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The Dynamics of the Real and Nominal Exchange Rates of India
Guha-Khasnobis, Basudeb,Ranign, Rajiv 세종대학교 국제경제연구소 2003 Journal of Economic Integration Vol.14 No.1
This paper examines the dynamics of the real and nominal exchange rates for India with respect to its major trade partners,viz, the US, UK, Germany, Japan, France, Canada and Belgium. We test(ⅰ)the cross correlations between the nominal exchange rate and the relative price levels and between the real and the nominal exchange rate for short-run analysis(ⅱ) whether nominal exchange rates and relative prices are well characterized as non-stationary I(1)processes. An important policy implication in the present Indian scenario is that a devaluation of the currency may indeed change the real exchange rate and affect the trade balance.