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| Author: | Égert, B. Lahrèche-Révil, A. |
| Title: | Estimating the equilibrium exchange rate of the Central and Eastern European acceding countries: the challenge of euro adoption |
| Journal: | Review of World Economics
2003 : VOL. 139:4, p. 683-708 |
| Index terms: | Equilibrium analysis Euro European integration European Monetary System Exchange rates Eastern Europe |
| Language: | eng |
| Abstract: | The equilibrium real and nominal exchange rates are estimated in this study for five Central and Eastern (CEE) countries. A new approach is adopted, which combines the fundamental equilibrium exchange rate (FEER) with the behavioural equilibrium exchange rate (BEER) methodology. In a VAR-based 3-equation cointegration system, structural equations are estimated for internal and external balances and they are linked to the real exchange rate. The estimated misalignment is used to derive equilibrium nominal exchange rates. |
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