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Bilateral Equilibrium Exchange Rates of the EU Accession Countries against the Euro

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  • Jörg Rahn


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    In this paper we apply two different concepts (BEER and PEER) to calculate real equilibrium exchange rates for fiveEast and Central European EU accession countries. From the results bilateral nominal equilibrium exchange rates againstthe euro are obtained through an algebraic transformation. Furthermore, panel cointegration techniques are used to checkthe adequacy of the empirical model. The results indicate a substantial overvaluation of the real exchange rate inseveral EU accession countries. The magnitude of overvaluation turns out to be even higher when the exchange rate isexpressed in nominal terms against the euro.

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    Paper provided by Hamburg University, Department of Economics in its series Quantitative Macroeconomics Working Papers with number 20306.

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    Date of creation: Jun 2003
    Handle: RePEc:ham:qmwops:20306
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