The real exchange rate is one of the key economic variables determining country’s macroeconomic performance. It reflects international competitiveness of the domestic economy and has a direct impact on country’s export and import development. The equilibrium exchange rate is crucial as it directly influences external competitiveness, especially through export prices. In Romania, the long-run real appreciation of the domestic currency was determined by an improvement in terms of trade and net capital inflows.
real exchange rate, equilibrium, external competitiveness
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