The major drivers of nominal and real effective exchange rates are investigated in a sample of 30 countries between 1977 and 2017. We used the multiple linear regression analysis by Fixed GLS AR1, and Pooled Mean Group (PMG). The main drivers of nominal exchange rate in the long run are found to...

Mediterranean countries following a fixed exchange rate regime have been confronted with some challenges that test the efficacy of the regimes in place. These challenges mostly arise from the combination of inflationary pressures and the need for further capital account liberalisation amid...

In this paper, we consider an alternative perspective to China's exchange rate policy. We study a semi-open economy where the private sector has no access to international capital markets but the central bank has full access. Moreover, we assume limited financial development generating a large...

Financial crisis in Europe and USA originates a set of questions linked to the effectiveness of solution for its impacts. Concerning this fact the growing dynamics of five big economies, so called group as BRICS – Brazil, Russia, India, China and South Africa, comes to the front of...

The article deals with the exchange rate policy of Brazil in period 1999 – 2012. The first part informs about the global development of the system of exchange rates and shows marked differences after 2008. This global course is supported in the case of Brazil. Next part is concentrated mostly...

The paper presents an analysis of exchange rate policy in Vietnam during 2008–2009. In early 2008, the country faced a sudden reversal of capital flows as signs of developing domestic vulnerabilities became evident. The downward pressure on the dong then intensified with the onset of the...