On the determinants of exchange rate misalignments
The literature on exchange rate misalignments as well as on exchange rate determinants is very extensive. To our knowledge, however, no study has analysed the determinants of exchange rate misalignments. As huge capital inflows have been pouring into emerging countries since the climax of the crisis, exchange rate misalignments are becoming a crucial issue for policymakers. For a large panel of emerging and industrialized countries and over the period 1982--2008, we identify, empirically, the main determinants of exchange rate misalignments obtained thanks to a FEER approach. Our analysis put forward trade openness, financial openness and regional specialization as determinant variables of exchange rate misalignments.
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Volume (Year): 20 (2013)
Issue (Month): 18 (December)
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