haku: @author Fidrmuc, J. / yhteensä: 8
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| Tekijä: | Crespo-Cuaresma, J. Fidrmuc, J. MacDonald, R. |
| Otsikko: | The monetary approach to exchange rates in the CEECs |
| Lehti: | Economics of transition
2005 : VOL 13:2, p. 395-416 |
| Asiasana: | European Monetary System European Union Monetary policy Exchange rates Transition economies Central Europe Eastern Europe Models |
| Vapaa asiasana: | EMS EMU |
| Kieli: | eng |
| Tiivistelmä: | A panel dataset for six Central and Eastern European countries (Czech Republic, Hungary, Poland, Romania, Slovenia and Slovakia) is used to estimate the monetary (here as: monet-y.) exchange rate (here as: e-rat/s.) model with panel cointegration methods, incl. the Pooled Mean Group estimator, the Fully Modified Least Square estimator (here as: S-e.) and the Dynamic Least S-e. The monet-y. model is able to convincingly explain the long-run exchange rate relationships of a group of CEECs, particularly when this is supplemented by a Balassa–Samuelson effect. The estimated long-run monet-y. equations are used to compute equilibrium e-rats. Finally, discussed are the implications for the accession of selected countries to the European Economic and Monetary Union (or EMU). |
SCIMA