REAL EXCHANGE RATE AND ECONOMIC FUNDAMENTAL: EMPIRICAL STUDY OF ASEAN-5

Autor:	Nuryadin, Didi
Jazyk:	angličtina
Rok vydání:	2011
Předmět:	Real exchange rate fundamental economics ASEAN panel cointegration D51 F31
Zdroj:	Economic Journal of Emerging Markets; Volume 1 Issue 3, 2009; 215-230
ISSN:	2086-3128 2502-180X
Popis:	This paper studies the effect of fundamental economic variables on real exchange rates in Asean-5. The fundamental economic variables are capital mobility, technological progress, terms of trade, opennes index and fiscal policy. The paper applies panel unit root test, panel cointegration test, and Engle-Yoo three-step for short run and long run equilibrium. The result indicates that purchasing power parity holds in the short run. The estimation of equilibrium real exchange rate equation suggests that the direction of the coefficients is in accordance with the theory. It also finds that capital inflow negatively influences equilibrium real exchange rates, and that technological progress affects real exchange rate.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=journalporta::f0c2f9fa3d92f39a11a922463d1ffd8c http://journal.uii.ac.id/JEP/article/view/6423 Zobrazit plný text záznamu