The Equilibrium Exchange Rate of Mauritius: Evidence from Two Structural Models
In this paper we assess the equilibrium value of the Mauritian rupee in 2006-7 and over the medium run using two structural models. First, we derive a current account-based measure of the exchange rate equilibrium using the macroeconomic balance approach. Second, we estimate a reduced-form fundamental equilibrium exchange rate measure. Our results, which are robust to an alternative non-econometric approach, suggest that the Mauritian rupee was aligned with its equilibrium value in 2006-7 and little adjustment appeared necessary over the medium run.
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Volume (Year): 47 (2011)
Issue (Month): 6 (November)
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