We argue that the main equilibrium exchange rate approaches (ppp, beer, and feer) correspond to different time horizons of a single theoretical framework. We propose an illustration for the euro/dollar exchange rate. Our results suggest that the various approaches should not be opposed but...

The aim of this article is to study and quantify the transmission channels between the American and Mexican stock markets in the aftermath of the subprime crisis. To this end, we use a time-varying transition probability Markov-switching model, in which ?crisis? and ?non-crisis? periods are...

L?objet de cet article est d?étudier si les régimes de change des pays émergents ont tendance à être infléchis dans le sens d?une plus grande flexibilité lors des crises financières globales. Afin de tester cette hypothèse, nous évaluons le degré de flexibilité des taux de change par...

The aim of this paper is to investigate the determinants of the carbon price during the two phases of the European Union Emission Trading Scheme (eu ets). More specifically, relying on daily eu allowance futures contracts, we test whether the carbon price drivers identified for Phase I still...

Our object is to study the adjustment process of five European exchange rates toward their fundamentals on the 1979-1999 period. We consider two approaches, namely nonlinear cointegration and fractional cointegration, in order to discriminate between nonlinear short memory and linear long memory...

In this paper, we propose a joint study of trade and financial integration by relying on the Balassa?s [1961] classification, from preferential trading area to complete economic integration. To this end, we consider two approaches based on the behaviour of interest rates: the expectations...

The aim of this paper is to study the impact of terms of trade on real exchange rates for commodity exporters and oil exporters. To this end, we rely on panel cointegration techniques and estimate a long term relationship between the real effective exchange rate and economic fundamentals,...