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Determinants of Angola's Parallel Market Real Exchange Rate

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Author Info

  • Jun Nagayasu
  • E. Gelbard

Abstract

The paper estimates Angola’s equilibrium parallel market real exchange rate during the 1992–98 period. Using standard integration/co-integration techniques, the results fail to support the purchasing power parity hypothesis and indicate that two exogenous variables—the price of oil and the foreign interest rate—are able to explain most of the variation in the real exchange rate during the last seven years. These results contrast with the tenet that the parallel market exchange rate in Angola is solely influenced by monetary developments.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 99/90.

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Length: 14
Date of creation: 01 Jul 1999
Date of revision:
Handle: RePEc:imf:imfwpa:99/90

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Cited by:
  1. Mohsen Fardmanesh & Seymour Douglas, 2003. "Foreign Exchange Controls, Fiscal and Monetary Policy, and the Black Market Premium," Working Papers 876, Economic Growth Center, Yale University.
  2. Mkenda, Beatrice Kalinda, 2001. "Long-run and Short-run Determinants of the Real Exchange Rate in Zambia," Working Papers in Economics 40, University of Gothenburg, Department of Economics.

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