| 来源类型 | Discussion paper
|
| 规范类型 | 论文
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| 来源ID | DP1177
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| DP1177 Imperfect Competition, Risk Taking, and Regulation in Banking |
| Xavier Vives; Carmen Matutes
|
| 发表日期 | 1995-05-31
|
| 出版年 | 1995
|
| 语种 | 英语
|
| 摘要 | This paper tests two central assumptions regarding transforming economies: that the initial exchange rates were strongly undervalued and that the subsequent evolution of the real exchange rate was both a response to the initial undervaluation and an equilibrium real appreciation. The econometric results support both assumptions. The degree of initial overvaluation varies from country to country, ranging from very little in the case of Hungary to more than 100% in most other countries. It is estimated using a sample of 49 high-and middle-income countries, with five observations per country (1970, 1975, 1980, 1985, 1990). The subsequent process of equilibrium appreciation is estimated with pooled data for six countries (Croatia, the Czech Republic, Hungary, Poland, Slovakia and Slovenia) covering the period after inflation stabilization. |
| 主题 | International Macroeconomics
|
| 关键词 | Central and eastern europe
exchange rate
Overvaluation
Transition
|
| URL | https://cepr.org/publications/dp1177
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| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530319
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推荐引用方式
GB/T 7714 |
Xavier Vives,Carmen Matutes. DP1177 Imperfect Competition, Risk Taking, and Regulation in Banking. 1995.
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