Estimating Equilibrium Exchange Rates
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| Author | : John Williamson |
| Publisher | : Peterson Institute |
| Total Pages | : 608 |
| Release | : 1994 |
| Genre | : Business & Economics |
| ISBN | : 9780881320763 |
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The problems of exchange rate misalignments and the resulting payments imbalances have plagued the world economy for decades. At the Louvre Accord of 1987, the Group of Five industrial countries adopted a system of reference ranges for exchange rate management, influenced by proposals of C. Fred Bergstan and John Williamson for a target zone system. The reference range approach has, however, been operated only intermittently and half-heartedly, and questions continue to be raised in policy and scholarly circles about the design and operation of a full-fledged target zone regime. This volume, with chapters by leading international economists, explores one crucial issue in the design of a target zone system: the problem of calculating Williamson's concept of the fundamental equilibrium exchange rate (FEER). Williamson contributes an overview of the policy and analytic issues and a second chapter on his own calculations.
| Author | : Mr.Tarhan Feyzioglu |
| Publisher | : International Monetary Fund |
| Total Pages | : 25 |
| Release | : 1997-09-01 |
| Genre | : Business & Economics |
| ISBN | : 1451853173 |
Download Estimating the Equilibrium Real Exchange Rate Book in PDF, Epub and Kindle
An equilibrium exchange rate is here defined as the level that is consistent with simultaneous internal and external balances as specified in Montiel (1996). Exogenous “fundamental” variables determining these balances are identified. Along the lines of Edwards (1994), a reduced form is estimated with the cointegration technique for Finland for the period 1975-95. The estimation produced a reasonable set of equilibrium exchange rates that appreciate with positive shocks to the terms of trade, world real interest rates, and the productivity differential between Finland and its trading partners.
| Author | : Tino Berger |
| Publisher | : |
| Total Pages | : |
| Release | : 2009 |
| Genre | : |
| ISBN | : |
Download A New Approach to Estimating Equilibrium Exchange Rates for Small Open Economies Book in PDF, Epub and Kindle
| Author | : Balázs Égert |
| Publisher | : |
| Total Pages | : 63 |
| Release | : 2007 |
| Genre | : |
| ISBN | : |
Download Equilibrium Exchange Rates in the Transition Book in PDF, Epub and Kindle
This paper sets out to estimate equilibrium real exchange rates for the Czech Republic, Hungary, Poland, Slovakia and Slovenia. A theoretical model is developed that provides an explanation for the appreciation of the real exchange rate based on tradable prices in the acceding countries. Our model can be considered as a competing but also completing framework to the traditional Balassa-Samuelson model. With this as a background, alternative cointegration methods are applied to time series (Engle-Granger, DOLS, ARDL and Johansen) and to three small-size panels (pooled and fixed effect OLS, DOLS, PMGE and MGE), which leaves us with around 5,000 estimated regressions. This enables us to examine the uncertainty surrounding estimates of equilibrium real exchange rates and the size of the underlying real misalignments.
| Author | : Ronald MacDonald |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 364 |
| Release | : 1999-07-31 |
| Genre | : Business & Economics |
| ISBN | : 9780792384243 |
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How successful is PPP, and its extension in the monetary model, as a measure of the equilibrium exchange rate? What are the determinants and dynamics of equilibrium real exchange rates? How can misalignments be measured, and what are their causes? What are the effects of specific policies upon the equilibrium exchange rate? The answers to these questions are important to academic theorists, policymakers, international bankers and investment fund managers. This volume encompasses all of the competing views of equilibrium exchange rate determination, from PPP, through other reduced form models, to the macroeconomic balance approach. This volume is essentially empirical: what do we know about exchange rates? The different econometric and theoretical approaches taken by the various authors in this volume lead to mutually consistent conclusions. This consistency gives us confidence that significant progress has been made in understanding what are the fundamental determinants of exchange rates and what are the forces operating to bring them back in line with the fundamentals.
| Author | : Omar Al Shehabi |
| Publisher | : INTERNATIONAL MONETARY FUND |
| Total Pages | : 21 |
| Release | : 2008-04-01 |
| Genre | : |
| ISBN | : 9781451869705 |
Download Estimating Equilibrium Exchange Rates for Armenia and Georgia Book in PDF, Epub and Kindle
The significant real exchange rate appreciation in Armenia and Georgia since 2003, coupled with persistent current account deficits, raises the question of whether real exchange rates have become overvalued. This paper seeks to identify possible exchange rate misalignment by applying the behavioral equilibrium exchange rate approach, complemented by an analysis of the traditional competitiveness indicators. The results indicate an undervaluation of the Armenian dram and no significant misalignment of the Georgian lari in 2006.
| Author | : Ms.Elena Loukoianova |
| Publisher | : International Monetary Fund |
| Total Pages | : 23 |
| Release | : 2007-07-01 |
| Genre | : Business & Economics |
| ISBN | : 1451867190 |
Download Estimation of a Behavioral Equilibrium Exchange Rate Model for Ghana Book in PDF, Epub and Kindle
The paper estimates a behavioral equilibrium exchange rate model for Ghana. Regression results show that most of the REER's long-run behavior can be explained by real GDP growth, real interest rate differentials (both relative to trading-partner countries), and the real world prices of Ghana's main export commodities. On the basis of these fundamentals, the REER in late 2006 was found to be very close to its estimated equilibrium level. The results also suggest, that deviations from the equilibrium path are eliminated within two to three years.
| Author | : Omar Al Shehabi |
| Publisher | : |
| Total Pages | : |
| Release | : 2008 |
| Genre | : Electronic books |
| ISBN | : |
Download IMF Working Papers Book in PDF, Epub and Kindle
| Author | : Mr.Johan Mathisen |
| Publisher | : International Monetary Fund |
| Total Pages | : 26 |
| Release | : 2003-05-01 |
| Genre | : Business & Economics |
| ISBN | : 1451852789 |
Download Estimation of the Equilibrium Real Exchange Rate for Malawi Book in PDF, Epub and Kindle
This paper computes Malawi's equilibrium real exchange rate as a function of its fundamentals as derived from economic theory. It finds evidence in favor of the equilibrium approach to exchange rate determination, with several variables (particularly government consumption and real per capita growth) found to drive movements in the time-varying equilibrium real exchange rate. The results also indicate that following a shock there is a rapid reversion of the real exchange rate to its time-varying equilibrium, with a half-life of reversion of about 11 months.
| Author | : Peter Isard |
| Publisher | : International Monetary Fund |
| Total Pages | : 54 |
| Release | : 2007-12 |
| Genre | : Business & Economics |
| ISBN | : |
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The paper describes six different methodologies that have been used to assess the equilibrium values of exchange rates and discusses their limitations. It applies several of the approaches to data for the United States as of 2006, illustrates that different approaches sometimes provide substantially different assessments, and asks which methodologies deserve the most weight in such situations. It argues that while it is generally desirable to consider the implications of several different approaches, since different approaches provide different types of perspectives, two of the methodologies seem particularly relevant for identifying threats to macroeconomic stability and growth.
