المستودع الأكاديمي جامعة المدينة

Nominal exchange rate flexibility and real exchange rate adjustment : evidence from dual exchange rates in developing countries

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dc.creator Cheung, Yin-Wong
dc.creator Lai, Kon-Sun
dc.date 2005
dc.date.accessioned 2013-10-16T07:02:15Z
dc.date.available 2013-10-16T07:02:15Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/18976
dc.identifier ppn:500537224
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/18976
dc.description This study investigates whether exchange rate flexibility aids real exchange rate adjustment based on intra-period data on dual exchange rates from developing countries. Specifically, it analyzes whether the flexible parallel market rate produces faster or slower real exchange rate adjustment than the much less flexible official rate does. Half-life estimates of adjustment speeds are obtained using fractional time series analysis. We find no systematic evidence that greater exchange rate flexibility tends to produce faster or slower real exchange rate adjustment, albeit there is substantial heterogeneity in speed estimates across countries. With officially pegged exchange rates, developing countries often use parallel exchange markets as a back-door channel to facilitate real exchange rate adjustment, but the empirical evidence suggests that these parallel markets in most cases fail to help promote real rate adjustment.
dc.language eng
dc.relation CESifo working papers 1512
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject C22
dc.subject F31
dc.subject ddc:330
dc.subject real exchange rate
dc.subject fractional time series
dc.subject half life
dc.subject Kaufkraftparität
dc.subject Anpassung
dc.subject Flexibler Wechselkurs
dc.subject Theorie
dc.subject Schätzung
dc.subject Entwicklungsländer
dc.title Nominal exchange rate flexibility and real exchange rate adjustment : evidence from dual exchange rates in developing countries
dc.type doc-type:workingPaper


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