International financial integration and real exchange rate long-run dynamics in emerging countries: some panel evidence
The aim of this paper is to provide new empirical evidence on the impact of international financial integration on the long-run Real Exchange Rate (RER) in 39 developing countries belonging to three different geographical regions (Latin America, Asia and MENA). It covers the period 1979-2004, and ca...
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| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
München
CESifo
2009
|
| Schriftenreihe: | CESifo working papers
2819 : Category 6, Fiscal policy, macroeconomics and growth |
| Schlagworte: | |
| Online-Zugang: | http://www.cesifo-group.de/DocCIDL/cesifo1_wp2819.pdf |
| Zusammenfassung: | The aim of this paper is to provide new empirical evidence on the impact of international financial integration on the long-run Real Exchange Rate (RER) in 39 developing countries belonging to three different geographical regions (Latin America, Asia and MENA). It covers the period 1979-2004, and carries out second-generationʺ tests for non-stationary panels. Several factors, including international financial integration, are shown to drive the long-run RER in emerging countries. It is found that the new financial environment characterised by international financial integration leads to a depreciation of the RER in the long run. Further, RER misalignments take the form of an under-valuation in most MENA countries and an over-valuation in most Latin American and Asian countries. -- emerging economies ; real exchange rate ; financial integration ; misalignment ; second-generation panel unit-root and cointegration tests |
| Beschreibung: | 22 S. graph. Darst. |
Internformat
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| indexdate | 2024-07-09T22:06:10Z |
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| spelling | Caporale, Guglielmo Maria Verfasser (DE-588)12203922X aut International financial integration and real exchange rate long-run dynamics in emerging countries some panel evidence Guglielmo Maria Caporale ; Thouraya Hadj Amor ; Christophe Rault München CESifo 2009 22 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier CESifo working papers 2819 : Category 6, Fiscal policy, macroeconomics and growth The aim of this paper is to provide new empirical evidence on the impact of international financial integration on the long-run Real Exchange Rate (RER) in 39 developing countries belonging to three different geographical regions (Latin America, Asia and MENA). It covers the period 1979-2004, and carries out second-generationʺ tests for non-stationary panels. Several factors, including international financial integration, are shown to drive the long-run RER in emerging countries. It is found that the new financial environment characterised by international financial integration leads to a depreciation of the RER in the long run. Further, RER misalignments take the form of an under-valuation in most MENA countries and an over-valuation in most Latin American and Asian countries. -- emerging economies ; real exchange rate ; financial integration ; misalignment ; second-generation panel unit-root and cointegration tests Internationales Währungssystem (DE-588)4072901-1 gnd rswk-swf Kohäsionspolitik (DE-588)4322187-7 gnd rswk-swf Realer Wechselkurs (DE-588)4129422-1 gnd rswk-swf Schwellenländer (DE-588)4053920-9 gnd rswk-swf Schwellenländer (DE-588)4053920-9 g Internationales Währungssystem (DE-588)4072901-1 s Kohäsionspolitik (DE-588)4322187-7 s Realer Wechselkurs (DE-588)4129422-1 s DE-604 Hadj Amor, Thouraya 1975- Verfasser (DE-588)139294694 aut Rault, Christophe Verfasser aut CESifo working papers 2819 : Category 6, Fiscal policy, macroeconomics and growth (DE-604)BV013978326 2819 http://www.cesifo-group.de/DocCIDL/cesifo1_wp2819.pdf |
| spellingShingle | Caporale, Guglielmo Maria Hadj Amor, Thouraya 1975- Rault, Christophe International financial integration and real exchange rate long-run dynamics in emerging countries some panel evidence CESifo working papers Internationales Währungssystem (DE-588)4072901-1 gnd Kohäsionspolitik (DE-588)4322187-7 gnd Realer Wechselkurs (DE-588)4129422-1 gnd |
| subject_GND | (DE-588)4072901-1 (DE-588)4322187-7 (DE-588)4129422-1 (DE-588)4053920-9 |
| title | International financial integration and real exchange rate long-run dynamics in emerging countries some panel evidence |
| title_auth | International financial integration and real exchange rate long-run dynamics in emerging countries some panel evidence |
| title_exact_search | International financial integration and real exchange rate long-run dynamics in emerging countries some panel evidence |
| title_full | International financial integration and real exchange rate long-run dynamics in emerging countries some panel evidence Guglielmo Maria Caporale ; Thouraya Hadj Amor ; Christophe Rault |
| title_fullStr | International financial integration and real exchange rate long-run dynamics in emerging countries some panel evidence Guglielmo Maria Caporale ; Thouraya Hadj Amor ; Christophe Rault |
| title_full_unstemmed | International financial integration and real exchange rate long-run dynamics in emerging countries some panel evidence Guglielmo Maria Caporale ; Thouraya Hadj Amor ; Christophe Rault |
| title_short | International financial integration and real exchange rate long-run dynamics in emerging countries |
| title_sort | international financial integration and real exchange rate long run dynamics in emerging countries some panel evidence |
| title_sub | some panel evidence |
| topic | Internationales Währungssystem (DE-588)4072901-1 gnd Kohäsionspolitik (DE-588)4322187-7 gnd Realer Wechselkurs (DE-588)4129422-1 gnd |
| topic_facet | Internationales Währungssystem Kohäsionspolitik Realer Wechselkurs Schwellenländer |
| url | http://www.cesifo-group.de/DocCIDL/cesifo1_wp2819.pdf |
| volume_link | (DE-604)BV013978326 |
| work_keys_str_mv | AT caporaleguglielmomaria internationalfinancialintegrationandrealexchangeratelongrundynamicsinemergingcountriessomepanelevidence AT hadjamorthouraya internationalfinancialintegrationandrealexchangeratelongrundynamicsinemergingcountriessomepanelevidence AT raultchristophe internationalfinancialintegrationandrealexchangeratelongrundynamicsinemergingcountriessomepanelevidence |