BOFIT Discussion Papers, Institute for Economies in Transition, Bank of Finland
No 4/2005:
Equilibrium exchange rates in Central and Eastern Europe: A meta-regression analysis
Balázs Égert ()
and László Halpern
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.
Keywords: equilibrium exchange rate; Balassa-Samuelson effect; meta-analysis; (follow links to similar papers)
JEL-Codes: C15; E31; F31; O11; P17; (follow links to similar papers)
27 pages, June 29, 2005
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