Počet záznamů: 1
Equilibrium exchange rate in the Czech Republic: how good is the Czech BEER?
Babecký, Jan, 1973- - Autor
Prague : CERGE-EI, 2005 - 30 s. : il. ; 21 cm
ISBN 80-7344-049-0, ISBN 80-7343-060-6
Working paper series,
Égert, Balázs - Autor
1993-2004
devizové kurzy
studieÚdaje o názvu Equilibrium exchange rate in the Czech Republic: how good is the Czech BEER? / Ian Babetskii, Balázs Égert Záhlaví-jméno Babecký, Jan, 1973- (Autor) Vyd.údaje Prague : CERGE-EI, 2005 Fyz.popis 30 s. : il. ; 21 cm ISBN 80-7344-049-0 80-7343-060-6 Číslo nár. bibl. cnb001578022 Edice Working paper series (CERGE-EI) Poznámky K DISPOZICI POUZE V ELEKTRONICKÉ PODOBĚ Poznámky o skryté bibliografii a rejstřících Obsahuje bibliografii a bibliografické odkazy Jazyková pozn. České resumé Dal.odpovědnost Égert, Balázs (Autor)
Předmět.hesla 1993-2004 * devizové kurzy - Česko - 1993-2004 Forma, žánr studie Konspekt 336.7 - Finance MDT 336.748 , (437.3) , (048.8) Země vyd. Česko Jazyk dok. angličtina URL Digitalizovaný dokument Druh dok. KNIHY The paper investigates the equilibrium exchange rate of the Czech koruna using the reduced-form equation of the stock-flow approach advocated by, for example, Faruqee (1995) and Alberola et al. (1999). We investigate whether the observed real exchange rate of the Czech koruna is close to its equilibrium value over the period from 1993 to 2004. Our empirical approach is tantamount to the behavioral equilibrium exchange rate (BEER), popularized by MacDonald (1997) and Clark and MacDonald (1998), in that the Czech real exchange rate vis-a`-vis the euro is regressed on the dual productivity differential; and the net foreign assets position, based on which actual and total misalignment figures, are derived in a time-series context. In other words, we check the quality of the Czech BEER. We also study the impact of a possible initial undervaluation on the estimated equilibrium exchange rate. Employing monthly time series from 1993, and applying several alternative cointegration techniques, we identify a period of an overvaluation in 1997 and in 1999, an increasing overvaluation afterwards, an undervaluation in 2003, and a correction toward equilibrium in the second half of 2004. Zdroj anotace: OKCZ - ANOTACE Z WEBUNačítání…
Počet záznamů: 1