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  • The behavioral equilibrium exchange rate (BEER) model of the Czech koruna is derived in this paper and estimated by three methods suitable for nonstationary time series. The considered potential determinants of the real equilibrium exchange rate are the productivity differential, the interest rate differential, the terms of trade, net foreign direct investment, net foreign assets, government consumption, and the degree of openness. We find that the Czech koruna was on average undervalued over the period from 1994 to 2004 by about 7 percent with respect to the estimated BEER. The significant determinants of the equilibrium exchange rate of the Czech koruna appear to be the productivity differential, the real interest rate differential, the terms of trade, and the net foreign direct investment.
  • The behavioral equilibrium exchange rate (BEER) model of the Czech koruna is derived in this paper and estimated by three methods suitable for nonstationary time series. The considered potential determinants of the real equilibrium exchange rate are the productivity differential, the interest rate differential, the terms of trade, net foreign direct investment, net foreign assets, government consumption, and the degree of openness. We find that the Czech koruna was on average undervalued over the period from 1994 to 2004 by about 7 percent with respect to the estimated BEER. The significant determinants of the equilibrium exchange rate of the Czech koruna appear to be the productivity differential, the real interest rate differential, the terms of trade, and the net foreign direct investment. (en)
  • Model behaviorálního rovnovážného měnového kurzu české koruny je v článku nejprve odvozen a poté odhadnut třemi metodami vhodnými pro analýzi nestacionárnich časových řad. Zohledněné potencionální determinanty reálného rovnováženého měnového kurzu jsou diferenciál produktivity, diferenciál úrokových sazeb, směnné relace, FDI, čistá zahraniční aktiva, vládní spotřeba a stupeň otevřenosti ekonomiky. Výsledky ukazují, že česká koruha byla v průměru podhodnocena během let 1994 až 2004 asi 7 procenty vzhledem k odhadnutému BEER. Significantli determinanty rovnováženého kurzu české koruny se zdají být: diferencial productivity, diferencial reálných úrokových sazeb, směnné relace a čisté FDI. (cs)
Title
  • The behavioural equilibrium exchange rate of the Czech koruna
  • The behavioural equilibrium exchange rate of the Czech koruna (en)
  • Behaviorální rovnovážný měnový kurz české koruny (cs)
skos:prefLabel
  • The behavioural equilibrium exchange rate of the Czech koruna
  • The behavioural equilibrium exchange rate of the Czech koruna (en)
  • Behaviorální rovnovážný měnový kurz české koruny (cs)
skos:notation
  • RIV/61989100:27510/07:00014638!RIV08-GA0-27510___
http://linked.open.../vavai/riv/strany
  • 105-121
http://linked.open...avai/riv/aktivita
http://linked.open...avai/riv/aktivity
  • P(GA402/05/2758)
http://linked.open...iv/cisloPeriodika
  • 1
http://linked.open...vai/riv/dodaniDat
http://linked.open...aciTvurceVysledku
http://linked.open.../riv/druhVysledku
http://linked.open...iv/duvernostUdaju
http://linked.open...titaPredkladatele
http://linked.open...dnocenehoVysledku
  • 411497
http://linked.open...ai/riv/idVysledku
  • RIV/61989100:27510/07:00014638
http://linked.open...riv/jazykVysledku
http://linked.open.../riv/klicovaSlova
  • equilibrium exchange rate modelling - time series analysis - exchange rate misalignment - Czech Republic - exchange rate mechanism II (en)
http://linked.open.../riv/klicoveSlovo
http://linked.open...odStatuVydavatele
  • GB - Spojené království Velké Británie a Severního Irska
http://linked.open...ontrolniKodProRIV
  • [E9CF15EAD730]
http://linked.open...i/riv/nazevZdroje
  • Transition Studies Review
http://linked.open...in/vavai/riv/obor
http://linked.open...ichTvurcuVysledku
http://linked.open...cetTvurcuVysledku
http://linked.open...vavai/riv/projekt
http://linked.open...UplatneniVysledku
http://linked.open...v/svazekPeriodika
  • 14
http://linked.open...iv/tvurceVysledku
  • Komárek, Luboš
  • Melecký, Martin
issn
  • 1614-4007
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http://localhost/t...ganizacniJednotka
  • 27510
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