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Bilateral equilibrium exchange rates of EU accession countries against the euro

Jörg Rahn

No 11/2003, BOFIT Discussion Papers from Bank of Finland, Institute for Economies in Transition

Abstract: We apply BEER and PEER approaches to calculate real equilibrium exchange rates for five EU accession countries in central and east Europe.Bilateral nominal equilibrium exchange rates against the euro are obtained through algebraic transformation of the results. Panel cointegration techniques are used to check the adequacy of the empirical model.The results reveal substantial overvaluations of the real exchange rate in several EU accession countries. Overvaluation is even higher when these exchange rates are expressed in nominal terms against the euro. Keywords: real exchange rates, equilibrium exchange rates, transition economies, panel cointegration JEL Classification: F31, F41, C23

JEL-codes: F31 F41 C23 (search for similar items in EconPapers)
Date: 2003-11-10
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