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Long-run Exchange Rate Sensitivity of Serbian Exports and Imports

Listed author(s):
  • Nikola Tasic

    (National Bank of Serbia)

  • Miroslav Zdravkovic

    (National Bank of Serbia)

Registered author(s):

    Motivated by the theory that suggests that Serbian exporters bear a burden of “strong” dinar, this paper investigates the relationship between exchange rate and foreign trade. The contribution of this paper is the estimate of the long-run impact of exchange rate on exports and imports for several industry groups. The estimated elasticity of exports with respect to real exchange rate is about 0.5, suggesting that the potential changes in the exchange rate policy would yield relatively small benefits for exporters. On the other hand, long-run relationship of imports and the exchange rate is not confirmed, while the aggregate wages, salaries, and pensions have the strongest effect on imports in the long run.

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    Paper provided by National Bank of Serbia in its series Working papers with number 16.

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    Length: 19 pages
    Date of creation: Sep 2008
    Handle: RePEc:nsb:wpaper:16
    Contact details of provider: Postal:
    National Bank of Serbia, 12 Kralja Petra St, 11 000 Belgrade, Republic of Serbia

    Phone: 381-11/3248-841
    Fax: 381-11/3234-120
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