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L’impact des déséquilibres du taux de change réel sur la performance du secteur manufacturier au Sénégal

Author

Listed:
  • Malick Diop
  • Michaël Goujon
  • Birahim Bouna Niang

Abstract

This paper deals with the impact of the real exchange rate misalignments on the performances of the manufacturing sector in Senegal over 1980-2015. We compute for the Senegal the real exchange rate misalignments vis-à-vis its long-run equilibrium level defined following the BEER approach (Behavioral Equilibrium Exchange Rate). We then estimate equations that explain the changes in the manufacturing production by using as left-hand variables the indicators of manufacturing value added per capita or per sector employee. We use recent econometric methods as the one from Pesaran, Shin and Smith (2001) applied to the Auto-Regressive Distributed Lag model (PSS-ARDL). Our results show that a lower undervaluation or a higher overvaluation have a negative impact on performances, and that this impact seems linear. Codes JEL: F31, L60, N17, O14.

Suggested Citation

  • Malick Diop & Michaël Goujon & Birahim Bouna Niang, 2018. "L’impact des déséquilibres du taux de change réel sur la performance du secteur manufacturier au Sénégal," Revue d’économie du développement, De Boeck Université, vol. 26(1), pages 107-138.
    • Handle: RePEc:cai:edddbu:edd_321_0107
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    Citations

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    Cited by:

    1. Serigne Bassirou Lo & Lassana Cissokho, 2023. "Financial development, institutions and industrialization in sub‐Saharan Africa," African Development Review, African Development Bank, vol. 35(2), pages 152-164, June.
    2. Edouard Mien, 2020. "External and Internal Real Exchange Rates and the Dutch Disease in Africa: Evidence from a Panel of Nine Oil-Exporting Countries," Working Papers hal-03013571, HAL.
    3. Kirsi Zongo & Mahamadou Diarra, 2022. "Exchange Rate Misalignments, Foreign Direct Investment and Industrial Performance in Sub-Saharan Africa [Désalignements du taux de change, investissements directs étrangers et performances industri," Working Papers hal-03649887, HAL.

    More about this item

    Keywords

    exchange rate; misalignments; overvaluation; undervaluation; manufacturing sector; ARDL model; Senegal;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
    • N17 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Africa; Oceania
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology

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