Real exchange rate and exchange rate policy in Hungary
László Halpern ()
The Economics of Transition, 1996, vol. 4, issue 1, 211-228
Five real exchange rate indicators are computed to assess the international competitiveness of Hungarian industry. These indicators are explained in econometric equations by employment, unemployment, productivity, interest spread and real producer wage. Causality tests reveal that external performance has an impact on real exchange rates, and contributes to explaining real exchange rates. There is very limited scope for policy intervention to constrain the negative effects of capital inflows without incurring other costs. Copyright 1996 The European Bank for Reconstruction and Development.
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