دانلود مقاله ISI انگلیسی شماره 90221
ترجمه فارسی عنوان مقاله

نرخ ارز و تنظیم اقتصاد کلان در کشورهای منطقه یورو جنوبی

عنوان انگلیسی
Exchange rate and macroeconomic adjustment in southern eurozone countries
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
90221 2017 32 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Economic Systems, Volume 41, Issue 4, December 2017, Pages 639-650

پیش نمایش مقاله
پیش نمایش مقاله  نرخ ارز و تنظیم اقتصاد کلان در کشورهای منطقه یورو جنوبی

چکیده انگلیسی

In this paper, we estimate panel cointegration and VEC models to show that, during the pre-euro period, devaluation and/or depreciation of the domestic currency were a recurrent weapon for macroeconomic adjustment in Greece, Italy, Spain and Portugal. Moreover, we perform panel Penn-effect regressions using a sample of 114 countries to prove that during the period 1970–2011 the four countries incurred misalignments of remarkable size and variability in their real exchange rates. All in all, our results reveal that for several decades the four countries needed to use their nominal exchange rate as a tool of macroeconomic adjustment. Since variations of the nominal exchange rate within the EMU are no longer an option, the four southern eurozone countries should accomplish the necessary structural reforms to avoid new and painful internal devaluations in the coming years.