|
EconStor >
Forschungsinstitut zur Zukunft der Arbeit (IZA), Bonn >
IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA) >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/35557
|
| | |
| Title: | | International financial integration and Real Exchange Rate long-run dynamics in emerging countries: some panel evidence  |
| Authors: | | Caporale, Guglielmo Maria Amor, Thouraya Hadj Rault, Christophe |
| Issue Date: | | 2009 |
| Series/Report no.: | | IZA discussion papers 4038 |
| Abstract: | | The aim of this paper is to provide new empirical evidence on the impact of international financial integration on the long-run Real Exchange Rate (RER) in 39 developing countries belonging to three different geographical regions (Latin America, Asia and MENA). It covers the period 1979-2004, and carries out second-generation tests for non-stationary panels. Several factors, including international financial integration, are shown to drive the long-run RER in emerging countries. It is found that the new financial environment characterised by international financial integration leads to a depreciation of the RER in the long run. Further, RER misalignments take the form of an under-valuation in most MENA countries and an over-valuation in most Latin American and Asian countries. |
| Subjects: | | Emerging Economies real exchange rate financial integration misalignment second-generation panel unit root and cointegration tests |
| JEL: | | E31 F0 F31 C15 |
| Persistent Identifier of the first edition: | | urn:nbn:de:101:1-20090306317 |
| Document Type: | | Working Paper |
| Appears in Collections: | | IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)
|
| Files in This Item:
| |
|
| No. of Downloads:
| |
| last Month |
last 3 Month |
total |
|
|
|
|
|
| |
| | |
Download bibliographical data as:
BibTeX
|
| |
Share on:http://hdl.handle.net/10419/35557
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|