Do Fundamentals Explain the Behaviour of the Swedish Real Effective Exchange Rate?

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21 citations0/0 files storedScandinavian Journal of Economics

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Abstract

Abstract This study examines the long‐run relationship between the real effective exchange rate and its fundamental determinants, and derives a real effective equilibrium exchange rate for the Swedish krona. Our results indicate that the krona was severely overvalued in late 1992, when the fixed exchange rate regime was abandoned. By the end of 2000 the krona was undervalued by approximately 5 percent, given the prevailing economic conditions. Arithmetic examples of suitable SEK/EUR conversion rates are calculated under various assumptions to provide a guideline if Sweden were to adopt the euro in the future.

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References

1987Co-Integration and Error Correction: Representation, Estimation, and Testing 1988Statistical analysis of cointegration vectors 1995Likelihood-Based Inference in Cointegrated Vector Autoregressive Models 1976Expectations and Exchange Rate Dynamics 1964The Purchasing-Power Parity Doctrine: A Reappraisal 1997Foundations of International Macroeconomics 1996The Purchasing Power Parity Puzzle 1964Theoretical Notes on Trade Problems

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