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Fixed Exchange Rate Regimes and Inflation Performance: Evidence from MENA Countries

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  • Ghanem Darine

    (University Montpellier I /LaboratoireMontpelliérain d’Economie Théorique et Appliquée (LAMETA))

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    Abstract

    In this paper we study the empirical evidence on inflation performance of fixed but adjustable exchange rate regimes in MENA over the period of 1980-2007, using exchange rate regimes as declared (de jure) and as observed (de facto). We identify credible regimes by matching what is announced and what is observed. Our results suggest that, even when accounting for possible endogeneity, credible pegs were associated with lower inflation, while declared fixed exchange rates were not significantly associated with lower inflation. Moreover, there is substantial evidence that suggests that countries, who have often announced more exchange rate flexibility in order to avoid speculative attacks while maintaining a stable exchange rate, were successful in achieving low inflation.

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    Bibliographic Info

    Article provided by De Gruyter in its journal Review of Middle East Economics and Finance.

    Volume (Year): 8 (2012)
    Issue (Month): 1 (August)
    Pages: 1-30

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    Handle: RePEc:bpj:rmeecf:v:8:y:2012:i:1:n:2

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    Web page: http://www.degruyter.com

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    Web: http://www.degruyter.com/view/j/rmeef

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    Cited by:
    1. Zuzana Brixiova & Balázs Égert & Thouraya Hadj Amor Essid, 2013. "Working Paper 187 - The Real Exchange Rate and External Competitiveness in Egypt, Morocco and Tunisia," Working Paper Series 991, African Development Bank.
    2. Brixiova, Zuzana & Égert, Balázs & Hadj Amor Essid, Thouraya, 2013. "The Real Exchange Rate and External Competitiveness in Egypt, Morocco and Tunisia," IZA Discussion Papers 7822, Institute for the Study of Labor (IZA).

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