BOFIT Discussion Papers, Institute for Economies in Transition, Bank of Finland
No 8/2005:
Exchange rate regimes, foreign exchange volatility and export performance in Central and Eastern Europe: Just another blur project?
Balázs Égert ()
and Amalia Morales-Zumaquero ()
Abstract: This paper attempts to analyze the direct impact of
exchange rate volatility on the export performance of ten Central and
Eastern European transition economies as well as its indirect impact via
changes in exchange rate regimes. Not only aggregate but also bilateral and
sectoral export flows are studied. To this end, we first analyze shifts in
exchange rate volatility linked to changes in the exchange rate regimes and
second, use these changes to construct dummy variables we include in our
export function. The results suggest that the size and the direction of the
impact of forex volatility and of regime changes on exports vary
considerably across sectors and countries and that they may be related to
specific periods.
Keywords: exchange rate volatility; export; trade; transition; structural breaks; (follow links to similar papers)
JEL-Codes: F31; (follow links to similar papers)
37 pages, July 11, 2005
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