Real Convergence in Central and Eastern European EU Member States : Which Role for Exchange Rate Volatility?
This paper analyzes the relation between exchange rate volatility and several macroeconomic variables, namely real per capita output growth, the credit cycle, the stock of inward foreign direct investment (FDI) and the current account balance, in the Central and Eastern European EU Member States. Using panel estimations for the period between 1995 and 2006, we find that lower exchange rate volatility is associated with higher growth (for relatively less financially developed economies), higher stocks of FDI (for relatively more open economies), higher current account deficits, and a more volatile development of the credit to GDP ratio
Year of publication: |
[2008]
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Authors: | Arratibel, Olga |
Other Persons: | Furceri, Davide (contributor) ; Martin, Reiner (contributor) |
Publisher: |
[2008]: [S.l.] : SSRN |
Subject: | Wechselkurs | Exchange rate | EU-Mitgliedschaft | EU membership | Volatilität | Volatility | Wechselkurspolitik | Exchange rate policy | Außenwirtschaftliches Gleichgewicht | External balance | Auslandsinvestition | Foreign investment | Wirtschaftswachstum | Economic growth | Politikkonvergenz | Policy convergence | Kreditmarkt | Credit market | Wirtschaftliche Konvergenz | Economic convergence |
Saved in:
freely available
Extent: | 1 Online-Ressource (39 p) |
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Series: | ECB Working Paper ; No. 929 |
Type of publication: | Book / Working Paper |
Language: | English |
Notes: | Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September 18, 2008 erstellt |
Other identifiers: | 10.2139/ssrn.1219522 [DOI] |
Classification: | F3 - International Finance ; F4 - Macroeconomic Aspects of International Trade and Finance ; F5 - International Relations and International Political Economy |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10012770727