A Model of Balance of Payments Equilibrium Exchange Rate

Michał Rubaszek

Eastern European Economics, 2004, vol. 42, issue 3, 5-22

Abstract: In this article we present the balance of payments equilibrium exchange rate model and its empirical application to the Polish zloty. Results of the estimation indicate that in 1995-99 the zloty was not misaligned, while in 2000-2001 it was overvalued by about 10-15 percent, and, after considerable depreciation in 2002, it returned to the equilibrium level.

Date: 2004
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