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Estimating the Equilibrium Real Exchange Rate

1997-09-01 Business & Economics
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Release : 1997-09-01
Genre : Business & Economics
Kind : eBook
Book Rating : 173/5 ( reviews)

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Book Synopsis Estimating the Equilibrium Real Exchange Rate by : Mr.Tarhan Feyzioglu

Download or read book Estimating the Equilibrium Real Exchange Rate written by Mr.Tarhan Feyzioglu. This book was released on 1997-09-01. Available in PDF, EPUB and Kindle. Book excerpt: An equilibrium exchange rate is here defined as the level that is consistent with simultaneous internal and external balances as specified in Montiel (1996). Exogenous “fundamental” variables determining these balances are identified. Along the lines of Edwards (1994), a reduced form is estimated with the cointegration technique for Finland for the period 1975-95. The estimation produced a reasonable set of equilibrium exchange rates that appreciate with positive shocks to the terms of trade, world real interest rates, and the productivity differential between Finland and its trading partners.

How Robust are Estimates of Equilibrium Real Exchange Rates

2006 Equilibrium (Economics)
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Release : 2006
Genre : Equilibrium (Economics)
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis How Robust are Estimates of Equilibrium Real Exchange Rates by : Steven Vincent Dunaway

Download or read book How Robust are Estimates of Equilibrium Real Exchange Rates written by Steven Vincent Dunaway. This book was released on 2006. Available in PDF, EPUB and Kindle. Book excerpt: Increased attention is being paid to assessments of the actual values of countries' real exchange rates relative to their "equilibrium" values as suggested by "fundamental" determining factors. This paper assesses the robustness of alternative approaches and models commonly used to derive equilibrium real exchange rate estimates. Using China's currency to illustrate this analysis, the variance in estimates raises serious questions regarding how robust the results are. The basic conclusion from the tests used here is that, at least for China, small changes in model specifications, explanatory variable definitions, and time periods used in estimation can lead to very substantial differences in equilibrium real exchange rate estimates. Thus, such estimates should be treated with great caution.

Estimating Egypt’s Equilibrium Real Exchange Rate

1998-01-01 Business & Economics
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Release : 1998-01-01
Genre : Business & Economics
Kind : eBook
Book Rating : 155/5 ( reviews)

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Book Synopsis Estimating Egypt’s Equilibrium Real Exchange Rate by : Mr.Joannes Mongardini

Download or read book Estimating Egypt’s Equilibrium Real Exchange Rate written by Mr.Joannes Mongardini. This book was released on 1998-01-01. Available in PDF, EPUB and Kindle. Book excerpt: In light of the real appreciation of the Egyptian pound over the last six years and Egypt’s lackluster export growth, questions of external competitiveness and exchange rate policy have arisen. This paper sheds light on these issues by estimating empirically Egypt’s equilibrium real exchange rate, that is, the rate that is consistent with fundamentals. The results show that, while the real exchange rate was substantially overvalued before 1993, today it is only moderately above the equilibrium rate. Moreover, the analysis shows that the recent appreciation of the pound does not indicate a worsening misalignment.

Estimation of the Equilibrium Real Exchange Rate for Malawi

2003-05-01 Business & Economics
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Release : 2003-05-01
Genre : Business & Economics
Kind : eBook
Book Rating : 789/5 ( reviews)

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Book Synopsis Estimation of the Equilibrium Real Exchange Rate for Malawi by : Mr.Johan Mathisen

Download or read book Estimation of the Equilibrium Real Exchange Rate for Malawi written by Mr.Johan Mathisen. This book was released on 2003-05-01. Available in PDF, EPUB and Kindle. Book excerpt: This paper computes Malawi's equilibrium real exchange rate as a function of its fundamentals as derived from economic theory. It finds evidence in favor of the equilibrium approach to exchange rate determination, with several variables (particularly government consumption and real per capita growth) found to drive movements in the time-varying equilibrium real exchange rate. The results also indicate that following a shock there is a rapid reversion of the real exchange rate to its time-varying equilibrium, with a half-life of reversion of about 11 months.

Estimating Equilibrium Exchange Rates

1994 Business & Economics
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Release : 1994
Genre : Business & Economics
Kind : eBook
Book Rating : 763/5 ( reviews)

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Book Synopsis Estimating Equilibrium Exchange Rates by : John Williamson

Download or read book Estimating Equilibrium Exchange Rates written by John Williamson. This book was released on 1994. Available in PDF, EPUB and Kindle. Book excerpt: The problems of exchange rate misalignments and the resulting payments imbalances have plagued the world economy for decades. At the Louvre Accord of 1987, the Group of Five industrial countries adopted a system of reference ranges for exchange rate management, influenced by proposals of C. Fred Bergstan and John Williamson for a target zone system. The reference range approach has, however, been operated only intermittently and half-heartedly, and questions continue to be raised in policy and scholarly circles about the design and operation of a full-fledged target zone regime. This volume, with chapters by leading international economists, explores one crucial issue in the design of a target zone system: the problem of calculating Williamson's concept of the fundamental equilibrium exchange rate (FEER). Williamson contributes an overview of the policy and analytic issues and a second chapter on his own calculations.

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