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Issue Q1 2010  
Exchange Rate Misalignments at World and European Levels: a FEER Approach  
Se-Eun Jeong
Jacques Mazier
Jamel Saadaoui
Since the mid-1990s, we observe an increase of world current account imbalances. These imbalances have only been partially reduced since the burst of the crisis in 2007. They reflect, to some extent, exchange rate misalignments, an issue which has been frequently studied in the literature. However, these imbalances, which have reinforced in the 2000s, are also important inside the Euro area. This analysis cannot be reduced to simple estimates of euro misalignment at the world level because of specific constraints that exist for each member of the Euro area. This article aims to examine to what extent intra-European imbalances reflect exchange rate misalignments for each “national euro”. Abstract

Equilibrium Exchange Rate ; Current Account Balance ; Macroeconomic Balance ; Keywords
F31 ; F32 ; JEL classification
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