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The transfer effect: A comparative perspective between the European monetary union regime and fixed and floating regimes

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  • Meriem Bouchoucha

Abstract

We examine the determinants of the real effective exchange-rate for several countries over the 1980-2007 period according to their exchange-rate regime. Based on panel cointegration techniques, we estimate the long run relationship between the exchange rate and a number of fundamental variables, often considered by the theoretical and empirical literature as important exchange-rate determinants, namely relative productivity, net foreign assets and terms of trade. Our results show that the exchange-rate regime influences the real exchange rates determinants, and that the “European Monetary Union” fixed exchange-rate regime type differs substantially from the “traditional” fixed exchange-rate regime and the floating one.

Suggested Citation

  • Meriem Bouchoucha, 2011. "The transfer effect: A comparative perspective between the European monetary union regime and fixed and floating regimes," International Economics, CEPII research center, issue 125, pages 105-131.
    • Handle: RePEc:cii:cepiie:2011-q1-125-5
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    Keywords

    EXCHANGE RATE; REAL EFFECTIVE EXCHANGE RATE; PANEL DATA; EXCHANGE RATE REGIME; COINTEGRATION;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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