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Exchange Rate Assessment for Sub-Saharan Economies

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  • Burcu Aydin

Abstract

This paper provides an exchange rate assessment for sub-Saharan African economies by using methodologies similar to those developed by the International Monetary Fund’s Consultative Group on Exchange Rate Issues. As in the World Economic Outlook (IMF, 2009a), the unbalanced panel dataset covers 182 countries from 1973 to 2014. We apply four methodologies to assess the fundamental exchange rate: macroeconomic balance, equilibrium real exchange rate, external sustainability, and purchasing power parity. Results show that the impact of macroeconomic fundamentals on the equilibrium real exchange rate is different for sub-Saharan African economies than for advanced and less advanced economies.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 10/162.

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Length: 32
Date of creation: 01 Jul 2010
Date of revision:
Handle: RePEc:imf:imfwpa:10/162

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Related research

Keywords: Exchange rate assessments; Sub-Saharan Africa; Real effective exchange rates; Purchasing power parity; Economic models; current account balance; real exchange rate; current account balances; balance of payments; exchange rate path; exchange rate levels; current accounts; nominal exchange rate; exchange rate needs; exchange rate depreciation; equilibrium exchange rate; foreign exchange; real exchange rate path; external liabilities; exchange rate adjustment; real exchange rates; debtor country; constant real exchange rate; foreign aid; government debt;

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Cited by:
  1. Couharde, Cécile & Coulibaly, Issiaka & Damette, Olivier, 2013. "Anchor currency and real exchange rate dynamics in the CFA Franc zone," Economic Modelling, Elsevier, vol. 33(C), pages 722-732.
  2. International Monetary Fund, 2011. "Oil-Price Boom and Real Exchange Rate Appreciation," IMF Working Papers 11/268, International Monetary Fund.
  3. Jair Ojeda JOya & Jhon Edwar Torres, 2012. "Posición Externa de Largo Plazo y Tipo de Cambio Real de Equilibrio en Colombia," Borradores de Economia 745, Banco de la Republica de Colombia.
  4. Durevall, Dick, 2011. "East African Community: Pre-conditions for an Effective Monetary Union," Working Papers in Economics 520, University of Gothenburg, Department of Economics.
  5. Issiaka Coulibaly & Blaise Gnimassoun, 2012. "Optimality of a monetary union : New evidence from exchange rate misalignments in West Africa," EconomiX Working Papers 2012-37, University of Paris West - Nanterre la Défense, EconomiX.
  6. Adeniji, Sesan, 2013. "Exchange Rate Volatility and Inflation Upturn in Nigeria: Testing for Vector Error Correction Model," MPRA Paper 52062, University Library of Munich, Germany.
  7. Cécile Couharde & Issiaka Coulibaly & Olivier Damette, 2011. "Misalignments and Dynamics of Real Exchange Rates in the CFA Franc Zone," EconomiX Working Papers 2011-28, University of Paris West - Nanterre la Défense, EconomiX.

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