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Namibia'S Real Exchange Rate Performance

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  • Ken Miyajima

Abstract

To assess Namibia's external competitiveness, this study estimates the country's equilibrium real exchange rate using the autoregressive distributed lag modelling approach that has superior small-sample properties. The nominal depreciation of the Namibia dollar in 2002 created historically one of the largest deviations in the real exchange rate from its equilibrium level, but deviations are small at present. The half-life of deviations from equilibrium is found to be about 1 year. Copyright (c) 2009 The Author. Journal compilation (c) 2009 Economic Society of South Africa.

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  • Ken Miyajima, 2009. "Namibia'S Real Exchange Rate Performance," South African Journal of Economics, Economic Society of South Africa, vol. 77(2), pages 228-244, June.
  • Handle: RePEc:bla:sajeco:v:77:y:2009:i:2:p:228-244
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    References listed on IDEAS

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    1. Bela Balassa, 1964. "The Purchasing-Power Parity Doctrine: A Reappraisal," Journal of Political Economy, University of Chicago Press, vol. 72, pages 584-584.
    2. Ronald Macdonald & Luca Antonio Ricci, 2005. "Exogeneity In A Recent Exchange Rate Model: A Reply," South African Journal of Economics, Economic Society of South Africa, vol. 73(4), pages 747-753, December.
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    5. Ronald Macdonald & Luca Antonio Ricci, 2004. "Estimation Of The Equilibrium Real Exchange Rate For South Africa," South African Journal of Economics, Economic Society of South Africa, vol. 72(2), pages 282-304, June.
    6. Peter Pedroni, 2000. "Fully Modified OLS for Heterogeneous Cointegrated Panels," Department of Economics Working Papers 2000-03, Department of Economics, Williams College.
    7. J. H. Eita & Moses M. Sichei, 2006. "Estimating the Equilibrium Real Exchange Rate for Namibia," Working Papers 200608, University of Pretoria, Department of Economics.
    8. John Williamson, 1994. "Estimating Equilibrium Exchange Rates," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 17.
    9. Stan A Plessis, 2005. "Exogeneity In A Recent Exchange Rate Model: A Response To Macdonald And Ricci," South African Journal of Economics, Economic Society of South Africa, vol. 73(4), pages 741-746, December.
    10. La Cour, Lisbeth & MacDonald, Ronald, 2000. "Modeling the ECU against the U.S. Dollar: A Structural Monetary Interpretation," Journal of Business & Economic Statistics, American Statistical Association, vol. 18(4), pages 436-450, October.
    11. Joannes Mongardini & Alexander Chudik, 2007. "In Search of Equilibrium; Estimating Equilibrium Real Exchange Rates in Sub-Saharan African Countries," IMF Working Papers 07/90, International Monetary Fund.
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