Fundamentals and technical trading : behaviour of exchange rates in the CEECs

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Title: Fundamentals and technical trading : behaviour of exchange rates in the CEECs
ISBN: 952-462-278-5
Author: Bask, Mikael ; Fidrmuc, Jarko
Organization: Suomen Pankki
Series: Bank of Finland Research Discussion Papers
ISSN: 1456-6184
Series year: 2006
Series number: 10/2006
Year of publication: 2006
Publication date: 1.4.2006
Published in: Published in Open Economies Review, Volume 20, Issue 5, November 2009, Pages 589-605
Pages: 24 s.
Keywords: valuuttakurssit; valuuttamarkkinat; mallit; valuuttakauppa; KIE; Itä-Eurooppa; Tsekki; Puola; Slovakia; Romania;
JEL: C23; F31; F36
Abstract: We present a model of exchange rates, which incorporates the monetary approach and technical trading, and we present the reduced form based on the minimal state variable solution, where both fundamentals and backward-looking term determine the spot exchange rates.Finally, we estimate the impact of the monetary fundamentals for a panel of Central and Eastern European countries (Czech Republic, Poland, Romania and Slovakia) in the second half of the 1990s as well as the complete model of exchange rate determination for daily data over the more recent free-floating period.Key words: foreign exchange market, fundamental analysis, panel cointegration, technical analysis JEL classification numbers: C23, F31, F36
Note: Ilmestynyt myös OPEN ECONOMIES REVIEW 2009 ; 20 ; 5.
Rights: https://helda.helsinki.fi/bof/copyright


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