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Real Exchange Rates and Exchange Rate Policy in Hungary

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  • Halpern, László

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 the explanation of real exchange rates. There is very limited scope for policy intervention to constrain the negative effects of capital inflow without incurring other costs.

Suggested Citation

  • Halpern, László, 1996. "Real Exchange Rates and Exchange Rate Policy in Hungary," CEPR Discussion Papers 1366, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:1366
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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

    Keywords

    Exchange Rate Policy; Hungary; Real Exchange Rate;

    JEL classification:

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

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