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The European Single Currency and MENA's Exports to Europe

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Author Info
Lahcen Achy
Khalid Sekkat

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Abstract

The paper investigates future exchange rate policy of the Middle East and North African (MENA) countries vis-ý-vis the euro aimed at fostering their manufactured exports towards Euroland. The exchange rate policy is captured through three different indicators: the real effective exchange rate changes, volatility, and misalignment. The investigation is conducted for 11 sectors over the period 1970-1997. The sample includes four North African countries (Algeria, Morocco, Tunisia, Egypt) and Turkey. The results show that exchange rate management plays a crucial role in providing incentives for manufactured exports toward Euroland. The food sector is weakly responsive to real exchange rate changes while the textile sector is highly responsive. Four growing sectors (electronic, electrical, mechanical, and vehicles) were also found to be highly sensitive to exchange rate changes. The results suggest that policymakers should be more concerned with misalignment than with volatility. Copyright Blackwell Publishing Ltd 2003.

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Article provided by Blackwell Publishing in its journal Review of Development Economics.

Volume (Year): 7 (2003)
Issue (Month): 4 (November)
Pages: 563-582
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Handle: RePEc:bla:rdevec:v:7:y:2003:i:4:p:563-582

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  1. Khalid Sekkat & Marie-Ange Veganzones-Varoudakis, 2005. "Trade and Foreign Exchange Liberalization, Investment Climate and FDI in the MENA," Working Papers DULBEA 05-06.RS, Université libre de Bruxelles, Department of Applied Economics (DULBEA). [Downloadable!]
  2. Balogun, Emmanuel Dele, 2009. "Determinants of West African Monetary Zone (WAMZ)countries global export trade: do foreign reserves and independent exchange rates matter?," MPRA Paper 12929, University Library of Munich, Germany. [Downloadable!]
  3. Égert, Balázs & Morales-Zumaquero, Amalia, 2005. "Exchange rate regimes, foreign exchange volatility and export performance in Central and Eastern Europe: Just another blur project?," BOFIT Discussion Papers 8/2005, Bank of Finland, Institute for Economies in Transition. [Downloadable!]
    Other versions:
  4. Azmat Gani & Biman Chand Prasad, 2006. "Institutional Quality and Trade in Pacific Island Countries," Working Papers 2006, Asia-Pacific Research and Training Network on Trade (ARTNeT), an initiative of UNESCAP and IDRC, Canada.. [Downloadable!]
  5. Khalid Sekkat & Marie-Ange Veganzones-Varoudakis, 2004. "Trade and Foreign Exchange Liberalization, Investment Climate and FDI in the MENA Countries," Working Papers CEB 04-023.RS, Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB). [Downloadable!]
    Other versions:
  6. Achy, Lahcen, 2001. "Equilibrium exchange rate and misalignment In selected MENA countries," MPRA Paper 4799, University Library of Munich, Germany, revised 2001. [Downloadable!]
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