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Real exchange rate and exchange rate policy in Hungary

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  • László Halpern

Abstract

Five real exchange rate indicators are computed to assess the international competitiveness of Hungarian industry. These indicators are explained in econometric equations by employment, unemployment, productivity, interest spread and real producer wage. Causality tests reveal that external performance has an impact on real exchange rates, and contributes to explaining real exchange rates. There is very limited scope for policy intervention to constrain the negative effects of capital inflows without incurring other costs. Copyright 1996 The European Bank for Reconstruction and Development.

Suggested Citation

  • László Halpern, 1996. "Real exchange rate and exchange rate policy in Hungary," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 4(1), pages 211-228, May.
  • Handle: RePEc:bla:etrans:v:4:y:1996:i:1:p:211-228
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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-0351.1996.tb00169.x
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    References listed on IDEAS

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    1. Halpern, László & Wyplosz, Charles, 1995. "Equilibrium Real Exchange Rates in Transition," CEPR Discussion Papers 1145, C.E.P.R. Discussion Papers.
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    Cited by:

    1. Frait, Jan & Komárek, Luboš, 2002. "Theoretical And Empirical Analysis Of The Debt-Adjusted Real Exchange Rate In Selected Transition Economies During 1994-2001," The Warwick Economics Research Paper Series (TWERPS) 646, University of Warwick, Department of Economics.
    2. Michel Aglietta & Virginie Coudert & Camille Baulant, 1999. "Compétitivité et régime de change en Europe centrale," Revue Économique, Programme National Persée, vol. 50(6), pages 1221-1236.
    3. Frait , Jan & Komárek, Luboš, 2001. "REAL Exchange rate trends in transitional countries," The Warwick Economics Research Paper Series (TWERPS) 596, University of Warwick, Department of Economics.

    More about this item

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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