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Capital-enhanced equilibrium exchange rate: evidence from India

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  • K. P. Prabheesh
  • Bhavesh Garg

Abstract

This article examines the validity of the capital-enhanced equilibrium exchange rate (CHEER) approach using quarterly data ranging from 1993Q1 to 2016Q2. Using unit root break test and structural break cointegration technique, our overall results indicated that the CHEER is invalidated once a structural break is accounted for in the cointegration relationship. The rejection of the validity could be attributed to the asymmetry in the capital flows and exchange rates being not fully flexible.

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  • K. P. Prabheesh & Bhavesh Garg, 2018. "Capital-enhanced equilibrium exchange rate: evidence from India," Applied Economics Letters, Taylor & Francis Journals, vol. 25(19), pages 1393-1397, November.
    • Handle: RePEc:taf:apeclt:v:25:y:2018:i:19:p:1393-1397
    DOI: 10.1080/13504851.2017.1422592
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    Cited by:

    1. Prabheesh, K.P. & Prakash, Branesh & Vuniivi, Viliame, 2023. "Assessment of Fiji’s exchange rate," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 1282-1305.

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