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Comparing Exchange Market Pressure in West and Southern African Countries


  • Lopes, Jose Mario
  • Santos, Fabio


We compare the performance of Cape Verde and Mozambique concerning financial credibility as measured by Exchange Market Pressure, an institutional feature that has often been overlooked in the literature as a relevant institution for economies. Drawing on previous research by Macedo et al. (2009), we expand their analysis and, using several definitions of “financial credibility”, all related to different angles on Exchange Market Pressure indices, we conclude that - against reasonable benchmarks in their respective regions - financial credibility has been very good for Cape Verde and fairly good for Mozambique. JEL codes: C22, E44, F31, F33

Suggested Citation

  • Lopes, Jose Mario & Santos, Fabio, 2010. "Comparing Exchange Market Pressure in West and Southern African Countries," FEUNL Working Paper Series wp549, Universidade Nova de Lisboa, Faculdade de Economia.
  • Handle: RePEc:unl:unlfep:wp549

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    Cited by:

    1. 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.

    More about this item


    Exchange Rate Regime; Exchange Market Pressure; EGARCH;

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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