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1

CAN WE EXPLAIN THE LONG-TERM REAL EQUILIBRIUM EXCHANGE RATES THROUGH PURCHASING POWER PARITY?

100%
Feridun M.
Ekonomický časopis (Journal of Economics)
|
2005
|
vol. 53
|
issue 3
273-282
EN
Purchasing Power Parity (PPP) is the most conventional and fundamental means through which the long-term equilibrium exchange rate can be explained. This article examines the monthly and quarterly data from January 1965 - January 1995 aiming at testing the validity of PPP as a long-term equilibrium condition for the bilateral exchange rates between US Dollar and the currencies of a set of five industrialized countries, namely Germany, France, Australia, Canada, and the United Kingdom, using Augmented Dickey Fuller (ADF) unit root test. Results indicate that both monthly and quarterly US Dollar - Canadian Dollar real exchange rates are stationary. In case of US Dollar- Australian Dollar real exchange rate, only monthly data is found to be stationary. Strong evidence emerges that US Dollar - French Franc, US Dollar - German Mark, and US Dollar - Great Britain Pound exchange rates are non-stationary, which invalidates the PPP hypothesis.
2

KONVERGENCE ČESKÉ REPUBLIKY A SLOVENSKÉ REPUBLIKY – SOUČASNÝ STAV A VYBRANÉ PROBLÉMY

88%
Vintrová R., Žďárek V.
Ekonomický časopis (Journal of Economics)
|
2006
|
vol. 54
|
issue 5
468-489
EN
This paper tries to assess the process of real and nominal convergence of the Czech Republic and Slovak Republic in comparison with the other New Member States (NMS-8) and the EU-25. The methodology is based on the international comparisons of the macroeconomic indicators, especially by the means of GDP per capita indicator calculated in the purchasing power parity and on the alternative indicators of the real gross domestic income, which comprises gains or losses from the terms of the trade changes. Chapter 1 contains the theoretical and the methodological issues relating to this process. Chapter 2 examines the process of catching-up and the changes of economic position in NMS-8 within the framework of EU-25. It also deals with the trade-off between the real and nominal convergence, especially as regards the comparative price levels (CPL). The perspective of the real and the nominal convergence is analysed at the end of the paper.
3

PURCHASING POWER PARITY AND COINTEGRATION: EVIDENCE FROM LATVIA AND SLOVAKIA

75%
Chocholatá M.
Ekonomický časopis (Journal of Economics)
|
2009
|
vol. 57
|
issue 4
344-358
EN
This paper deals with the analysis of the purchasing power parity between Latvia and the euro area and between Slovakia and the euro area using the Engle-Granger and Johansen co-integration techniques. Latvia and Slovakia became members of the European Union in May 2004 and have been already the members of the Exchange Rate Mechanism II (ERM II) preparing for the euro adoption. The whole analysis was done on monthly data covering the period January 1999 - May 2008. Both the Engle-Granger and the Johansen method did not confirmed the purchasing power parity (PPP) validity in both analysed cases.
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