Do we really know that flexible exchange rates facilitate current account adjustment?: some new empirical evidence for CEE countries

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Do we really know that flexible exchange rates facilitate current account adjustment?: some new empirical evidence for CEE countries

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Herrmann, Sabine

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Sabine Herrmann

Abstract

This paper examines the relationship between the exchange rate regime and the pace of current account adjustment. The panel data set we refer to includes 11 catching-up countries from central, eastern and south-eastern Europe between 1994 and 2007. The exchange rate regime is measured by a continuous z-score measure of exchange rate volatility proposed by Gosh, Gulde and Wolf (2003). Based on a basic autoregression estimation, the results indicate that a more flexible exchange rate regime significantly enhances the rate of current account adjustment. --

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Paper provided by Deutsche Bundesbank, Research Centre in its series Discussion Paper Series 1: Economic Studies with number 2009,22.

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Date of creation: 2009
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Handle: RePEc:zbw:bubdp1:200922

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Find related papers by JEL classification:
F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
F31 - International Economics - - International Finance - - - Foreign Exchange
O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe

This paper has been announced in the following NEP Reports:

NEP-ALL-2009-09-19 (All new papers)
NEP-CBA-2009-09-19 (Central Banking)
NEP-EEC-2009-09-19 (European Economics)
NEP-IFN-2009-09-19 (International Finance)
NEP-MON-2009-09-19 (Monetary Economics)
NEP-OPM-2009-09-19 (Open MacroEconomics)
NEP-TRA-2009-09-19 (Transition Economics)

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This page was last updated on 2009-11-27.

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