Tunisia: Sources Of Real Exchange Rate Fluctuations

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Tunisia: Sources Of Real Exchange Rate Fluctuations

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Sfia, Mohamed Daly

Abstract

Using structural VARs identified with long-run restrictions, this paper evaluates the importance of nominal shocks and real disturbances on the Tunisian Dinar during the nineties. The estimated macroeconomic behaviour in response to the shocks identified with a Clarida and Gali–type structural VAR for Tunisia is generally in line with theoretical priors stemming from the Mundell-Fleming model. The structural decomposition shows that relative real demand and supply shocks account for most of the variations in real exchange rate changes during the estimation period and indicates that real disturbances explain about 80% of the variance of the forecast error of the real exchange rate.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 3129.

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Date of creation: 10 Mar 2006
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Handle: RePEc:pra:mprapa:3129

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F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
F31 - International Economics - - International Finance - - - Foreign Exchange

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NEP-ALL-2007-05-12 (All new papers)

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