Real exchange rates between the wars

被引:0
作者
Kool, CJM [1 ]
Koedijk, KG [1 ]
机构
[1] UNIV LIMBURG,DEPT ECON,NL-6200 MD MAASTRICHT,NETHERLANDS
关键词
D O I
10.1016/S0261-5606(96)00053-8
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Bilateral real exchange rates are analyzed for fifteen countries over the period 1925-1937, using a benchmark-invariant principal components technique. For the period 1925-1931, half of real exchange rate variation originates from countries on floating exchange rates, and half from price level differences between countries on the gold standard. For the period 1931-1937, real exchange rate movements between the sterling-bloc, the European gold-bloc, and the US and Canada appear dominant. Within bloc variation is secondary and mostly due to competitive devaluations. Our results support earlier evidence that the nominal exchange rate regime to a large extent determines real exchange rate variation. (C) 1997 Elsevier Science Ltd.
引用
收藏
页码:211 / 232
页数:22
相关论文
共 50 条
[21]   Real Exchange Rates and the Earnings of Immigrants [J].
Dustmann, Christian ;
Ku, Hyejin ;
Surovtseva, Tetyana .
ECONOMIC JOURNAL, 2023, 134 (657) :271-294
[22]   THE DYNAMICS OF REAL EXCHANGE RATES: A RECONSIDERATION [J].
Kaufmann, Hendrik ;
Heinen, Florian ;
Sibbertsen, Philipp .
JOURNAL OF APPLIED ECONOMETRICS, 2014, 29 (05) :758-773
[23]   Monetary shocks and real exchange rates [J].
Rogers, JH .
JOURNAL OF INTERNATIONAL ECONOMICS, 1999, 49 (02) :269-288
[24]   Bilateral real exchange rates and migration [J].
Keita, Sekou .
APPLIED ECONOMICS, 2016, 48 (31) :2937-2951
[25]   Real exchange rates and transition economies [J].
Boero, Gianna ;
Mavromatis, Kostas ;
Taylor, Mark P. .
JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 2015, 56 :23-35
[26]   Covariability of real exchange rates and fundamentals [J].
Grisse, Christian ;
Scheidegger, Fabian .
ECONOMICS LETTERS, 2021, 201
[27]   Oil prices and real exchange rates [J].
Chen, Shiu-Sheng ;
Chen, Hung-Chyn .
ENERGY ECONOMICS, 2007, 29 (03) :390-404
[28]   Revisiting the persistence of real exchange rates [J].
Chen, Show-Lin ;
Wu, Jyh-Lin .
JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 2020, 103
[29]   REAL EXCHANGE-RATES AND THEIR MEASUREMENT [J].
HOLDEN, M .
SOUTH AFRICAN JOURNAL OF ECONOMICS, 1991, 59 (01) :1-15
[30]   Real Exchange Rates and Trade Protectionism [J].
Oatley, Thomas .
BUSINESS AND POLITICS, 2010, 12 (02)