Assistant Professor of Economics Maître de Conférences des Universités
September 23, 2013
On the Determinants of Exchange Rate Misalignments, Applied Economics Letters 20(18) (2013) pp. 1608-1610. (with Jacques Mazier & Nabil Aflouk). Abridged version of MRPA Paper No. 47481. [TAYLOR & FRANCIS]
The literature on exchange rate misalignments as well as on exchange rate determinants is very extensive. To our knowledge, however, no study has analysed the determinants of exchange rate misalignments. As huge capital inflows have been pouring into emerging countries since the climax of the crisis, exchange rate misalignments are becoming a crucial issue for policymakers. For a large panel of emerging and industrialized countries and over the period 1982–2008, we identify, empirically, the main determinants of exchange rate misalignments obtained thanks to a FEER approach. Our analysis put forward trade openness, financial openness and regional specialization as determinant variables of exchange rate misalignments.
Current Account Adjustments
Capital Account Openness
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October 4, 2013
The Legacy of Austerity in the Eurozone by Paul De Grauwe and Yuemei Ji
The recent slight improvement in the GDP growth rates in the eurozone has led European policy-makers to proclaim victory and assert that the austerity programmes imposed within the eurozone are paying off. But is this really the case? In this Commentary Paul De Grauwe and Yuemei Ji argue that the improvement in the eurozone business cycle is the result of the ECB’s announcement of its Outright Monetary Transaction (OMT) programme, and that austerity has left a legacy of unsustainable debt that will test the political resilience of the debtor countries.