01739cas a2200253 a 4500 AALejournalIMF000290 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451854794 1018-5941 BD-DhAAL BD-DhAAL Halpern, Lionel. Equilibrium Exchange Rates in Transition Economies / Lionel Halpern, Charles Wyplosz. Washington, D.C. : International Monetary Fund, 1996. 1 online resource (40 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students A stylized fact of the transition process is an early profound exchange rate depreciation followed by continuing real appreciation. Absent historical reference points, it is difficult to judge whether the real appreciation is threatening competitiveness. This paper interprets the stylized facts and offers estimates of the equilibrium real exchange rate based on an international comparison of dollar wages and on a study of the dynamics of real exchange rates in several transition economies. The results suggest that the process of real appreciation is a combination of a return to equilibrium following the early overshooting and equilibrium appreciation. Mode of access: Internet Wyplosz, Charles. IMF Working Papers; Working Paper ; No. 1996/125 Full text available on IMF http://elibrary.imf.org/view/journals/001/1996/125/001.1996.issue-125-en.xml IMF e-Library