BOFIT Discussion Papers, Institute for Economies in Transition, Bank of Finland
Assessing equilibrium exchange rates in CEE acceding countries: Can we have DEER with BEER without FEER? A critical survey of the literature
Abstract: The ambition of this paper is to provide a thorough
overview of equilibrium exchange rates in the acceding countries of Central
and Eastern Europe. Therefore, theoretical models of equilibrium exchange
rates are reviewed first and presented in a structured way. Subsequently,
the existing body of the empirical literature aimed at investigating real
exchange rate determination and possible misalignments is analyzed in a
systematic manner. Finally, an attempt is made to sum up where we stand at
the moment and what the major shortcomings of the approaches currently used
in the literature are.
82 pages, February 2, 2004
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