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Comparing Exchange Market Pressure across Five African Countries


  • Jorge Braga de Macedo
  • Luis Pereira


  • Afonso Reis


No abstract is available for this item.

Suggested Citation

  • Jorge Braga de Macedo & Luis Pereira & Afonso Reis, 2009. "Comparing Exchange Market Pressure across Five African Countries," Open Economies Review, Springer, vol. 20(5), pages 645-682, November.
  • Handle: RePEc:kap:openec:v:20:y:2009:i:5:p:645-682
    DOI: 10.1007/s11079-008-9087-3

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    References listed on IDEAS

    1. Eichengreen, Barry & Tobin, James & Wyplosz, Charles, 1995. "Two Cases for Sand in the Wheels of International Finance," Economic Journal, Royal Economic Society, vol. 105(428), pages 162-172, January.
    2. Federico Bonaglia & Jorge Braga de Macedo & Maurizio Bussolo, 2009. "How Globalisation Improves Governance," Chapters,in: The Law and Economics of Globalisation, chapter 7 Edward Elgar Publishing.
    3. Simone Bertoli & Giampiero Gallo & Giorgio Ricchiuti, 2010. "Exchange market pressure: some caveats in empirical applications," Applied Economics, Taylor & Francis Journals, vol. 42(19), pages 2435-2448.
    4. Carmen M. Reinhart & Graciela L. Kaminsky, 1999. "The Twin Crises: The Causes of Banking and Balance-of-Payments Problems," American Economic Review, American Economic Association, vol. 89(3), pages 473-500, June.
    5. Pentti J. K. Kouri & Jorge Braga De Macedo, 1978. "Exchange Rates and the International Adjustments Process," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 9(1), pages 111-158.
    6. Jorge Braga De Macedo & Joaquim Oliveira Martins, 2008. "Growth, reform indicators and policy complementarities," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 16(2), pages 141-164, April.
    7. Romain Weber, 2005. "Cape Verde's exchange rate policy and its alternatives," BCL working papers 16, Central Bank of Luxembourg.
    8. Barry Eichengreen & Andrew K. Rose & Charles Wyplosz, 1994. "Speculative Attacks on Pegged Exchange Rates: An Empirical Exploration with Special Reference to the European Monetary System," NBER Working Papers 4898, National Bureau of Economic Research, Inc.
    9. Girton, Lance & Roper, Don, 1977. "A Monetary Model of Exchange Market Pressure Applied to the Postwar Canadian Experience," American Economic Review, American Economic Association, vol. 67(4), pages 537-548, September.
    10. Linda S. Goldberg & Michael W. Klein, 2005. "Establishing credibility: evolving perceptions of the European Central Bank," Staff Reports 231, Federal Reserve Bank of New York.
    11. Mishkin, Frederic S., 1999. "Lessons from the Asian crisis," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 709-723, August.
    12. Flood, Robert & Marion, Nancy, 1999. "Perspectives on the Recent Currency Crisis Literature," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 4(1), pages 1-26, January.
    13. Macedo, Jorge Braga de & Nunes, Luis Catela & Pereira, Luis Brites, 2003. "Central bank intervenyion under target zones: the portuguese escudo in the ERM," FEUNL Working Paper Series wp435, Universidade Nova de Lisboa, Faculdade de Economia.
    14. Jorge Braga de Macedo & Helmut Reisen, 2003. "Float in Order to Fix?: Lessons from Emerging Markets for EU Accession Countries," OECD Development Centre Working Papers 218, OECD Publishing.
    15. Berg, Andrew & Pattillo, Catherine, 1999. "Predicting currency crises:: The indicators approach and an alternative," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 561-586, August.
    16. Michael P. Dooley & David Folkerts-Landau & Peter M. Garber, 2006. "Interest rates, exchange rates and international adjustment," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 51.
    17. Pentti J.K. Kouri & Jorge B. de Macedo, 1978. "Exchange Rates and the International Adjustment Process," Cowles Foundation Discussion Papers 488, Cowles Foundation for Research in Economics, Yale University.
    18. Engle, Robert F & Lilien, David M & Robins, Russell P, 1987. "Estimating Time Varying Risk Premia in the Term Structure: The Arch-M Model," Econometrica, Econometric Society, vol. 55(2), pages 391-407, March.
    19. Romain M Veyrune, 2007. "Fixed Exchange Rates and the Autonomy of Monetary Policy; The Franc Zone Case," IMF Working Papers 07/34, International Monetary Fund.
    20. Macedo, Jorge Braga de & Pereira, Luis Brites, 2006. "The Credibility of Cabo Verde’s Currency Peg," FEUNL Working Paper Series wp494, Universidade Nova de Lisboa, Faculdade de Economia.
    21. Asli Demirgüç-Kunt & Enrica Detragiache, 1998. "The Determinants of Banking Crises in Developing and Developed Countries," IMF Staff Papers, Palgrave Macmillan, vol. 45(1), pages 81-109, March.
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    Cited by:

    1. Jorge Braga de Macedo & Luís Brites Pereira, 2014. "Cape Verde and Mozambique as Development Successes in West and Southern Africa," NBER Chapters,in: African Successes, Volume IV: Sustainable Growth, pages 203-293 National Bureau of Economic Research, Inc.
    2. Hall, Stephen G. & Kenjegaliev, Amangeldi & Swamy, P.A.V.B. & Tavlas, George S., 2013. "Measuring currency pressures: The cases of the Japanese yen, the Chinese yuan, and the UK pound," Journal of the Japanese and International Economies, Elsevier, vol. 29(C), pages 1-20.
    3. Scott W. Hegerty, 2014. "Measuring Exchange Market Pressure and Its Contagion in the East African Community," South African Journal of Economics, Economic Society of South Africa, vol. 82(2), pages 239-257, June.
    4. Francesco Franco & Julio Antonio Rocha Delgado & Suzana Camacho Monteiro & Pedro Castro e Silva, 2015. "Exchange rate pressure in Angola," FEUNL Working Paper Series novaf:wp1502, Universidade Nova de Lisboa, Faculdade de Economia.
    5. Francesco Franco & Julio Antonio Rocha Delgado & Suzana Camacho Monteiro & Pedro Castro e Silva, 2015. "Exchange rate pressure in Angola," NOVAFRICA Working Paper Series wp1502, Universidade Nova de Lisboa, Faculdade de Economia, NOVAFRICA.
    6. Jorge Braga de Macedo, 2012. "Cape Verde’s foreign policy: an economic perspective," FEUNL Working Paper Series wp572, Universidade Nova de Lisboa, Faculdade de Economia.

    More about this item


    Exchange rate regime; Exchange market pressure; EGARCH-M; C22; F31; F33;

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions


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