Equilibrium exchange rates in Central and Eastern Europe : A meta-regression analysis
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Title:
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Equilibrium exchange rates in Central and Eastern Europe : A meta-regression analysis |
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Author:
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Égert, Balázs
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Halpern, László
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Organization:
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Bank of Finland
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Department / Unit:
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Institute for Economies in Transition (BOFIT)
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Series:
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BOFIT Discussion Papers
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Series number:
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4/2005 |
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Year of publication:
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2005 |
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Publication date:
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5.5.2005 |
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Published in:
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Published in Journal of Banking & Finance 30 (2006), pp. 1359-1374 |
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Pages:
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23 s. |
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Keywords:
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KIE; valuuttakurssit; Baltia; Bofit-kokoelma; uudet EU-maat
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JEL:
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C15; E31; F31; O11; P17
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Abstract:
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This paper analyses the ever-growing literature on equilibrium exchange rates in the new EU member states of Central and Eastern Europe in a quantitative manner using meta-regression analysis.The results indicate that the real misalignments reported in the literature are systematically influenced, inter alia, by the underlying theoretical concepts (Balassa-Samuelson effect, Behavioural Equilibrium Exchange Rate, Fundamental Equilibrium Exchange Rate) and by the econometric estimation methods.The important implication of these findings is that a systematic analysis is needed in terms of both alternative economic and econometric specifications to assess equilibrium exchange rates. JEL: C15, E31, F31, O11, P17. Keywords: equilibrium exchange rate, Balassa-Samuelson effect, meta-analysis |
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Note:
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Ilmestynyt myös JOURNAL OF BANKING & FINANCE 2006 ; 30 ; 5 ; May. Ilmestynyt myös CEPR ; Discussion paper 4869 |
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Rights:
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https://helda.helsinki.fi/bof/copyright
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