Sources of Real Exchange Rate Fluctuations in Transition Economies: The Case of Poland and Hungary

Nominal and real stochastic convergence of transition economies

“…Hence, we conclude that the countries have experienced uncommon money and price shocks that were driven by different types of supply and demand shocks. Dibooglu and Kutan (2001) report similar results for real exchange rates in transition economies. meeting in Copenhagen in December 2002, it was decided that, along with the frontrunners, Slovakia, Latvia and Lithuania would also join the EU on May 1, 2004.…”

How Much of the Macroeconomic Variation in Eastern Europe is Attributable to External Shocks?

“…Another difference between Korhonen (2003) and this paper is that we test the GCP restriction and use it to justify the variance decomposition. The difference between our study and the work of Fidrmuc and Korhonen (2003) and Dibooglu and Kutan (2001) is that these authors rely on the Blanchard-Quah identification that is stronger than the GCP restriction and the orthogonalization that we use. The Blanchard-Quah identification has been criticized in the literature (see Faust 3 In an early study, Boone and Maurel (1999) find that sizable fraction of the variation in unemployment in transition economies is explained by external factors.…”

“…We take 1000 draws from the posterior distribution, after having imposed the GCP restriction; see the third Appendix for details. 9 For each draw, we compute impulse responses and forecast error variance decomposition of y 1 (t). This yields 1000 draws from the posterior distribution of impulse responses and forecast error variance decomposition.…”

Sources of Exchange Rate Fluctuation in Vietnam: An Application of the SVAR Model

“…This model is also widely applied in many previous researches (Clarida and Gali, 1994;Enders and Lee, 1997;Chen and Wu, 1997;Dibooglu and Kutan, 2001;Wang, 2005;Kakinaka, Miyamoto and Ok, 2010). Below, we have the biavariate moving-average (BMA) system as follows:…”