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Exchange Rate Misalignments at World and European Levels: a FEER Approach

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  • Se-Eun Jeong

    (CEPN - Centre d'économie de l'Université de Paris Nord - CNRS : UMR7115 - Université Paris-Nord - Paris XIII)

  • Jacques Mazier

    (CEPN - Centre d'économie de l'Université de Paris Nord - CNRS : UMR7115 - Université Paris-Nord - Paris XIII)

  • Jamel Saadaoui

    ()
    (CEPN - Centre d'économie de l'Université de Paris Nord - CNRS : UMR7115 - Université Paris-Nord - Paris XIII)

Abstract

Since the mid-1990s, we observe an increase of world current account imbalances. These imbalances have only been partially reduced since the burst of the crisis in 2007. They reflect, to some extent, exchange rate misalignments, an issue which has been frequently studied in the literature. However, these imbalances, which have reinforced in the 2000s, are also important inside the Euro area. This analysis cannot be reduced to simple estimates of euro misalignment at the world level because of the specific constraints that exist for each member of the Euro area. This article aims to examine to what extent the intra-European imbalances reflect exchange rate misalignments for each "national euro".

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Paper provided by HAL in its series Post-Print with number halshs-00435836.

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Date of creation: 02 Jun 2010
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Publication status: Published, Economie Internationale, 2010, 121, Issue 1 2010, 25-58
Handle: RePEc:hal:journl:halshs-00435836

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Keywords: Equilibrium Exchange Rate; Current Account Balance; Macroeconomic Balance;

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