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| Tekijä: | Faruqee, H. |
| Otsikko: | Long-run determinants of the real exchange rate: a stock flow perspective |
| Lehti: | Staff Papers
1994 : MAR, VOL. 42:1, p. 80-107 |
| Asiasana: | MANAGEMENT EXCHANGE RATES ECONOMICS |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the long-run determinants of the real exchange rate from a stock-flow perspective. The empirical analysis estimates a long-run relationship between the real exchange rate, net foreign assets, and other factors affecting trade flows. Using postwar data for the United States and Japan, cointegration analysis supports the findings that the structural factors underlying each country's net trade and net foreign asset positions determine the long-run path for the real value of the dollar and the yen. |
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