Impactul liberalizării contului de capital şi ţintirii directe a inflaţiei asupra cursului real de schimb al leului românesc

Abstract

This paper examines the influence of the capital flows on the real exchange rate of the Romanian leu. Many studies which analysed the fundamental determinants of the exchange rate of leu, showed that the appreciation of the currency before the financial crises from the last years was due to the manifestation of the Harrod-Balassa-Samuelson effect. In our study we showed that rather the financial account contributed to the real convergence of the Romanian economy and determined the movements of the real exchange rate of leu.