Equilibrium Exchange Rates of Central and Eastern European Countries on the Road to the European Mon

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The book explores the critical issue of establishing appropriate reference rates for the upcoming enlargement of the European Monetary Union, focusing on the exchange rates of accession countries against the euro. It addresses the challenge of determining equilibrium exchange rates to prevent economic distortions. Utilizing time series and panel estimation techniques, the study applies three concepts—BEER, PEER, and PPP—to assess the equilibrium exchange rates for ten Central and Eastern European nations, revealing notable real misalignments in several of these countries.