Equilibrium exchange rates in Central and Eastern Europe : A meta-regression analysis

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Title: Equilibrium exchange rates in Central and Eastern Europe : A meta-regression analysis
Author: Égert, Balázs ; Halpern, László
Organization: Bank of Finland
Department / Unit: Institute for Economies in Transition (BOFIT)
Series: BOFIT Discussion Papers
Series number: 4/2005
Year of publication: 2005
Publication date: 5.5.2005
Published in: Published in Journal of Banking & Finance 30 (2006), pp. 1359-1374
Pages: 23 s.
Keywords: KIE; valuuttakurssit; Baltia; Bofit-kokoelma; uudet EU-maat
JEL: C15; E31; F31; O11; P17
Abstract: 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
Note: Ilmestynyt myös JOURNAL OF BANKING & FINANCE 2006 ; 30 ; 5 ; May. Ilmestynyt myös CEPR ; Discussion paper 4869
Rights: https://helda.helsinki.fi/bof/copyright

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