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Author :
Publisher :
ISBN 13 : 9789516869288
Total Pages : 29 pages
Book Rating : 4.8/5 (692 download)
Download or read book Bilateral Equilibrium Exchange Rates of EU Accession Countries Against the Euro written by and published by . This book was released on 2003 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jörg Rahn
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Bilaterial Equilibrium Exchange Rates of EU Accession Countries Against the Euro written by Jörg Rahn and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We apply BEER and PEER approaches to calculate real equilibrium exchange rates for five EU accession countries in central and east Europe. Bilateral nominal equilibrium exchange rates against the euro are obtained through algebraic transformation of the results. Panel cointegration techniques are used to check the adequacy of the empirical model. The results reveal substantial overvaluations of the real exchange rate in several EU accession countries. Overvaluation is even higher when these exchange rates are expressed in nominal terms against the euro.
Author : Isabell Koske
Publisher : Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften
ISBN 13 :
Total Pages : 212 pages
Book Rating : 4.3/5 ( download)
Download or read book Equilibrium Exchange Rate Models, the Euro and the 2004 Expansion of the EU written by Isabell Koske and published by Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften. This book was released on 2007 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the launch of the euro in 1999, researchers, policy makers, and business analysts have put great interest in the evolution of the external value of the euro. In 2004 the European Monetary Union expanded its membership with the accession of ten countries from central and eastern Europe and the Mediterranean. As these countries are committed to adopt the euro as soon as they fulfill the Maastricht criteria, knowing their currencies' equilibrium value is of great policy interest. This study addresses these questions by deriving equilibrium exchange rate paths for the euro and for the currencies of the new EU member countries. Specifically, one part investigates in how far variations in seven bilateral nominal euro exchange rates can be explained by monetary factors and then estimates the equilibrium path of the real effective exchange rate of the euro based on the NATREX approach. The final chapters derive equilibrium exchange rate paths for the currencies of the Czech Republic, Hungary, Poland, Slovenia, Slovakia, and the three Baltic countries using a small country version of the NATREX model.
Author : Jörg Rahn
Publisher : Peter Lang Publishing
ISBN 13 :
Total Pages : 204 pages
Book Rating : 4.3/5 ( download)
Download or read book Equilibrium Exchange Rates of Central and Eastern European Countries on the Road to the European Monetary Union written by Jörg Rahn and published by Peter Lang Publishing. This book was released on 2005 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: The upcoming enlargement of the European Monetary Union involves the selection of appropriate reference rates at which the exchange rates of the accession countries will be fixed against the euro in order to avoid economic distortions as consequences of serious exchange rate misalignments. Determination of an exchange rate that is neither undervalued nor overvalued raises the issue of equilibrium exchange rates. Based on time series as well as panel estimation techniques three different concepts - BEER, PEER and PPP - are applied in this study to calculate equilibrium exchange rate levels for ten Central and Eastern European countries. The results indicate significant real misalignments in a number of accession countries.
Author : Mr.Angel J. Ubide
Publisher : International Monetary Fund
ISBN 13 : 1451858736
Total Pages : 44 pages
Book Rating : 4.4/5 (518 download)
Download or read book Global Equilibrium Exchange Rates written by Mr.Angel J. Ubide and published by International Monetary Fund. This book was released on 1999-12-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a methodology for calculating bilateral equilibrium exchange rates for a panel of currencies in a way that guarantees global consistency. The methodology has three parts: a theoretical model that encompasses the balance of payments and the Balassa-Samuelson approaches to real exchange rate determination; an unobserved components decomposition in a cointegration framework that identifies a time-varying equilibrium real exchange rate; and an algebraic transformation that extracts bilateral equilibrium nominal rates. The results uncover that, by the start of Stage III of the European Economic and Monetary Union (EMU), the euro was significantly undervalued against the dollar and the pound, but overvalued against the yen. The paper also shows that the four major EMU currencies locked their parities with the euro at a rate close to equilibrium.
Author : Richard E. Baldwin
Publisher : Springer Science & Business Media
ISBN 13 : 1475734077
Total Pages : 281 pages
Book Rating : 4.4/5 (757 download)
Download or read book Economic Impact of EU Membership on Entrants written by Richard E. Baldwin and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: As part of its EU strategy, the Swiss government commissioned several research projects covering the most important aspects of economic integration. Given the interesting results and the wealth of methods used in these studies we decided to organize a conference on the topic of 'The Economic Impact of EU Membership on Entrants: New Methods and Issues". The idea was to use the work on Switzerland as a case study for discussing modern approaches on how to assess the economic effects of joining an integration zone. This seemed to us to be a topic of considerable interest for the rising number of prospective EU-member countries. The response was very favourable with many eminent scholars agreeing to contribute. The conference took place in Lausanne, Switzerland in October 1999 and the papers submitted together with the discussions are published in this volume. We would like to acknowledge the financial support of the Swiss State Secretariat for Economic Affairs and to thank the University of Lausanne for providing the venue facilities for the conference. Many persons helped in the preparation of the conference and this volume but we would like to especially mention Marc Surchat who provided substantial input for the conference and Walter Brodmann who very efficiently reviewed and finalized the manuscript. The Editors RICHARD E. BALDWIN AND A YMO BRUNETTI THE ECONOMIC IMPACT OF EU MEMBERSHIP ON ENTRANTS: NEW METHODS AND ISSUES INTRODUCTION What a transformation Europe has witnessed in the past 15 years.
Author : Enrique Alberola
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (129 download)
Download or read book Global Equilibrium Exchange Rates written by Enrique Alberola and published by . This book was released on 2006 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a methodology for calculating bilateral equilibrium exchange rates for a panel of currencies in a way that guarantees global consistency. The methodology has three parts: a theoretical model that encompasses the balance of payments and the Balassa-Samuelson approaches to real exchange rate determination; an unobserved components decomposition in a cointegration framework that identifies a time-varying equilibrium real exchange rate; and an algebraic transformation that extracts bilateral equilibrium nominal rates. The results uncover that, by the start of Stage III of the European Economic and Monetary Union (EMU), the euro was significantly undervalued against the dollar and the pound, but overvalued against the yen. The paper also shows that the four major EMU currencies locked their parities with the euro at a rate close to equilibrium.
Author : A. Deardorff
Publisher : Springer
ISBN 13 : 0230522866
Total Pages : 240 pages
Book Rating : 4.2/5 (35 download)
Download or read book The Past, Present and Future of the European Union written by A. Deardorff and published by Springer. This book was released on 2004-05-11 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume collects selected papers on the European Union from the 13th Congress of the International Economic Association held in Lisbon, September 2002. It starts with an address by Romano Prodi, President of the European Commission, who sets the tone for the other papers by describing and evaluating two of the greatest accomplishments of the EU: economic and monetary union, and EU enlargement. Other authors deal in detail with various aspects of these and other issues, using a mixture of theoretical, empirical, and other tools.
Author : Jarko Fidrmuc
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Monetary Approach to Exchange Rates in the Ceecs written by Jarko Fidrmuc and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A panel data set for six Central and Eastern European countries (the Czech Republic, Hungary, Poland, Romania, Slovakia and Slovenia) is used to estimate the monetary exchange rate model with panel cointegration methods, including the Pooled Mean Group estimator, the Fully Modified Least Square estimator and the Dynamic Least Square estimator. The monetary model is able to convincingly explain the long-run dynamics of exchange rates in CEECs, particularly when this is supplemented by a Balassa-Samuelson effect. We then use our long-run monetary estimates to compute equilibrium exchange rates. Finally, we discuss the implications for the accession of selected countries to the European Economic and Monetary Union.
Author : Fabrizio Coricelli
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Exchange Rate Policy During Transition to the European Monetary Union written by Fabrizio Coricelli and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries of central eastern Europe which are candidates for accession to the European Union face fundamental challenges in the conduct of macroeconomic policies. These countries are characterized by growth rates faster than those of EU countries, along with large current account deficits and an equilibrium appreciation of the real exchange rate. In such a context, an early adoption of the euro may be beneficial to central eastern European countries, while the ERM-II system and the Maastricht criterion on inflation may give rise to serious drawbacks for candidate countries.
Author : Balázs Égert
Publisher :
ISBN 13 :
Total Pages : 82 pages
Book Rating : 4.:/5 (129 download)
Download or read book Assessing Equilibrium Exchange Rates in CEE Acceding Countries written by Balázs Égert and published by . This book was released on 2007 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Balázs Égert
Publisher :
ISBN 13 :
Total Pages : 94 pages
Book Rating : 4.:/5 (249 download)
Download or read book Estimating the Fundamental Equilibrium Exchange Rate of Central and Eastern European Countries written by Balázs Égert and published by . This book was released on 2003 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Fabio M. Natalucci
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (248 download)
Download or read book The Road to Adopting the Euro written by Fabio M. Natalucci and published by . This book was released on 2002 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Enrique Alberola
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (12 download)
Download or read book Equilibrium Exchange Rates in the New EU Members written by Enrique Alberola and published by . This book was released on 2007 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : P. Karadeloglou
Publisher : Springer
ISBN 13 : 0230582699
Total Pages : 255 pages
Book Rating : 4.2/5 (35 download)
Download or read book Exchange Rates and Macroeconomic Dynamics written by P. Karadeloglou and published by Springer. This book was released on 2008-02-13 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at the PPP persistence puzzle, and econometric aspects of exchange rate dynamics and their implications. It also explores the importance of exchange rate dynamics in the pass-through effects (PTE) and the econometric aspects of the exchange rates dynamics linked to structural shocks on different economies.
Author : Aleš Buliř
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (318 download)
Download or read book Exchange Rates in the New EU Accession Countries written by Aleš Buliř and published by . This book was released on 2005 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alberto Alesina
Publisher : University of Chicago Press
ISBN 13 : 9780226012834
Total Pages : 476 pages
Book Rating : 4.0/5 (128 download)
Download or read book Europe and the Euro written by Alberto Alesina and published by University of Chicago Press. This book was released on 2010-04-01 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is rare for countries to give up their currencies and thus their ability to influence such critical aspects of their economies as interest and exchange rates. Yet ten years ago a number of European countries did exactly that when they adopted the euro. Despite some dissent, there were a number of arguments in favor of this policy change: it would facilitate exchange of goods, money, and people by decreasing costs; it would increase trade; and it would enhance efficiency and competitiveness at the international level. A decade is an ideal time frame over which to evaluate the success of the euro and whether it has lived up to expectations. To that aim, Europe and the Euro looks at a number of important issues, including the effects of the euro on reform of goods and labor markets; its influence on business cycles and trade among members; and whether the single currency has induced convergence or divergence in the economic performance of member countries. While adoption of the euro may not have met the expectations of its most optimistic proponents, the benefits have been many, and there is reason to believe that the euro is robust enough to survive recent economic shocks. This volume is an essential reference on the first ten years of the euro and the workings of a monetary union.
