Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/264698 
Erscheinungsjahr: 
2005
Schriftenreihe/Nr.: 
Working Paper No. 106
Verlag: 
Oesterreichische Nationalbank (OeNB), Vienna
Zusammenfassung: 
In this paper we present an overview of a number of issues relating to the equilibrium exchange rates of transition economies of the former soviet bloc. In particular, we present a critical overview of the various methods available for calculating equilibrium exchange rates and discuss how useful they are likely to be for the transition economies. Amongst our findings is the result that the trend appreciation usually observed for the exchange rates of these economies is affected by factors other than the usual Balassa-Samuelson effect, such as the behaviour of the real exchange rate of the open sector and regulated prices. We then consider three main sources of uncertainty relating to the implementation of an equilibrium exchange rate model, namely: differences in the theoretical underpinnings; differences in the econometric estimation techniques; and differences relating to the time series and cross-sectional dimensions of the data. The ensuing three-dimensional space of real misalignments is probably a useful tool in determining the direction of a possible misalignment rather than its precise size.
Schlagwörter: 
equilibrium exchange rate
Purchasing Power Parity
trend appreciation
Balassa-Samuelson
JEL: 
C15
E31
F31
O11
P17
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
841.51 kB





Publikationen in EconStor sind urheberrechtlich geschützt.