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Title:Do we really know that flexible exchange rates facilitate current account adjustment? Some new empirical evidence for CEE countries PDF Logo
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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