Equilibrium exchange rates in Southeastern Europe, Russia, Ukraine and Turkey : healthy or (Dutch) diseased?

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Title: Equilibrium exchange rates in Southeastern Europe, Russia, Ukraine and Turkey : healthy or (Dutch) diseased?
Author: Égert, Balázs
Organization: Bank of Finland
Department / Unit: Institute for Economies in Transition (BOFIT)
Series: BOFIT Discussion Papers
Series number: 3/2005
Year of publication: 2005
Publication date: 5.4.2005
Published in: Published in Economic Systems vol. 29, no 2 (2005), pp. 123-282
Pages: 47 s.
Keywords: valuuttakurssit; Venäjä; Turkki; Ukraina; Bulgaria; Romania; Kroatia; Itä-Eurooppa; Bofit-kokoelma
JEL: E31; O11; P17
Abstract: This paper investigates the equilibrium exchange rates of three Southeastern European countries (Bulgaria, Croatia and Romania), of two CIS economies (Russia and Ukraine) and of Turkey.A systematic approach in terms of different time horizons at which the equilibrium exchange rate is assessed is conducted, combined with a careful analysis of country-specific factors.For Russia, a first look is taken at the Dutch Disease phenomenon as a possible driving force behind equilibrium exchange rates.A unified framework including productivity and net foreign assets completed with a set control variables such as openness, public debt and public expenditures is used to compute total real misalignment bands. JEL: E31, O11, P17 Keywords: Balassa-Samuelson, Dutch Disease, Bulgaria, Croatia, Romania, Russia, Ukraine, Turkey
Rights: https://helda.helsinki.fi/bof/copyright


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