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Are devaluations effective in inducing real depreciations in sub-Saharan Africa?

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  • W. A. Razzak

Abstract

The analysis of this paper, with pooled data for 20 countries in sub-Saharan Africa during 1971-1991, indicates that nominal devaluations are effective in inducing permanent depreciations in the real exchange rate (RER). A 10% nominal devaluation of the domestic currency (expressed in units per US dollar) translates into a real depreciation of 8.8 and 7.7% in the short and long run, respectively. It is also established that the RER appreciates with an increase in inflation tax. A policy implication of these results is that nominal devaluations are effective in keeping the RER close to a level that maintains external competitiveness, if accompanied by appropriate restrictive monetary and fiscal policies.

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File URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357014&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5
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Bibliographic Info

Article provided by Taylor and Francis Journals in its journal Applied Economics Letters.

Volume (Year): 2 (1995)
Issue (Month): 11 ()
Pages: 437-439
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Handle: RePEc:taf:apeclt:v:2:y:1995:i:11:p:437-439

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Cited by:
  1. Weshah Razzak, 2009. "On the GCC Currency Union," EERI Research Paper Series EERI_RP_2009_29, Economics and Econometrics Research Institute (EERI), Brussels.
  2. Weshah Razzak, . "In the Middle of the Heat The GCC Countries Between Rising Oil Prices and the Sliding Greenback," API-Working Paper Series 0801, Arab Planning Institute - Kuwait, Information Center.

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