Discussion Paper Details

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Title: Real Exchange Rates and Exchange Rate Policy in Hungary

Author(s): László Halpern

Publication Date: March 1996

Keyword(s): Exchange Rate Policy, Hungary and Real Exchange Rate

Programme Area(s): Transition Economics

Abstract: Five real exchange rate indicators are computed to assess the international competitiveness of Hungarian industry. These indicators are explained in econometric equations by employment, unemployment, productivity, interest spread and real producer wage. Causality tests reveal that external performance has an impact on real exchange rates and contributes to the explanation of real exchange rates. There is very limited scope for policy intervention to constrain the negative effects of capital inflow without incurring other costs.

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Bibliographic Reference

Halpern, L. 1996. 'Real Exchange Rates and Exchange Rate Policy in Hungary'. London, Centre for Economic Policy Research.