China’s maintenance of a de facto peg against the US dollar during the Asian crisis caused a realignment of exchange rates in the Asian region. This paper explores the “equilibrium” level of China’s real effective rate in the lead-up and during that crisis. A derivative of the Devarajan-Lewis-Robinson three-good general equilibrium model is employed to estimate time paths of the equilibrium rea...

a r t i c l e i n f o JEL classification: C33 G10 O49 Q43 Keywords: Oil prices Stock market depth Economic growth Other macroeconomic variables Panel VAR Granger causality G-20 countries This paper examines the linkages between economic growth, oil prices, depth in the stock market, and three other key macroeconomic indicators: real effective exchange rate, inflation rate, and real rate of inte...

one of the most significant discussion and challenges propounded in the macroeconomics is the effects of fluctuations of exchange rate on the macroeconomic variables (production, employment, inflation and … etc).in this direction, the important and noticeable point is the factors which lead to fluctuations in the exchange rate which, from amongst these factors as an example, is fluctuations in ...

exogeneity and controllabillty of money is a basic assumption in neo-keynesian and monetarist analysis, as well as most contemprory economic macro-models. equilibrium path cattani & cavallo & khan model (j990)1 is employed, and pree & stienhe,2 model (j989) has been used for calculation of the real exchange rate unstability index. the results, indicate negative effects of real exchange rate dev...