| Title |
Estimating long-run equilibrium real exchange rates: short-lived shocks with long-lived impacts on Pakistan
|
|---|---|
| Published in |
SpringerPlus, July 2013
|
| DOI | 10.1186/2193-1801-2-292 |
| Pubmed ID | |
| Authors |
Asma Zardad, Asma Mohsin, Khalid Zaman |
| Abstract |
The purpose of this study is to investigate the factors that affect real exchange rate volatility for Pakistan through the co-integration and error correction model over a 30-year time period, i.e. between 1980 and 2010. The study employed the autoregressive conditional heteroskedasticity (ARCH), generalized autoregressive conditional heteroskedasticity (GARCH) and Vector Error Correction model (VECM) to estimate the changes in the volatility of real exchange rate series, while an error correction model was used to determine the short-run dynamics of the system. The study is limited to a few variables i.e., productivity differential (i.e., real GDP per capita relative to main trading partner); terms of trade; trade openness and government expenditures in order to manage robust data. The result indicates that real effective exchange rate (REER) has been volatile around its equilibrium level; while, the speed of adjustment is relatively slow. VECM results confirm long run convergence of real exchange rate towards its equilibrium level. Results from ARCH and GARCH estimation shows that real shocks volatility persists, so that shocks die out rather slowly, and lasting misalignment seems to have occurred. |
Mendeley readers
The data shown below were compiled from readership statistics for 34 Mendeley readers of this research output. Click here to see the associated Mendeley record.
Geographical breakdown
| Country | Count | As % |
|---|---|---|
| Malaysia | 1 | 3% |
| Unknown | 33 | 97% |
Demographic breakdown
| Readers by professional status | Count | As % |
|---|---|---|
| Student > Ph. D. Student | 6 | 18% |
| Student > Master | 4 | 12% |
| Lecturer | 3 | 9% |
| Professor > Associate Professor | 3 | 9% |
| Researcher | 3 | 9% |
| Other | 7 | 21% |
| Unknown | 8 | 24% |
| Readers by discipline | Count | As % |
|---|---|---|
| Economics, Econometrics and Finance | 14 | 41% |
| Business, Management and Accounting | 5 | 15% |
| Unspecified | 1 | 3% |
| Biochemistry, Genetics and Molecular Biology | 1 | 3% |
| Agricultural and Biological Sciences | 1 | 3% |
| Other | 3 | 9% |
| Unknown | 9 | 26% |
Attention Score in Context
This research output has an Altmetric Attention Score of 2. This is our high-level measure of the quality and quantity of online attention that it has received. This Attention Score, as well as the ranking and number of research outputs shown below, was calculated when the research output was last mentioned on 04 July 2013.
All research outputs
#14,755,210
of 22,713,403 outputs
Outputs from SpringerPlus
#835
of 1,852 outputs
Outputs of similar age
#115,910
of 194,634 outputs
Outputs of similar age from SpringerPlus
#32
of 71 outputs
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