The literature on exchange rate misalignments is very extensive as well as the literature on exchange rate determinants. To our knowledge, however, no study has analyzed the determinants of exchange rate misalignments. As huge capital inflows have been pouring into emerging countries since the climax of the crisis, exchange rate misalignments are becoming a crucial issue for policy makers. For a large panel of emerging and industrialized countries and on the period 1982-2008, we identify, empirically, the main determinants of exchange rate misalignments obtained thanks to a FEER approach (Williamson, 1994). Our analysis put forward trade openness, financial openness and regional specialization as determinant variables of exchange rate misalignments.
On the Determinants of Exchange Rate Misalignments
Résumé
en
The literature on exchange rate misalignments is very extensive as well as the literature on exchange rate determinants. To our knowledge, however, no study has analyzed the determinants of exchange rate misalignments. As huge capital inflows have been pouring into emerging countries since the climax of the crisis, exchange rate misalignments are becoming a crucial issue for policy makers. For a large panel of emerging and industrialized countries and on the period 1982-2008, we identify, empirically, the main determinants of exchange rate misalignments obtained thanks to a FEER approach (Williamson, 1994). Our analysis put forward trade openness, financial openness and regional specialization as determinant variables of exchange rate misalignments.
Auteur(s)
Jamel Saadaoui1
, Jacques Mazier2
, Nabil Aflouk2
1
BETA -
Bureau d'Économie Théorique et Appliquée
( 93745 )
- Université de Lorraine, UFR Droit Sciences Economiques et Gestion, 13 place Carnot CO 70026, 54035 Nancy Cedex
Université de Strasbourg, Faculté des Sciences Economiques et de Gestion, 61 avenue de la Forêt Noire 67085 Strasbourg Cedex
- France
Institut National de la Recherche Agronomique UMR1443 ( 92114 )
;
Université de Strasbourg ( 199013 )
;
Université de Lorraine ( 413289 )
;
Centre National de la Recherche Scientifique UMR7522 ( 441569 )
2
CEPN -
Centre d'Economie de l'Université Paris Nord
( 147976 )
- UFR de Sciences Economiques, Université Paris 13, 99 avenue Jean-Baptiste Clément, F-93430, Villetaneuse.
- France
Université Paris 13 ( 15786 )
;
Université Sorbonne Paris Cité ( 303171 )
;
Centre National de la Recherche Scientifique UMR7234 ( 441569 )
Applied Economics Letters
(ISSN : 1350-4851, ISSN électronique : 1466-4291)
Publié par Taylor & Francis (Routledge): SSH Titles
Revue non référencée dans Sherpa-Romeo
Langue du document
Anglais
Date de production/écriture
2013-06-11
Vulgarisation
Non
Comité de lecture
Oui
Audience
Non spécifiée
Date de publication
2013-09-23
Domaine(s)
Sciences de l'Homme et Société/Economies et finances
F - International Economics/F.F3 - International Finance/F.F3.F31 - Foreign Exchange
F - International Economics/F.F3 - International Finance/F.F3.F32 - Current Account Adjustment • Short-Term Capital Movements
O - Economic Development, Innovation, Technological Change, and Growth/O.O1 - Economic Development/O.O1.O11 - Macroeconomic Analyses of Economic Development
