文章基本信息

标题：Real convergence in Central and Eastern European EU Member States: which role for exchange rate volatility?
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作者：Olga Arratibel ; Davide Furceri ; Reiner Martin 等
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2008
卷号：1
出版社：European Central Bank
摘要：This paper analyzes the relation between exchange rate volatility and several macroeconomic variables, namely real per capita output growth, the credit cycle, the stock of inward foreign direct investment (FDI) and the current account balance, in the Central and Eastern European EU Member States. Using panel estimations for the period between 1995 and 2006, we find that lower exchange rate volatility is associated with higher growth (for relatively less financially developed economies), higher stocks of FDI (for relatively more open economies), higher current account deficits, and a more volatile development of the credit to GDP ratio.
关键词：EU; Exchange Rate Volatility; Growth; FDI; Credit; Current Account;Catching-up; Convergence.