In a unified theoretical framework introduced by López-Villavicencio et al. [2012], we analyze the two main models of equilibrium exchange rate, namely, the fundamental equilibrium exchange rate (feer) and the behavioral equilibrium exchange rate (beer). To understand the interactions between...

Macroeconomic adjustments at the world level are analysed with a ?stock flow consistent? three countries model in the lines of Godley and Lavoie [2004] and Zhao and Lavoie [2008]. Two versions are considered, the first one with a fixed yuan-dollar parity, but with the possibility of introducing...

This article focuses on capital mobility highlighted through foreign direct investment ( FDI ) as an adjustment mechanism among EU members. The determinants of intra-european FDI and their impact on country specialisation are successively considered, discerning counterbalancing and...

Estimation of equilibrium exchange rates is conducted for the three main Asian currencies (Japan, China, South Korea) with theoretical framework of Williamson [1994]. It highlights the problems of regional monetary cooperation that have gained momentum after the outbreak of the 1997-1998...

The real exchange rates of ceecs have been appreciating for the last decade, especially when measured by consumer prices. We argue that the size of this appreciation is linked to the exchange rate regime, the pegged currencies being more prone to this phenomenon in the long run. We also show...