The Effect of Exchange Rate Disequilibrium and Financial Integration on Economic Growth
Bibliographic record
Abstract
We identify the determinants of the equilibrium real exchange rates (RER) in 10 selected countries of South and South East Asia and estimate the RER distortion by testing the effect of international financial integration (IFI) on economic growth. We use a simple model that determines the equilibrium RER and a dynamic model of endogenous growth that traces the effect of the RER distortion. We applied the techniques of non-stationary dynamic panel, the tests of panel cointegration, and the method of least squared dynamics (DOLS) to estimate the relationship of cointegration. We also use the technique of Generalized Moments Method (GMM) in the system as applied to panel data to estimate the equation of dynamic growth. The IFI constitutes an important factor of long-term RER. An increase of it led to a long-term RER depreciation in the region. The evolution of the RER distortion for 1979-2004 was persevering and recurring: it was an alternation between periods of RER overvaluation and undervaluation in the region. The RER fluctuation in the short-term played against economic growth.
Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.
How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.002 | 0.012 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.000 | 0.001 |
| Scholarly communication | 0.002 | 0.001 |
| Open science | 0.000 | 0.001 |
| Research integrity | 0.000 | 0.001 |
| Insufficient payload (model declined to judge) | 0.001 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".