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THE REAL EXCHANGE RATE DETERMINATION: EMPIRICAL EVIDENCE FROM MALAYSIA

机译:实际汇率的确定:来自马来西亚的经验证据

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摘要

This study examines the real exchange rate determination in Malaysia. The result of the auto-regressive distributed lag approach shows that an increase in the real interest rate differential, productivity differential, the real oil price or reserve differential will lead to an appreciation of the real exchange rate in the long run. The real oil price and reserve differential are important in the real exchange rate determination. The dynamic ordinary least squares (DOLS) estimator shows about the same conclusion of the autoregressive distributed lag approach. The result of the generalized forecast error variance decomposition shows that the real interest rate differential, productivity differential, the real oil price and reserve differential are generally important to the real exchange rate determination.
机译:本研究考察了马来西亚的实际汇率确定。自回归分布滞后方法的结果表明,从长远来看,实际利率差异,生产率差异,实际石油价格或储备差异的增加将导致实际汇率升值。实际油价和准备金差额在确定实际汇率中很重要。动态普通最小二乘(DOLS)估计器显示出与自回归分布滞后方法大致相同的结论。广义预测误差方差分解的结果表明,实际利率差异,生产率差异,实际石油价格和储备差异对确定实际汇率通常很重要。

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