Points clés :

 Résumé :
 We study the nonlinear dynamics of the real exchange rate towards its behavioral equilibrium value (BEER) using a Panel Smooth Transition Regression model framework.We show that the real exchange rate convergence process in the long run is characterized by nonlinearities for emerging economies, whereas industrialized countries exhibit a linear pattern. Moreover, there exists an asymmetric behavior of the real exchange rate when facing an over- or an undervaluation of the domestic currency. Finally, our results suggest that the real exchange rate is unable to unwind alone global imbalances.

 Mots-clés : Taux de change d'équilibre | Modèle BEER | Modèles a transition lisse en panel (PSTR) | Modèles à correction d'erreur vectoriel en panel (PVECM)

 JEL : F31, C23