On cross-country differences in the persistence of real exchange rates

• 成果类型: Article
• 署名作者: Cheung, YW; Lai, KS
• 署名单位: California State University System; California State University Los Angeles; University of California System; University of California Santa Cruz
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/S0022-1996(98)00079-8
• 发表日期: 2000
• 页码: 375-397
• 关键词: parity deviations; cross-country persistence differences; structural determinants

摘要

Previous findings of long-run purchasing power parity come mainly from data for industrial countries, raising the issue of whether the results suffer sample-selection bias and exaggerate the general relevance of parity reversion. This study uncovers substantial cross-country heterogeneity in the persistence of deviations from parity. The results show that it is more likely, rather than less likely, to find parity reversion for developing countries than industrial countries. Although some persistence variations may partly reflect country differences in structural characteristics such as inflation experience and government spending, a considerable portion of those variations seems unaccounted for. (C) 2000 Elsevier Science B.V. All rights reserved. JEL classification: F31; F41.