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Author : Queen Magadi Mabe
Publisher :
ISBN 13 :
Total Pages : 114 pages
Book Rating : 4.:/5 (867 download)
Download or read book Estimating Equilibrium Exchange Rates in South Africa written by Queen Magadi Mabe and published by . This book was released on 2013 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Luca Antonio Ricci
Publisher : International Monetary Fund
ISBN 13 : 1451846436
Total Pages : 25 pages
Book Rating : 4.4/5 (518 download)
Download or read book Estimation of the Equilibrium Real Exchange Rate for South Africa written by Mr.Luca Antonio Ricci and published by International Monetary Fund. This book was released on 2003-03-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on the Johansen cointegration estimation methodology, much of the long-run behavior of the real effective exchange rate of South Africa can be explained by real interest rate differentials, GDP per capita (both relative to trading partners), real commodity prices, trade openness, the fiscal balance, and the extent of net foreign assets. On the basis of these fundamentals, the real exchange rate in early 2002 was found to be significantly more depreciated with respect to the estimated equilibrium level. The half-life of the deviation of the real exchange rate from the estimated equilibrium one was found to be somewhat more than two years.
Author : Alexander Chudik
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (318 download)
Download or read book In Search of Equilibrium written by Alexander Chudik and published by International Monetary Fund. This book was released on 2007-04 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a methodology to estimate equilibrium real exchange rates (ERER) for Sub-Saharan African (SSA) countries using both single-country and panel estimation techniques. The limited data set hinders single-country estimation for most countries in the sample, but panel estimates are statistically and economically significant, and generally robust to different estimation techniques. The results replicate well the historical experience for a number of countries in the sample. Panel techniques can also be used to derive out of sample estimates for countries with a more limited data set.
Author : Ronald MacDonald
Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.:/5 (129 download)
Download or read book Estimation of the Equilibrium Real Exchange Rate for South Africa written by Ronald MacDonald and published by . This book was released on 2006 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on the Johansen cointegration estimation methodology, much of the long-run behavior of the real effective exchange rate of South Africa can be explained by real interest rate differentials, GDP per capita (both relative to trading partners), real commodity prices, trade openness, the fiscal balance, and the extent of net foreign assets. On the basis of these fundamentals, the real exchange rate in early 2002 was found to be significantly more depreciated with respect to the estimated equilibrium level. The half-life of the deviation of the real exchange rate from the estimated equilibrium one was found to be somewhat more than two years.
Author : Mr.Johan Mathisen
Publisher : International Monetary Fund
ISBN 13 : 1451852789
Total Pages : 26 pages
Book Rating : 4.4/5 (518 download)
Download or read book Estimation of the Equilibrium Real Exchange Rate for Malawi written by Mr.Johan Mathisen and published by International Monetary Fund. This book was released on 2003-05-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper computes Malawi's equilibrium real exchange rate as a function of its fundamentals as derived from economic theory. It finds evidence in favor of the equilibrium approach to exchange rate determination, with several variables (particularly government consumption and real per capita growth) found to drive movements in the time-varying equilibrium real exchange rate. The results also indicate that following a shock there is a rapid reversion of the real exchange rate to its time-varying equilibrium, with a half-life of reversion of about 11 months.
Author : Mr.Charalambos G. Tsangarides
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781451867589
Total Pages : 54 pages
Book Rating : 4.8/5 (675 download)
Download or read book Estimation of Equilibrium Exchange Rates in the WAEMU written by Mr.Charalambos G. Tsangarides and published by INTERNATIONAL MONETARY FUND. This book was released on 2007-08-01 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using the FEER approach we investigate the long-run equilibrium paths of the real effective exchange rates (REERs) of countries in the West African Economic and Monetary Union (WAEMU). In an attempt to address econometric estimation uncertainty, we employ both single-country (Johansen and ARDL) and panel-data (FMOLS and PMG) cointegration techniques. We find that (i) much of the long-run behavior of REERs in WAEMU countries can be explained by fluctuations in terms of trade, government consumption, investment, and productivity; (ii) the use of different econometric techniques suggests that there is significant uncertainty about the path of the underlying equilibrium REERs and the degree of exchange rate misalignment, which underscores the need for robustness analyses in exchange rate modeling; and (iii) results from panel-data cointegration may sometimes be useful, but should always be complemented with single-country estimations to ensure that the results take into account country-specific characteristics.
Author : Ronald MacDonald
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (849 download)
Download or read book Estimation of the Equilibrium Real Exchange Rate for South Africa written by Ronald MacDonald and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : International Monetary Fund
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781451840995
Total Pages : 103 pages
Book Rating : 4.8/5 (49 download)
Download or read book South Africa: Selected Issues written by International Monetary Fund and published by INTERNATIONAL MONETARY FUND. This book was released on 2003-01-23 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper estimates an equilibrium path for South Africa's real effective exchange rate. The paper briefly describes the dynamics of the real exchange rate and its determinants. It investigates the presence of a long-term relationship between the real exchange rate and certain explanatory variables, estimates the speed at which the real exchange rate converges toward its equilibrium level, and derives measures for the equilibrium real exchange rate. The paper also examines the real money demand, consumer prices, and the real exchange rate in South Africa.
Author : Stéphane Roudet
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (318 download)
Download or read book Estimation of Equilibrium Exchange Rates in the WAEMU written by Stéphane Roudet and published by International Monetary Fund. This book was released on 2007 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using the FEER approach we investigate the long-run equilibrium paths of the real effective exchange rates (REERs) of countries in the West African Economic and Monetary Union (WAEMU). In an attempt to address econometric estimation uncertainty, we employ both single-country (Johansen and ARDL) and panel-data (FMOLS and PMG) cointegration techniques. We find that (i) much of the long-run behavior of REERs in WAEMU countries can be explained by fluctuations in terms of trade, government consumption, investment, and productivity; (ii) the use of different econometric techniques suggests that there is significant uncertainty about the path of the underlying equilibrium REERs and the degree of exchange rate misalignment, which underscores the need for robustness analyses in exchange rate modeling; and (iii) results from panel-data cointegration may sometimes be useful, but should always be complemented with single-country estimations to ensure that the results take into account country-specific characteristics
Author : John Williamson
Publisher : Peterson Institute
ISBN 13 : 9780881320763
Total Pages : 608 pages
Book Rating : 4.3/5 (27 download)
Download or read book Estimating Equilibrium Exchange Rates written by John Williamson and published by Peterson Institute. This book was released on 1994 with total page 608 pages. Available in PDF, EPUB and Kindle. Book excerpt: The problems of exchange rate misalignments and the resulting payments imbalances have plagued the world economy for decades. At the Louvre Accord of 1987, the Group of Five industrial countries adopted a system of reference ranges for exchange rate management, influenced by proposals of C. Fred Bergstan and John Williamson for a target zone system. The reference range approach has, however, been operated only intermittently and half-heartedly, and questions continue to be raised in policy and scholarly circles about the design and operation of a full-fledged target zone regime. This volume, with chapters by leading international economists, explores one crucial issue in the design of a target zone system: the problem of calculating Williamson's concept of the fundamental equilibrium exchange rate (FEER). Williamson contributes an overview of the policy and analytic issues and a second chapter on his own calculations.
Author : Atsushi Iimi
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (318 download)
Download or read book Exchange Rate Misalignment written by Atsushi Iimi and published by International Monetary Fund. This book was released on 2006-06 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Botswana's successive currency devaluations and recent move from a fixed to a crawling peg exchange rate regime raise the question of whether the exchange rate might be misaligned with economic fundamentals. This paper, applying the behavioral equilibrium exchange rate (BEER) approach, analyzes the behavior of the real exchange rate for the period 1985-2004. It finds that the pula was undervalued in the later 1980s but overvalued in recent years. Some policy lessons from experiences in other countries with crawling peg arrangements are therefore considered in the context of Botswana.
Author : John Baffes
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.:/5 (318 download)
Download or read book Single-equation Estimation of the Equilibrium Real Exchange Rate written by John Baffes and published by . This book was released on 1997 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jörg Rahn
Publisher : Peter Lang Pub Incorporated
ISBN 13 : 9783631542439
Total Pages : 199 pages
Book Rating : 4.5/5 (424 download)
Download or read book Equilibrium Exchange Rates of Central and Eastern European Countries on the Road to the European Monetary Union written by Jörg Rahn and published by Peter Lang Pub Incorporated. This book was released on 2005 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: The upcoming enlargement of the European Monetary Union involves the selection of appropriate reference rates at which the exchange rates of the accession countries will be fixed against the euro in order to avoid economic distortions as consequences of serious exchange rate misalignments. Determination of an exchange rate that is neither undervalued nor overvalued raises the issue of equilibrium exchange rates. Based on time series as well as panel estimation techniques three different concepts - BEER, PEER and PPP - are applied in this study to calculate equilibrium exchange rate levels for ten Central and Eastern European countries. The results indicate significant real misalignments in a number of accession countries.
Author : Samuel G. Asfaha
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Exchange Rate Misalignment and International Trade Competitiveness written by Samuel G. Asfaha and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on Edwards' (1989) intertemporal general equilibrium model of a small open economy, this study attempts to estimate the degree of real exchange rate misalignment and its impact on the international trade competitiveness of the South African economy for the period 1985:1-2000:4. For this purpose, an error-correction model (ECM)and five years moving average technique have been employed to estimate the exchange rate misalignment, while impulse response analysis and variance decomposition techniques of cointegrated VAR (vector auto regression) have been established to assess the impact of the misalignment on trade competitiveness. The study reveals that the real exchange rate had been consistently overvalued during the period 1988:3-1998:2 but undervalued during periods 1998:3-2000:4. For most of the periods during 1985:1-1988:2 the rand had been undervalued. Moreover, the study discloses that the exchange rate misalignment debilitates South Africa's international trade competitiveness accounting for 20 percent of the variation in competitiveness.
Author : Ms.Elena Loukoianova
Publisher : International Monetary Fund
ISBN 13 : 1451867190
Total Pages : 23 pages
Book Rating : 4.4/5 (518 download)
Download or read book Estimation of a Behavioral Equilibrium Exchange Rate Model for Ghana written by Ms.Elena Loukoianova and published by International Monetary Fund. This book was released on 2007-07-01 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper estimates a behavioral equilibrium exchange rate model for Ghana. Regression results show that most of the REER's long-run behavior can be explained by real GDP growth, real interest rate differentials (both relative to trading-partner countries), and the real world prices of Ghana's main export commodities. On the basis of these fundamentals, the REER in late 2006 was found to be very close to its estimated equilibrium level. The results also suggest, that deviations from the equilibrium path are eliminated within two to three years.
Author : Mr.Steven Phillips
Publisher : International Monetary Fund
ISBN 13 : 1484346785
Total Pages : 68 pages
Book Rating : 4.4/5 (843 download)
Download or read book The External Balance Assessment (EBA) Methodology written by Mr.Steven Phillips and published by International Monetary Fund. This book was released on 2014-01-13 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The External Balance Assessment (EBA) methodology has been developed by the IMF’s Research Department as a successor to the CGER methodology for assessing current accounts and exchange rates in a multilaterally consistent manner. Compared to other approaches, EBA emphasizes distinguishing between the positive empirical analysis and the normative assessment of current accounts and exchange rates, and highlights the roles of policies and policy distortions. This paper provides a comprehensive description and discussion of the 2013 version (“2.0”) of the EBA methodology, including areas for its further development.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1513573691
Total Pages : 34 pages
Book Rating : 4.5/5 (135 download)
Download or read book An Empirical Assessment of the Exchange Rate Pass-through in Mozambique written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-05-06 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Determining the magnitude and speed of the exchange rate passthrough (ERPT) to inflation has been of paramount importance for policy-makers in developed and emerging economies. This paper estimates the exchange rate passthrough in Mozambique using econometric techniques on a sample spanning from 2001 to 2019. Results suggest that the ERPT is assymetric, sizable and fast, with 50 percent of the exchange rate variations passing through to prices in less than six months. Policy-makers should continue to pursue low and stable inflation and develop a strong track record of prudent macroeconomic policies for the ERPT to decline.
