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PRESENTATION ARCHIVES
  N°125  
Issue Q1 2011  
The transfer effect: A comparative perspective between the European monetary union regime and fixed and floating regimes  
Meriem Bouchoucha
 
We examine the determinants of the real effective exchange-rate for several countries over the 1980-2007 period according to their exchange-rate regime. Based on panel cointegration techniques, we estimate the long run relationship between the exchange rate and a number of fundamental variables, often considered by the theoretical and empirical literature as important exchange-rate determinants, namely relative productivity, net foreign assets and terms of trade. Our results show that the exchange-rate regime influences the real exchange rates determinants, and that the “European Monetary Union” fixed exchange-rate regime type differs substantially from the “traditional” fixed exchange-rate regime and the floating one. Abstract

   
EXCHANGE RATE ; REAL EFFECTIVE EXCHANGE RATE ; PANEL DATA ; EXCHANGE RATE REGIME ; COINTEGRATION ; Keywords
C33 ; F36 ; F41 ; JEL classification
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