Sustainable Real Exchange Rates in the New EU Member States: What Did the Great Recession Change?
Ales Bulir () and
Working Papers from Czech National Bank, Research Department
The Great Recession affected export and import patterns in our sample of new EU member countries, and these changes, coupled with a more volatile external environment, have a profound impact on our estimates of real exchange rate misalignments and projections of sustainable real exchange rates. We find that real misalignments in several countries with pegged exchange rates and excessive external liabilities widened relative to earlier estimates. While countries with balanced net trade positions may experience sustainable appreciation during 2010-2014, several currencies are likely to require real depreciation to maintain sustainable net external debt.
Keywords: Foreign direct investment; Great Recession; new EU member states; sustainable exchange rates. (search for similar items in EconPapers)
JEL-codes: F31 F33 F36 F47 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-eec, nep-opm and nep-tra
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Journal Article: Sustainable Real Exchange Rates in the New EU Member States: What Did the Great Recession Change? (2012)
Working Paper: Sustainable Real Exchange Rates in the New Eu Member States; What Did the Great Recession Change? (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:cnb:wpaper:2011/01
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