Régimes de change intermédiaires dans les économies émergentes: le cas du Maroc
[Intermediate Exchange Rate Regimes in Emerging Economies: The Case of Morocco]
AbstractIn 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 30215.
Date of creation: Jan 2005
Date of revision:
Exchange rates; currency basket; policy shift;
Find related papers by JEL classification:
- C20 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - General
- F31 - International Economics - - International Finance - - - Foreign Exchange
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Reinhart, Carmen & Rogoff, Kenneth, 2004.
"The modern history of exchange rate arrangements: A reinterpretation,"
14070, University Library of Munich, Germany.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2004. "The Modern History of Exchange Rate Arrangements: A Reinterpretation," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 119(1), pages 1-48, February.
- 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.
- Barry Eichengreen & Ricardo Hausmann, 1999.
"Exchange Rates and Financial Fragility,"
NBER Working Papers
7418, National Bureau of Economic Research, Inc.
- Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange rates and financial fragility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, Federal Reserve Bank of Kansas City, pages 329-368.
- Reinhart, Carmen & Calvo, Guillermo, 2002.
"Fear of floating,"
14000, University Library of Munich, Germany.
- Michael D. Bordo, 2003.
"Exchange Rate Regime Choice in Historical Perspective,"
NBER Working Papers
9654, National Bureau of Economic Research, Inc.
- Michael D. Bordo, 2003. "Exchange Rate Regime Choice in Historical Perspective," IMF Working Papers 03/160, International Monetary Fund.
- Maurice Obstfeld & Kenneth Rogoff, 1995.
"The mirage of fixed exchange rates,"
Working Papers in Applied Economic Theory
95-08, Federal Reserve Bank of San Francisco.
- 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.
- Guillermo A. Calvo & Carmen M. Reinhart, 2000.
"Fixing for Your Life,"
NBER Working Papers
8006, National Bureau of Economic Research, Inc.
- Bouoiyour, jamal, 2003.
"Système National d’Innovation au Maroc
[National Innovation System In Morocco]," MPRA Paper 29303, University Library of Munich, Germany.
- Serven, Luis & Frankel, Jeffrey & Fajnzylber, Eduardo & Schmukler, Sergio, 2000.
"Verifying exchange rate regimes,"
Policy Research Working Paper Series
2397, The World Bank.
- 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.
- 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, American Economic Association, vol. 93(4), pages 1173-1193, September.
- 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.
- Michel Aglietta & Camille Baulant & Sandra Moatti, 2003. "Exchange Rate Management in Central Europe and the Debate on Exchange Rate Regimes," Revue Ã©conomique, Presses de Sciences-Po, Presses de Sciences-Po, vol. 54(5), pages 961-982.
- 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.
- Levy-Yeyati, Eduardo & Sturzenegger, Federico, 2005. "Classifying exchange rate regimes: Deeds vs. words," European Economic Review, Elsevier, Elsevier, vol. 49(6), pages 1603-1635, August.
- Baccouche, Rafik & Bouoiyour, Jamal & Hatem, Mâ€™Henni & Mouley, Sami, 2008.
"Dynamique des investissements, mutations sectorielles et convertibilitÃ© du compte de capital : impacts des mesures de libÃ©ralisation et expÃ©riences comparÃ©es Tunisie - Maroc
[Dynamics of invest," MPRA Paper 38148, University Library of Munich, Germany.
- Bouoiyour, Jamal, 2013.
"Les transferts des fonds des migrants marocains : Leviers de croissance et du dÃ©veloppement
[Remittances of Moroccan migrants: Levers of growth and development]," MPRA Paper 50537, University Library of Munich, Germany.
- Bouoiyour, Jamal & Hanchane, Said, 2008.
"Formation professionnelle et croissance Ã©conomique 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.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).
If references are entirely missing, you can add them using this form.