NDLI: Exchange rate and long run equilibrium in transition economies

Content Provider	Springer Nature Link
Author	Pons, Jordi Sardà Lacasta, Ma José Pérez
Copyright Year	2003
Abstract	The purpose of this paper is to calculate pruchasing power parity rates and the real exchange rate using several methods of calculation to estimate long-run equilibrium real exchange rates in transition economies, mainly in Eastern European countries considered in transition, such as Poland. The authors calculate different measures of exchange rate misalignment (absolute and relative deviations from long-run equilibrium). Each measure is calculated using different price indices, which include consumer price indices, GDP deflactor, and unit labor cost. The expected values of these variables are used. To calculate the long-run equilibrium, different methods such as an error correction equation and a forward-looking model are utilized, and again, the expected values of the variables are introduced along with new variables. The estimation of the long-run cointegration equation of the equilibrium real exchange rate and the corresponding dynamic error correction specification strongly corroborates the model and produced fairly consistent results across the countries under study. Using appropriated proxies, the estimated long run equations were used to derive indices of the equilibrium real exchange rate.
Starting Page	35
Ending Page	47
Page Count	13
File Format	PDF
ISSN	10830898
Journal	International Advances in Economic Research
Volume Number	9
Issue Number	1
e-ISSN	1573966X
Language	English
Publisher	Kluwer Academic Publishers
Publisher Date	2003-01-01
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Economics general Economic Growth International Economics Macroeconomics/Monetary Economics Microeconomics
Content Type	Text
Resource Type	Article
Subject	Economics and Econometrics

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