{"id":55573,"date":"2023-12-01T18:47:18","date_gmt":"2023-12-01T17:47:18","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/real-exchange-rate-misalignments-in-ceecs-have-they-hindered-growth\/"},"modified":"2025-10-22T22:20:52","modified_gmt":"2025-10-22T20:20:52","slug":"real-exchange-rate-misalignments-in-ceecs-have-they-hindered-growth","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/55573\/","title":{"rendered":"Real exchange rate misalignments in CEECs: Have they hindered growth?"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-55573","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"We study the impact of exchange rate misalignment on economic activity in nine Central and Eastern European economies. Exchange rate misalignments are computed from country-specific long-run exchange rate relationships with determinants suggested by open macroeconomic models such as interest rate differentials or the Balassa-Samuelson effect. There was a clear reduction in misalignments, but this has been reversed to some extent after 2008. Exchange rate overvaluation has a negative impact on economic activity. The effect of misalignments on economic activity seems to be nonlinear, as overvaluation has a stronger effect than undervaluation. Other factors of economic activity, including institutions, also show non-linear effects.","onlinedate":"2020-11-01 01:00:00","lang":"English","publication_series":"","publication_date":"20201101","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":null,"zip":null,"link":"http:\/\/www.springer.com\/10663","monthly_report":false,"monthly_report_main":false,"monthly_report_volume":"47","monthly_report_pages":"733-756","monthly_report_pages_sort":"733","issue":"4","journal":"Empirica","publisher":"","invisible":false,"external":true,"embargo_date":null,"types":[83083],"research_groups":[3500],"collaboration":"","persons":[14403,11293,11299],"persons_data":"[{\"personId\":14403,\"personName\":\"Juan Carlos Cuestas\",\"organisationNames\":[]},{\"personId\":11293,\"personName\":\"Estefan\u00eda Mourelle\",\"organisationNames\":[]},{\"personId\":11299,\"personName\":\"Paulo Jos\u00e9 Regis\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Real exchange rate misalignments in CEECs: Have they hindered growth? 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