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Constraints on exchange rate flexibility in transition economies: a meta-regression analysis of exchange rate pass-through

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Author Info

  • Igor Velickovski
  • Geoffrey Thomas Pugh

Abstract

This article uses Meta-Regression Analysis (MRA) to investigate exchange rate pass-through to domestic prices, highlighting differences between transition and developed economies. A total of 23 studies yielded 575 coefficients measuring exchange rate pass-through to import prices and consumer prices for 23 developed and 12 transition economies. The MRA results confirm the finding of many particular analyses that exchange rate pass-through is less than complete. In addition, exchange rate pass-through is higher to import prices than to consumer prices; and exchange rate pass-through is higher in the long run than in the short run. Regarding transition and developed economies, MRA suggests that there is no statistically significant difference in exchange rate pass-through to import prices. Yet, exchange rate pass-through to consumer prices is significantly and substantially higher in transition than in developed economies. This finding is consistent with the caution of many monetary authorities in transition economies regarding exchange rate flexibility.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/00036846.2010.485927
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics.

Volume (Year): 43 (2011)
Issue (Month): 27 ()
Pages: 4111-4125

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Handle: RePEc:taf:applec:v:43:y:2011:i:27:p:4111-4125

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Cited by:
  1. Igor Velickovski, 2013. "Assessing independent monetary policy in small, open and euroized countries: evidence from Western Balkan," Empirical Economics, Springer, vol. 45(1), pages 137-156, August.
  2. Branimir Jovanović & Marjan Petreski, 2012. "Hemlock for policy response: Monetary policy, exchange rates and labour unions in SEE and CIS during the crisis," wiiw Balkan Observatory Working Papers 104, The Vienna Institute for International Economic Studies, wiiw.

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