BOFIT Discussion Papers, Institute for Economies in Transition, Bank of Finland
Equilibrium exchange rates in Southeastern Europe, Russia, Ukraine and Turkey: Healthy or (Dutch) diseased?
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.
Keywords: Balassa-Samuelson; Dutch Disease; Bulgaria; Croatia; Romania; Russia; Ukraine; Turkey; (follow links to similar papers)
JEL-Codes: E31; O11; P17; (follow links to similar papers)
52 pages, June 27, 2005
Before downloading any of the electronic versions below
you should read our statement on
for viewing Postscript files and the
Acrobat Reader for viewing and printing pdf files.
Full text versions of the paper:
Questions (including download problems) about the papers in this series should be directed to Päivi Määttä ()
Report other problems with accessing this service to Sune Karlsson ()
or Helena Lundin ().
Design by Joachim Ekebom