How Well Do Contemporary Theories Explain Floating Exchange Rate Changes in an Emerging Economy: The Case of EUR/PLN
نویسندگان
چکیده
The purpose of this paper is to investigate how well contemporary exchange rate theories explain fluctuations in rates emerging economies, before and after the Global Financial Crisis (GFC). As an example, EUR/PLN 1999–2015 was selected as currency pair that most liquid region; it had a stable regime given period. whole analysis performed within linear vector error correction (VEC) model framework. VEC models incorporate such well-known purchasing power parity (PPP), uncovered interest (UIP), Harrod–Balassa–Samuelson (HBS) effect, terms trade (TOT), net financial asset (NFA) theory risk premium. results indicate greater importance external factors—in particular, Euro Area (EA) short-term EA price shocks GFC. main sources variability were found be shocks, foreign domestic shocks. These are particularly high for our own large part still remains unexplained.
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ژورنال
عنوان ژورنال: Economies
سال: 2022
ISSN: ['2227-7099']
DOI: https://doi.org/10.3390/economies10110282