emerging and advanced economies. We assess the impact of appreciations, productivity booms and capital flow surges using a … propensity-score matching approach to address causality issues. We show that appreciations associated with higher productivity …

emerging and advanced economies. We assess the impact of appreciations, productivity booms and capital inflows surges using a … propensity-score matching approach to address causality issues. We show that appreciations associated with higher productivity …

'classical' PPP assumption of constant equilibrium real exchange rates. A prominent theory put together by Balassa (1964, Journal … that a non-constant real exchange rate equilibrium is induced by different productivity growth rates between countries …