Equilibrium Exchange Rates in Transition Economies
AbstractExchange rates in transition economies undergo early depreciation followed by continuing real appreciation. The paper documents and interprets this stylized fact. It provides estimates of the real equilibrium exchange rate based on a sample of 80 countries, and estimates well the dynamics of the real exchange rate in the early transition phase. The results suggest that the continuing real appreciation corresponds to a combination of a return to equilibrium following an initial overshooting, and of real equilibrium appreciation.
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Bibliographic InfoArticle provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.
Volume (Year): 44 (1997)
Issue (Month): 4 (December)
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Other versions of this item:
- Lionel Halpern & Charles Wyplosz, 1996. "Equilibrium Exchange Rates in Transition Economies," IMF Working Papers 96/125, International Monetary Fund.
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- F31 - International Economics - - International Finance - - - Foreign Exchange
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
- P52 - Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies
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