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Deutsche Bundesbank, Forschungszentrum, Frankfurt am Main >
Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank >
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http://hdl.handle.net/10419/27748
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| Title: | | Do we really know that flexible exchange rates facilitate current account adjustment? Some new empirical evidence for CEE countries  |
| Authors: | | Herrmann, Sabine |
| Issue Date: | | 2009 |
| Series/Report no.: | | Discussion Paper Series 1: Economic Studies 2009,22 |
| Abstract: | | This paper examines the relationship between the exchange rate regime and the pace of current account adjustment. The panel data set we refer to includes 11 catching-up countries from central, eastern and south-eastern Europe between 1994 and 2007. The exchange rate regime is measured by a continuous z-score measure of exchange rate volatility proposed by Gosh, Gulde and Wolf (2003). Based on a basic autoregression estimation, the results indicate that a more flexible exchange rate regime significantly enhances the rate of current account adjustment. |
| Subjects: | | Current account adjustment exchange rate regime Central and Eastern Europe |
| JEL: | | F32 F31 O52 |
| ISBN: | | 978-3-86558-548-6 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank
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