, while demand shocks account for most of the long-run variance in the real exchange rate for Finland and Sweden. Copyright The editors of the "Scandinavian Journal of Economics", 2004 .

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal The Scandinavian Journal of Economics.

    Volume (Year): 106 (2004)
    Issue (Month): 2 (06)
    Pages: 315-337

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    Handle: RePEc:bla:scandj:v:106:y:2004:i:2:p:315-337

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    Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442

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    Cited by:
    1. Saleem, Kashif & Vaihekoski, Mika, 2007. "Time-varying global and local sources of risk in Russian stock market," MPRA Paper 5787, University Library of Munich, Germany.
    2. Nils Holinski & Robert Vermeulen, 2010. "The International Wealth Channel: A Global Error-Correcting Analysis," CREA Discussion Paper Series 10-04, Center for Research in Economic Analysis, University of Luxembourg.
    3. Habib, Maurizio Michael & Kalamova, Margarita Manolova, 2007. "Are there oil currencies? The real exchange rate of oil exporting countries," Working Paper Series 0839, European Central Bank.
    4. Kisswani, Khalid /M. & Nusair, Salah /A., 2012. "Non-linearities in the dynamics of oil prices," MPRA Paper 36586, University Library of Munich, Germany.
    5. Tsen, Wong Hock, 2011. "The real exchange rate determination: An empirical investigation," International Review of Economics & Finance, Elsevier, vol. 20(4), pages 800-811, October.

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