{'fraction_non_alphanumeric': 0.015063731170336037, 'fraction_numerical': 0.0, 'mean_word_length': 4.837837837837838, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
A dynamic model of the real Belgian franc

We build a dynamic general equilibrium model based on the theory of the NATural Real EXchange rate, as developed by Jerome L. Stein and Polly R. Allen. The model succeeds in distinguishing a medium and a long term equilibrium value of the real Belgian franc. The medium term equilibrium is determined by the variables driving the investment and saving decision, whereas the longer run equilibrium mainly results from the net foreign debt accumulation. The actual large net creditor position of Belgium, which contrasts with the huge domestic government debt, is a source of real appreciation for the franc. But the weak growth performance of the preceding years is a source of real depreciation. Nevertheless, the model shows that the appreciation force dominates and that the real Belgian franc is actually undervalued.