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Erscheinungsjahr: 
2016
Quellenangabe: 
[Journal:] SPOUDAI - Journal of Economics and Business [ISSN:] 2241-424X [Volume:] 66 [Issue:] 4 [Publisher:] University of Piraeus [Place:] Piraeus [Year:] 2016 [Pages:] 3-25
Verlag: 
University of Piraeus, Piraeus
Zusammenfassung: 
We compute the exchange rate misalignment for a set of emerging economies between 1980 and 2013 using the behavioural equilibrium exchange rate definition. The real equilibrium exchange rate is constructed using a parsimonious model and estimators that are robust to cross-sectional independence and small sample size bias. We find that these countries tend to intervene to avoid real appreciation of their currencies following a rise in relative productivity, casting doubt on the Balassa-Samuelson effect. East-Asian countries have maintained their currencies at an artificially low level in order to remain competitive and boost economic growth these past years.
Schlagwörter: 
equilibrium exchange rate
panel cointegration
autoregressive distributed lag
JEL: 
F31
C23
Dokumentart: 
Article

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