Table 1 Equilibrium exchange rate model variables and sources
From: Real effective exchange rate misalignment and currency crisis in Iran
Variables | Definition | References |
|---|---|---|
OX | Oil export as a share of GDP | Mozayani and Parvizi [29] |
OPEN | Trade openness Total exports and imports as a share of GDP | Dağdeviren et al. [13] Jongwanich [20] Nouira and Sekkat [32] Hossfeld et al. [18] |
TOT | Terms of trade | Nouira and Sekkat [32] Hossfeld et al. [18] Giannellis and Papadopoulos [14] Baak [4] Jongwanich [20] |
NFA | Net foreign assets as a share of GDP | Baak [4] Kim and Korhonen [24] Hossfeld et al. [18] |
GOV | Government expenditure as a share of GDP | Kim and Korhonen [24] Hossfeld et al. [18] Cuestas et al. [12] Ajevskis et al. [1] |
PRO | Productivity differential Real GDP per capita relative to main trading partner | Zardad et al. [38] Toulaboe [37] Banerjee and Goyal [5] |