Causal relations between nominal exchange rates and monetary fundamentals in Central and Eastern European countries

2014 ◽  
Vol 23 (1) ◽  
pp. 45-73 ◽  
Author(s):  
Marek A. Dąbrowski ◽  
Monika Papież ◽  
Sławomir Śmiech
Keyword(s):  
Exchange Rates ◽  
European Countries ◽  
Eastern European ◽  
Causal Relations ◽  
Nominal Exchange Rates ◽  
Eastern European Countries

scholarly journals The impact of real exchange rates on price competitiveness in Eastern European countries

2020 ◽  
Vol 19 (1) ◽  
pp. 45-55
Author(s):  
Nadiia Proskurnina ◽  
Jürgen Kähler ◽  
Rosario Cervantes-Martinez
Keyword(s):  
Exchange Rates ◽  
Real Exchange Rates ◽  
European Countries ◽  
Eastern European ◽  
The European Union ◽  
Local Exchange ◽  
Developed Economies ◽  
Countries In Transition ◽  
Eastern European Countries ◽  
The Impact

The subject of this paper is empirical research on studies of exchange rates in Eastern European countries, such as Albania, Bulgaria, Bosnia and Herzegovina, Belarus, Czech Republic, Estonia, Croatia, Hungary, Latvia, Lithuania, Moldova, (North) Macedonia, Montenegro, Poland, Romania, Serbia, Slovakia, and Slovenia, in order verify the validity of theories that explain these changes. This research aims to explain the mixed evidence of the Balassa-Samuelson effect in Ukraine, taking into account the intentions of Ukraine to become a member of the European Union. Unlike previous works, the attention is shifted to a review of empirical evidence and the identification of main factors that limit the ability to verify the theory. The main conclusion is that all the currencies studied underwent substantial real appreciations during the study period. Thus, it can be concluded that an adequate monetary policy in countries under study is very important, given that local exchange markets are not sustainable enough and the volatility of exchange operations is higher than in countries with developed economies. However, the Balassa-Samuelson Hypothesis (BSH) can explain the impact of the real exchange rate due to changes in productivity in countries in transition.

scholarly journals Effective Exchange Rates in Central and Eastern European Countries: Cyclicality and Relationship with Macroeconomic Fundamentals

2015 ◽  
Vol 15 (2) ◽  
pp. 157-177 ◽  
Author(s):  
Daniel Stavárek ◽  
Cynthia Miglietti
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Flexible Exchange Rate ◽  
European Countries ◽  
Eastern European ◽  
Macroeconomic Fundamentals ◽  
Effective Exchange ◽  
Exchange Rate Arrangements ◽  
Eastern European Countries

Abstract This paper examines the evolution of effective exchange rates in nine Central and Eastern European countries in terms of development trends, volatility and cyclicality. Consequently, it provides direct empirical evidence on the nature of the relationship between effective exchange rates and selected macroeconomic fundamentals, addressing a key precondition of numerous exchange rate determination models and theories that attempt to explain the role of exchange rates in the economy. The results suggest that flexible exchange rate arrangements are reflected in both nominal and real effective exchange rates having higher volatility and variability. Furthermore, the results provide mixed evidence in terms of intensity, direction and cyclicality, but show a weak correlation between exchange rates and fundamentals. Sufficiently high coefficients are found only for money supply. Consequently, using fundamentals for the determination of exchange rates and using the exchange rate to explain economic development may be of limited use for the countries analyzed.

MODELLING THE SLOW MEAN-REVERSION OF THE CENTRAL AND EASTERN EUROPEAN COUNTRIES' REAL EXCHANGE RATES*

2007 ◽  
Vol 76 (1) ◽  
pp. 21-43 ◽  
Author(s):  
GILLES DUFRENOT ◽  
ELISABETH GRIMAUD ◽  
EUGÉNIE LATIL ◽  
VALERIE MIGNON
Keyword(s):  
Exchange Rates ◽  
Real Exchange Rates ◽  
Mean Reversion ◽  
European Countries ◽  
Eastern European ◽  
Eastern European Countries

scholarly journals PERSISTENCE OF REAL EXCHANGE RATES IN THE CENTRAL AND EASTERN EUROPEAN COUNTRIES

2016 ◽  
Vol 17 (3) ◽  
pp. 381-396
Author(s):  
Ahmad Zubaidi BAHARUMSHAH ◽  
Siew-Voon SOON ◽  
Stilianos FOUNTAS ◽  
Nurul Sima MOHAMAD SHARIFF
Keyword(s):  
Exchange Rates ◽  
Confidence Intervals ◽  
Purchasing Power Parity ◽  
Structural Breaks ◽  
Real Exchange Rates ◽  
European Countries ◽  
Purchasing Power ◽  
Eastern European ◽  
Power Parity ◽  
Eastern European Countries

We investigate the mean reversion in real exchange rates for Central and Eastern European countries. We use point and confidence interval estimates from the Phillips et al.’s (2001) local-persistent model as our preferred measures of the persistence of real exchange rates. We find that the adjustment to purchasing power parity is more rapid after accounting for structural breaks, with half-life deviation from parity below 18 months, which is consistent with the explanation based on nominal rigidities. The estimated narrow confidence intervals for the half-lives invalidate the purchasing power parity puzzle for transition and some core European Union countries. The novelty of our results lies in the finding of strong evidence for purchasing power parity as the local-persistent model produces shorter half-lives and much narrower corresponding confidence intervals than those obtained by standard Dickey-Fuller and local-to-unity models. Our evidence for PPP suggests that the transition countries have maintained their long-run competitiveness against their trading partners.

Knowledge about basic life support in European students

2014 ◽  
Vol 155 (21) ◽  
pp. 833-837 ◽  
Author(s):  
József Marton ◽  
Attila Pandúr ◽  
Emese Pék ◽  
Krisztina Deutsch ◽  
Bálint Bánfai ◽  
...  
Keyword(s):  
Basic Life Support ◽  
Life Support ◽  
European Countries ◽  
Eastern European ◽  
Knowledge And Skills ◽  
European Students ◽  
Western European ◽  
Eastern European Countries ◽  
European Youth

Introduction: Better knowledge and skills of basic life support can save millions of lives each year in Europe. Aim: The aim of this study was to measure the knowledge about basic life support in European students. Method: From 13 European countries 1527 volunteer participated in the survey. The questionnaire consisted of socio-demographic questions and knowledge regarding basic life support. The maximum possible score was 18. Results: Those participants who had basic life support training earned 11.91 points, while those who had not participated in lifesaving education had 9.6 points (p<0.001). Participants from former socialist Eastern European countries reached 10.13 points, while Western Europeans had average 10.85 points (p<0.001). The best results were detected among the Swedish students, and the worst among the Belgians. Conclusions: Based on the results, there are significant differences in the knowledge about basic life support between students from different European countries. Western European youth, and those who were trained had better performance. Orv. Hetil., 2014, 155(21), 833–837.

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