scholarly journals Equilibrium Exchange Rates in Transition Economies

1997 ◽  
Vol 44 (4) ◽  
pp. 430 ◽  
Author(s):  
Laszlo Halpern ◽  
Charles Wyplosz
Keyword(s):  
Exchange Rates ◽  
Transition Economies ◽  
Equilibrium Exchange

Pitfalls in estimating equilibrium exchange rates for transition economies

2005 ◽  
Vol 29 (2) ◽  
pp. 130-143 ◽  
Author(s):  
Francisco Maeso-Fernandez ◽  
Chiara Osbat ◽  
Bernd Schnatz
Keyword(s):  
Exchange Rates ◽  
Transition Economies ◽  
Equilibrium Exchange

scholarly journals Equilibrium Exchange Rates in Transition Economies

1996 ◽  
Vol 96 (125) ◽  
pp. i ◽  
Author(s):  
Lionel Halpern ◽  
Charles Wyplosz ◽  
◽  
Keyword(s):  
Exchange Rates ◽  
Transition Economies ◽  
Equilibrium Exchange

scholarly journals Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues*

2006 ◽  
Vol 20 (2) ◽  
pp. 257-324 ◽  
Author(s):  
Balazs Egert ◽  
Laszlo Halpern ◽  
Ronald MacDonald
Keyword(s):  
Exchange Rates ◽  
Transition Economies ◽  
Equilibrium Exchange

FEERs and the ERM∗

1991 ◽  
Vol 137 ◽  
pp. 45-50 ◽  
Author(s):  
John Williamson
Keyword(s):  
Exchange Rates ◽  
Final Section ◽  
Policy Implications ◽  
The Other ◽  
Equilibrium Exchange ◽  
The Right

A number of economists, including the author, were critical of the central rate that was chosen when sterling entered the ERM in October 1990, on the ground that it overvalued the pound. Specifically, the central rate against the other ERM currencies implied a higher value for the pound than that yielded by calculations of ‘fundamental equilibrium exchange rates’ (FEERs).The present paper aims to explain the concept of the FEER, introduced by the author in Williamson (1983), and argues that it provides the right criterion for assessing whether a currency is correctly valued. It also sketches the evidence for believing the pound's ERM central rate to be above the FEER. A final section considers the policy implications of the finding that sterling is overvalued.

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