Gelman, Maria; Jochem, Axel; Reitz, Stefan - Deutsche Bundesbank - 2013
with a standard effective exchange rate deflated by goods prices we find that only the former exhibits an influence on the … exchange rate is cointegrated with net foreign holdings of its assets. Comparing the empirical performance of the new index … weighted average of cross-country asset price ratios. The empirical analysis reveals that a country's real financial effective …