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Estimation Of A Behavioral Equilibrium Exchange Rate Model For Ghana
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Book Synopsis Estimation of a Behavioral Equilibrium Exchange Rate Model for Ghana by : Ms.Elena Loukoianova
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 :International Monetary Fund Publisher :INTERNATIONAL MONETARY FUND ISBN 13 :9781451814972 Total Pages :93 pages Book Rating :4.8/5 (149 download)
Book Synopsis Ghana: Selected Issues by : International Monetary Fund
Download or read book Ghana: Selected Issues written by International Monetary Fund and published by INTERNATIONAL MONETARY FUND. This book was released on 2007-06-19 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper examines competitiveness and the equilibrium real exchange rate for Ghana. It estimates a behavioral equilibrium exchange rate model for Ghana to establish to what extent real effective exchange rate (REER) movements have been driven by an adjustment to its equilibrium values, consistent with changing fundamentals. The paper discusses measures of Ghana's external competitiveness other than the gap between the actual and the estimated equilibrium REER. Achievements, challenges, and priorities in the areas of public financial management, wage policy, tax administration, and tax policy are also described in detail.
Book Synopsis Exchange Rate Misalignment by : Mr.Atsushi Iimi
Download or read book Exchange Rate Misalignment written by Mr.Atsushi Iimi and published by International Monetary Fund. This book was released on 2006-06-01 with total page 31 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.
Book Synopsis The Impact of the Strong Euro on the Real Effective Exchange Rates of the Two Francophone African CFA Zones by : Ali Zafar
Download or read book The Impact of the Strong Euro on the Real Effective Exchange Rates of the Two Francophone African CFA Zones written by Ali Zafar and published by World Bank Publications. This book was released on 2005 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The author estimates the degree of misalignment of the CFA franc since the introduction of the euro in 1999. Using a relative purchasing power parity-based methodology, he develops a monthly panel time series dataset for both the Economic and Monetary Community of Central Africa (CEMAC) zone and the West African Economic and Monetary Union (UEMOA) zone to compute a trade-weighted real effective exchange rate indexed series from January 1999 to December 2004. The author's main finding is that the real effective exchange rate appreciated by close to 8 percent in UEMOA and 7 percent in CEMAC, influenced by volatility in the euro-dollar bilateral exchange rate and conservative monetary policies in the two zones, resulting in a partial loss of competitiveness in export markets. The lower appreciation in Central Africa can be explained by lower inflation in CEMAC than in UEMOA and by the greater trade with higher inflation East Asian countries, partially offset by the peg to the dollar. However, the inclusion of "unrecorded trade" results in an appreciation of only 6 percent in the UEMOA zone and 6 percent in the CEMAC zone due to higher inflation in the two countries with unmonitored cross-border flows, Ghana and Nigeria. Using time series econometrics, an Engle-Granger two stage procedure for cointegration, and an error correction framework, a single equation modeling of the real exchange rate from 1970 to 2005 as a function of terms of trade, economic openness, aid inflows, and a dummy representing the 1994 devaluation, the author finds little statistical evidence of a long-run equilibrium exchange rate that is a vector of economic fundamentals. The dummy explains most of the real exchange rate behavior in the two zones, while openness in UEMOA has contributed to an appreciation of the real effective exchange rate. "--World Bank web site.
Book Synopsis Estimating Equilibrium Exchange Rates by : John Williamson
Download or read book Estimating Equilibrium Exchange Rates written by John Williamson and published by Peterson Institute for International Economics. This book was released on 1994 with total page 332 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.
Book Synopsis Estimation of the Equilibrium Real Exchange Rate for South Africa by : Mr.Luca Antonio Ricci
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.
Book Synopsis Estimation of Equilibrium Exchange Rates in the Waemu by : Magnus Saxegaard
Download or read book Estimation of Equilibrium Exchange Rates in the Waemu written by Magnus Saxegaard and published by . This book was released on 2007 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 :Mr.Charalambos G. Tsangarides Publisher :INTERNATIONAL MONETARY FUND ISBN 13 :9781451867589 Total Pages :54 pages Book Rating :4.8/5 (675 download)
Book Synopsis Estimation of Equilibrium Exchange Rates in the WAEMU by : Mr.Charalambos G. Tsangarides
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.
Book Synopsis Estimation of a Behavioral Equilibrium Exchange Rate Model for Ghana by : Plamen Iossifov
Download or read book Estimation of a Behavioral Equilibrium Exchange Rate Model for Ghana written by Plamen Iossifov and published by . This book was released on 2007 with total page 28 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
Book Synopsis Estimation of the Equilibrium Real Exchange Rate for Malawi by : Johan Mathisen
Download or read book Estimation of the Equilibrium Real Exchange Rate for Malawi written by Johan Mathisen and published by International Monetary Fund. This book was released on 2003-05 with total page 30 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.
Book Synopsis Estimation of the Equilibrium Real Exchange Rate for South Africa by : Ronald MacDonald
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.
Book Synopsis Ghana by : International Monetary Fund
Download or read book Ghana written by International Monetary Fund and published by International Monetary Fund. This book was released on 2008-10-20 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2008 Article IV Consultation highlights that Ghana’s growth has remained strong, fuelled by both the private and public sectors. The Ghanaian economy maintained strong growth of about 61⁄2 percent in 2007 and the first months of 2008. The private sector has responded positively to macroeconomic stability, structural reforms, and an increasingly business-friendly environment. But fiscal spending also increased, leading to excess demand. Supply-side shocks, especially from international fuel prices, have impacted Ghana negatively, although overall, Ghana’s terms of trade continued to improve.
Book Synopsis Drivers of Peru's Equilibrium Real Exchange Rate by : Melesse Tashu
Download or read book Drivers of Peru's Equilibrium Real Exchange Rate written by Melesse Tashu and published by International Monetary Fund. This book was released on 2015-02-11 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper tests the hypothesis of ‘commodity currency’ on the nuevo sol and, more generally, identifies the drivers of Peru’s equilibrium real exchange rate using a cointegration analysis. The results show that export commodity prices do not have a statistically significant impact on Peru’s real effective exchange rate, suggesting that the nuevo sol is not a commodity currency. The paper provides empirical evidence that large profit repatriation and foreign exchange intervention have effectivelly insulated Peru’s real exchange rate from the impact of commodity price shocks. Peru’s equilibrium real exchange rate is found to be driven mostly by productivity and government consumption.
Download or read book Peru written by Alejandro M. Werner and published by International Monetary Fund. This book was released on 2015-09-16 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt: Peru stands out among Latin American countries as an example of successful economic reforms over the past decade. This comprehensive look at Peru's economy traces that country's journey from a debt crisis in the 1980s to having buffers in place that allowed it to emerge unscathed from the global financial crisis. The book examines the steps Peru undertook to achieve these results and extracts lessons to be learned. Chapters are written by IMF staff and Peruvian economists.
Author :International Monetary Fund. Western Hemisphere Dept. Publisher :International Monetary Fund ISBN 13 :1513560417 Total Pages :68 pages Book Rating :4.5/5 (135 download)
Book Synopsis Peru by : International Monetary Fund. Western Hemisphere Dept.
Download or read book Peru written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2015-05-27 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper describes recent investment dynamics in Peru, and assesses the relationship between private investment and its fundamentals. Over the last decade, average growth in Peru exceeded 6 percent, anchored by a substantial contribution from investment. A series of structural reforms in the 1990s, growing political stability, and the implementation of a solid macroeconomic framework in the early 2000s set the stage for this investment boom. Actions were also taken to strengthen public investment implementation and to enhance the overall investment climate. Now that commodity prices have softened and interest rates are expected to rise, addressing the next generation of structural reforms will be crucial to sustain investment and growth.
Book Synopsis Regional Economic Outlook, April 2009, Sub-Sarahan Africa by : International Monetary Fund. African Dept.
Download or read book Regional Economic Outlook, April 2009, Sub-Sarahan Africa written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2009-04-24 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prepared by the IMF African Department, and published twice a year in English and French, Regional Economic Outlook: Sub-Saharan Africa analyzes the macroeconomic performance and short-term prospects of sub-Saharan Africa and provides and in-depth analysis of selected topics. The April 2009 Outlook includes two chapters: one on the macroeconomic impact of the global financial crisis on sub-Saharan Africa, and the other on the impact of the crisis on financial systems in the region. Detailed country data are provided in a statistical appendix.
Book Synopsis Regional Economic Outlook, April 2008, Sub-Saharan Africa by : International Monetary Fund. African Dept.
Download or read book Regional Economic Outlook, April 2008, Sub-Saharan Africa written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2008-04-14 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: The region's prospects continue to be promising, but global developments pose increased risks to the outlook. Growth in sub-Saharan Africa should again average about 61⁄2 percent in 2008 with oil exporters leading the way; meanwhile, growth in oil importers is expected to taper off, though only modestly. With food and energy prices still rising, inflation is projected to average about 81⁄2 percent this year for countries in the region, setting aside Zimbabwe. Risks in 2008 are tilted to the downside, but the region is better placed today to withstand a worsening of the global environment.
