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Deviation of the Ukrainian hryvnia from the equilibrium exchange rate

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  • Valentyna Ozimkovska
  • Stanislaw Kubielas

Abstract

In this article we estimate the equilibrium level of the exchange rates of the Ukrainian hryvnia to the euro, US dollar and Russian ruble over the period from 4Q2001 to 1Q2010. We apply CHEER and BEER approaches employing a VAR model. Our results suggest that the hryvnia was mostly overvalued during this period. We also find that the exchange rate regimes of the National Bank of Ukraine influence the level of deviation of hryvnia exchange rates from the equilibrium.

Suggested Citation

  • Valentyna Ozimkovska & Stanislaw Kubielas, 2013. "Deviation of the Ukrainian hryvnia from the equilibrium exchange rate," Post-Communist Economies, Taylor & Francis Journals, vol. 25(1), pages 18-36, March.
    • Handle: RePEc:taf:pocoec:v:25:y:2013:i:1:p:18-36
    DOI: 10.1080/14631377.2013.756616
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    References listed on IDEAS

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    1. MacDonald, Ronald, 2000. "Concepts to Calculate Equilibrium Exchange Rates: An Overview," Discussion Paper Series 1: Economic Studies 2000,03, Deutsche Bundesbank.
    2. MacDonald, Ronald, 1998. "What determines real exchange rates?: The long and the short of it," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 8(2), pages 117-153, June.
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    Cited by:

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