Exploring the Correlation between Real Exchange Rate Misalignment and Economic Growth in the CEE Countries
The main goal of this paper is to investigate the existence of any kind of relationship between real exchange rate misalignment and economic growth in four Central and Eastern European countries (CEEC): the Czech Republic, Hungary, Poland and Romania. Taking as a basic idea the classical textbook relation between exchange rate movements and economic growth, respectively the fact that exchange rate undervaluation could stimulate growth, the paper presents a series of results using time series and panel analysis. The findings in the case of the country-by-country analysis are conflicting with those of the panel data analysis. In both case, the estimation results emphasize those suggested by the literature, respectively an increase in the real exchange rate misalignment can easily slow economic growth.
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