Abstract

The first chapter of the thesis estimates the equilibrium real exchange rate (ERER) in Russia using the trade-balance approach and distinguishing between the RERs for imports and exports. The rouble appears to have been overvalued before the 1998 crisis and undervalued in recent years of high oil prices and pro-active exchange rate policy of the Bank of Russia

The second chapter estimates trade elasticities in Russia at the disaggregated level applying panel data anlaysis to the Budget Survey of Russian households. Three specifications of the demand equations are estimated. The instrumental-variable estimators correct substantially the endogeneity biases of the elasticity coefficients

The third chapter analyses factors influencing the post-exit macroeconomic performance of countries abandoning fixed exchange rate regimes. It allows for two post-exit indicators (changes in the exchange rate and output gap), tests statistical significance of the distinction between orderly and disorderly exits and deals with the sample selection problem

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