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| Author: | Kool, C. Koedijk, K. |
| Title: | Real exchange rates between the wars |
| Journal: | Journal of International Money and Finance
1997 : APR, VOL. 16:2, p. 211-232 |
| Index terms: | FINANCE MONEY EXCHANGE RATES |
| Language: | eng |
| Abstract: | 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. |
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