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A convergence-sensitive optimum-currency-area index
Skořepa, Michal - Institut ekonomických studií, Univerzita Karlova v Praze - 2011
A number of authors have used the concept of an optimum currency area (or OCA) index to assess the relative proximity of various pairs of economies to the ideal of an optimum currency area. Alas, a significant deficiency of this approach as used so far is that it provides no room for long-term...
Persistent link: https://www.econbiz.de/10009210902
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European Real Exchange Rates after Bretton Woods: A Re-examination
Rey, Serge; Varachaud, Pascal - In: Journal of Economic Integration 17 (2002), pp. 185-221
This paper examines the hypothesis of Purchasing Power Parity (PPP), i.e. the proposition that the equilibrium real exchange rate is a constant in the long run, in the case of Europe of the 15. For that purpose, we study the statistical properties of 14 European bilateral real exchange rates...
Persistent link: https://www.econbiz.de/10010840685
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On the Way to European Union: Nominal and Real Convergence in Transition Countries
Frait, Jan; Komárek, Luboš - In: Czech Journal of Economics and Finance (Finance a uver) 51 (2001) 6, pp. 330-347
The paper provides an introduction to essays published in this volume, which focus on nominal and real convergence in transition countries. The paper is based on the idea that the process of convergence can, to a large extent, be viewed via developments in real exchange rates. Key issues...
Persistent link: https://www.econbiz.de/10008549861
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The Timing of EU Expansion and the Real Exchange Rate
Cavelaars, P.A.D. - de Nederlandsche Bank - 2003
This paper analyses the impact of the timing of EU expansion on the real exchange rate between the accession countries' currencies and the euro. I ¯nd that the real exchange rate response to EU accession is smaller in the case of a postponed accession, as postponement gives the regions more...
Persistent link: https://www.econbiz.de/10005106797
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Troubles in the Euro Area Periphery: The View through the Lens of a Simple Convergence-Sensitive Optimum Currency Area Index
SKOREPA, Michal - In: Czech Journal of Economics and Finance (Finance a uver) 63 (2013) 2, pp. 129-151
The concept of an optimum-currency-area (or OCA) index has often been used to assess the relative proximity of various pairs of economies to the ideal of an optimum currency area. In this paper, we suggest improving the construction of the index in several ways, primarily by making it sensitive...
Persistent link: https://www.econbiz.de/10010665472
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Chocs externes et ajustements des taux de change réels européens
Bouoiyour, Jamal; Rey, Serge - Volkswirtschaftliche Fakultät, … - 1995
This paper asks whether external shocks (U.S. interest rates, U.S. industrial production, U.S. stocks prices and world industrial material price) have asymmetric effects on European relative prices (real exchange rates). On 1979-1993 period, the paper finds that two groups of countries may be...
Persistent link: https://www.econbiz.de/10008924823
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Adjustment patterns to commodity terms of trade shocks: The role of exchange rate and international reserves policies
Aizenman, Joshua; Edwards, Sebastian; Riera-Crichton, Daniel - In: Journal of International Money and Finance 31 (2012) 8, pp. 1990-2016
, effectively lowering its volatility. We also show that relatively small increases in the average holdings of reserves by Latin … substantially REER volatility. …
Persistent link: https://www.econbiz.de/10011048521
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Determinants of the Trilemma Policy Combination
Ito, Hiro; Kawai, Masahiro - Asian Development Bank Institute, Asian Development Bank - 2014
This paper presents a theoretical framework for policy making based on the “impossible trinity” or the “trilemma” hypothesis. A simple optimization model shows that placing more weight in terms of preference for each of the three open macroeconomic policies—exchange rate stability,...
Persistent link: https://www.econbiz.de/10010991119
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Sectoral R&D Intensity and Exchange Rate Volatility: A Panel Study for OECD Countries
Mahagaonkar, Prashanth; Schweickert, Rainer; Chavali, … - Institut für Weltwirtschaft (IfW) - 2009
A recent literature has pointed at potential negative effects of exchange rate volatility on innovation. In this paper … years 1987 - 2003. We find that the direct negative effect of volatility is pronounced in manufacturing sector but is … dominated by the indirect effect via the export channel. Services do not face any effects of volatility on R&D intensities …
Persistent link: https://www.econbiz.de/10005079107
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Real Exchange Rate Dynamics in the Presence of Nontraded Goods and Transaction Costs
LEE, Inkoo; SHIN, Jonghyup - East Asian Bureau of Economic Research (EABER) - 2008
volatility of the real exchange rate. In addition, the sensitivity analysis shows that our model can rationalize more than 97% of … both persistence and volatility of the real exchange rate. Our analysis suggests that the purchasing price parity puzzle …
Persistent link: https://www.econbiz.de/10009365409