Real exchange rate misalignments in CEECs: Have they hindered growth?

被引：13

作者：

Carlos Cuestas, Juan ^{[1
,2
,3
,4
]}

Mourelle, Estefania ^{[5
]}

Regis, Paulo Jose ^{[6
]}

机构：

[1] Eesti Pank, Econ & Res Dept, Tallinn, Estonia

[2] Tallinn Univ Technol, Dept Econ & Finance, Tallinn, Estonia

[3] Jaume I Univ, Dept Econ, Castellon De La Plana, Spain

[4] Jaume I Univ, IEI, Castellon De La Plana, Spain

[5] Univ A Coruna, Fac Ciencias Econom & Empresariales, Ferrol, Spain

[6] Xian Jiaotong Liverpool Univ, Div Econ, 111 Renai Rd, Suzhou 215123, Peoples R China

来源：

EMPIRICA | 2020年 / 47卷 / 04期

基金：

欧盟地平线“2020”;

关键词：

Real exchange rate misalignments; Growth; Central and Eastern European countries; Panel smooth transition regression; BALASSA-SAMUELSON; ECONOMIC-GROWTH; EASTERN-EUROPE; PANEL-DATA; SPECIFICATION; COUNTRIES; BALANCE; MODELS;

D O I：

10.1007/s10663-019-09454-5

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study the impact of exchange rate misalignment on economic activity in nine Central and Eastern European economies. Exchange rate misalignments are computed from country-specific long-run exchange rate relationships with determinants suggested by open macroeconomic models such as interest rate differentials or the Balassa-Samuelson effect. There was a clear reduction in misalignments, but this has been reversed to some extent after 2008. Exchange rate overvaluation has a negative impact on economic activity. The effect of misalignments on economic activity seems to be nonlinear, as overvaluation has a stronger effect than undervaluation. Other factors of economic activity, including institutions, also show nonlinear effects.

引用

页码：733 / 756

页数：24

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