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Régimes de change intermédiaires dans les économies émergentes: le cas du Maroc
[Intermediate Exchange Rate Regimes in Emerging Economies: The Case of Morocco]

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Author Info

  • Bouoiyour, Jamal
  • Emonnot, Claude
  • Rey, Serge

Abstract

In this paper, we estimate the relative weights of each foreign currency in the basket of currencies comprising the dirham for the period 1973-2003 on monthly data. We show that before the advent of the euro, the exchange rate regime in Morocco was a "Crawling Basket (basket slippery). This basket reflects quite well the geographical distribution of foreign trade of the country, but also takes into account denominated debt. The birth of the euro has led, after 1999, a profound change in the exchange rate policy in Morocco. On the one hand, the automatic component of the adjustment of the exchange rate of dirham: slipping according to the inflation differential between Morocco and its partners has been abandoned; domestic inflation has been stabilized at a level comparable to that of developed economies. On the other hand, the substitution of European national currencies by the euro, synonymous with a decrease in the variety of currencies used in the composition of the basket, the tradeoff between stabilizing the debt burden and maintaining external competitiveness vis-à-vis European trade partners, have led the monetary Moroccan authorities to diversify the composition of the basket by introducing new currencies outside the European area, it is the British Pound and perhaps Franc Switzerland.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 30215.

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Date of creation: Jan 2005
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Handle: RePEc:pra:mprapa:30215

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Keywords: Exchange rates; currency basket; policy shift;

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References

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  1. Guillermo A. Calvo & Carmen M. Reinhart, 2002. "Fear Of Floating," The Quarterly Journal of Economics, MIT Press, vol. 117(2), pages 379-408, May.
  2. Guillermo A. Calvo & Carmen M. Reinhart, 2000. "Fixing for Your Life," NBER Working Papers 8006, National Bureau of Economic Research, Inc.
  3. Serven, Luis & Frankel, Jeffrey & Fajnzylber, Eduardo & Schmukler, Sergio, 2000. "Verifying exchange rate regimes," Policy Research Working Paper Series 2397, The World Bank.
  4. Levy-Yeyati, Eduardo & Sturzenegger, Federico, 2005. "Classifying exchange rate regimes: Deeds vs. words," European Economic Review, Elsevier, vol. 49(6), pages 1603-1635, August.
  5. Eduardo Levy-Yeyati & Federico Sturzenegger, 2003. "To Float or to Fix: Evidence on the Impact of Exchange Rate Regimes on Growth," American Economic Review, American Economic Association, vol. 93(4), pages 1173-1193, September.
  6. Michael D. Bordo, 2003. "Exchange Rate Regime Choice in Historical Perspective," IMF Working Papers 03/160, International Monetary Fund.
  7. Stanley Fischer, 2001. "Exchange Rate Regimes: Is the Bipolar View Correct?," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 3-24, Spring.
  8. Ramikishen Rajan, 2002. "Exchange Rate Policy Options for Post-crisis Southeast Asia: Is There a Case for Currency Baskets?," The World Economy, Wiley Blackwell, vol. 25(1), pages 137-163, 01.
  9. Carmen M. Reinhart & Kenneth S. Rogoff, 2002. "The Modern History of Exchange Rate Arrangements: A Reinterpretation," NBER Working Papers 8963, National Bureau of Economic Research, Inc.
  10. Bouoiyour, jamal, 2003. "Système National d’Innovation au Maroc
    [National Innovation System In Morocco]
    ," MPRA Paper 29303, University Library of Munich, Germany.
  11. John Williamson, 2001. "The Case for a Basket, Band and Crawl (BBC) Regime for East Asia," RBA Annual Conference Volume, in: David Gruen & John Simon (ed.), Future Directions for Monetary Policies in East Asia Reserve Bank of Australia.
  12. Maurice Obstfeld & Kenneth Rogoff, 1995. "The Mirage of Fixed Exchange Rates," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 73-96, Fall.
  13. Michel Aglietta & Camille Baulant & Sandra Moatti, 2003. "Exchange Rate Management in Central Europe and the Debate on Exchange Rate Regimes," Revue économique, Presses de Sciences-Po, vol. 54(5), pages 961-982.
  14. Jeffrey Frankel & Sergio Schmukler & Luis Serven, 2000. "Verifiability and the Vanishing Intermediate Exchange Rate Regime," NBER Working Papers 7901, National Bureau of Economic Research, Inc.
  15. Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange rates and financial fragility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 329-368.
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Citations

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Cited by:
  1. Bouoiyour, Jamal & Hanchane, Said, 2008. "Formation professionnelle et croissance économique Quelles interactions dans les cas du Maroc et la Tunisie ?
    [Professional training and economic growth: What interactions in Morocco and Tunisia?]
    ," MPRA Paper 38222, University Library of Munich, Germany.
  2. Baccouche, Rafik & Bouoiyour, Jamal & Hatem, M’Henni & Mouley, Sami, 2008. "Dynamique des investissements, mutations sectorielles et convertibilité du compte de capital : impacts des mesures de libéralisation et expériences comparées Tunisie - Maroc
    [Dynamics of invest
    ," MPRA Paper 38148, University Library of Munich, Germany.
  3. Bouoiyour, Jamal, 2013. "Les transferts des fonds des migrants marocains : Leviers de croissance et du développement
    [Remittances of Moroccan migrants: Levers of growth and development]
    ," MPRA Paper 50537, University Library of Munich, Germany.

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