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A Model of Balance of Payments Equilibrium Exchange Rate

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  • MICHAL RUBASZEK

Abstract

In this article we present the balance of payments equilibrium exchange rate model and its empirical application to the Polish zloty. Results of the estimation indicate that in 1995-99 the zloty was not misaligned, while in 2000-2001 it was overvalued by about 10-15 percent, and, after considerable depreciation in 2002, it returned to the equilibrium level.

Suggested Citation

  • Michal Rubaszek, 2004. "A Model of Balance of Payments Equilibrium Exchange Rate," Eastern European Economics, Taylor & Francis Journals, vol. 42(3), pages 5-22, May.
    • Handle: RePEc:mes:eaeuec:v:42:y:2004:i:3:p:5-22
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    1. repec:onb:oenbwp:y::i:106:b:1 is not listed on IDEAS
    2. Keblowski, Piotr & Welfe, Aleksander, 2010. "Estimation of the equilibrium exchange rate: The CHEER approach," Journal of International Money and Finance, Elsevier, vol. 29(7), pages 1385-1397, November.
    3. International Monetary Fund, 2005. "Morocco: Selected Issues; Morocco: Selected Issues," IMF Staff Country Reports 05/419, International Monetary Fund.
    4. Égert, Balázs, 2004. "Assessing equilibrium exchange rates in CEE acceding countries: can we have DEER with BEER without FEER? A critical survey of the literature," BOFIT Discussion Papers 1/2004, Bank of Finland Institute for Emerging Economies (BOFIT).
    5. Martin Melecký & Luboš Komárek, 2007. "The Behavioral Equilibrium Exchange Rate of the Czech Koruna," Transition Studies Review, Springer;Central Eastern European University Network (CEEUN), vol. 14(1), pages 105-121, May.
    6. Kiptui, Moses C. & Ndirangu, Lydia, 2015. "Determinants of Equilibrium Real Exchange Rate and its Misalignment in Kenya: A Behavioral Equilibrium Exchange Rate Approach," MPRA Paper 70542, University Library of Munich, Germany, revised 06 Apr 2016.
    7. Kębłowski, Piotr & Welfe, Aleksander, 2012. "A risk-driven approach to exchange rate modelling," Economic Modelling, Elsevier, vol. 29(4), pages 1473-1482.
    8. Alper, Ahmet Murat & Civcir, İrfan, 2012. "Can overvaluation prelude to crisis and harm growth in Turkey," Journal of Policy Modeling, Elsevier, vol. 34(1), pages 112-131.
    9. Horvath, Roman & Komarek, Lubos, 2006. "Equilibrium Exchange Rates in EU New Members: Applicable for Setting the ERM II Central Parity?," MPRA Paper 1180, University Library of Munich, Germany.
    10. repec:zbw:bofitp:2004_001 is not listed on IDEAS
    11. Jakub Borowski & Adam Czerniak & Krystian Jaworski, 2014. "The quest for determinants of Chinese exchange rate policy," Bank i Kredyt, Narodowy Bank Polski, vol. 45(5), pages 407�432-4.
    12. Przystupa, Jan, 2009. "Approaching a problem of the long-run real equilibrium exchange rate of Polish zloty while entering the ERM-2 and Euro zone," MPRA Paper 19549, University Library of Munich, Germany.

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