The aim of this paper is to study the impact of terms of trade on real exchange rates for commodity exporters and oil exporters. To this end, we rely on panel cointegration techniques and estimate a long term relationship between the real effective exchange rate and economic fundamentals,...

Our object is to study the adjustment process of five European exchange rates toward their fundamentals on the 1979-1999 period. We consider two approaches, namely nonlinear cointegration and fractional cointegration, in order to discriminate between nonlinear short memory and linear long memory...

We argue that the main equilibrium exchange rate approaches (ppp, beer, and feer) correspond to different time horizons of a single theoretical framework. We propose an illustration for the euro/dollar exchange rate. Our results suggest that the various approaches should not be opposed but...

L?objet de cet article est d?étudier si les régimes de change des pays émergents ont tendance à être infléchis dans le sens d?une plus grande flexibilité lors des crises financières globales. Afin de tester cette hypothèse, nous évaluons le degré de flexibilité des taux de change par...