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Interrelation Between The Exchange Rate And The Interest Rate In Romania

  • Catalina Handoreanu

    (Academy of Economic Studies, Bucharest)

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    Lately, the connection between the exchange rate and interest rate has once again caught the attention of the researchers. The volatility of the two macroeconomic indicators has an almost simultaneous effect on the inflation, real income, exports and imports, which influence the long-term development. This working paper analyses, besides the UIP hypothesis, the reverse relationship of the exchange rate on the interest rate as this paper sets out to determine the role of Romanian exchange rate on achieving macroeconomic stability.

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    File URL: http://store.ectap.ro/suplimente/Finante_nov_2008_en.pdf
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    Article provided by Asociatia Generala a Economistilor din Romania - AGER in its journal Theoretical and Applied Economics.

    Volume (Year): 12(517)(supplement) (2008)
    Issue (Month): 12(517)(supplement) (December)
    Pages: 90-97

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    Handle: RePEc:agr:journl:v:12(517)(supplement):y:2008:i:12(517)(supplement):p:90-97
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    1. Hali J. Edison & B. Dianne Pauls, 1991. "Re-assessment of the relationship between real exchange rates and real interest rates: 1974-1990," International Finance Discussion Papers 408, Board of Governors of the Federal Reserve System (U.S.).
    2. Isard,Peter, 1995. "Exchange Rate Economics," Cambridge Books, Cambridge University Press, number 9780521466004, November.
    3. Isard,Peter, 1995. "Exchange Rate Economics," Cambridge Books, Cambridge University Press, number 9780521460477, November.
    4. Maurice Obstfeld and Kenneth Rogoff., 2000. "The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?," Center for International and Development Economics Research (CIDER) Working Papers C00-112, University of California at Berkeley.
    5. Reinhart, Carmen & Reinhart, Vincent, 2001. "What hurts most?: G-3 exchange rate or interest rate volatility," MPRA Paper 14098, University Library of Munich, Germany.
    6. Ronald MacDonald, 1997. "What Determines Real Exchange Rates? The Long and Short of it," IMF Working Papers 97/21, International Monetary Fund.
    7. Guillermo A. Calvo & Carmen M. Reinhart, 2002. "Fear of Floating," The Quarterly Journal of Economics, Oxford University Press, vol. 117(2), pages 379-408.
    8. Meese, R. & Rogoff, K., 1988. "Was It Real? The Exchange Rate-Interest Differential Ralation Over The Modern Floating-Rate Period," Working papers 368, Wisconsin Madison - Social Systems.
    9. Reinhart, Carmen & Reinhart, Vincent, 2002. "Is a G-3 Target Zone on Target for Emerging Markets?," MPRA Paper 7581, University Library of Munich, Germany.
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