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Determinants of Exchange Rate Practices in the MENA Countries: Some Further Empirical Results

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  • Sfia M. Daly

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  • Mouley Sami

Abstract

This paper analyses the determinants of exchange rate practices in 15 MENA countries for the 1977- 2007 period placing special emphasis on structural and macroeconomic explanations. We use three different exchange rate regime classifications in order to avoid potentially misleading specification. Even though the empirical results using the de facto classifications are very different from those obtained from the de jure specification, we find that international reserves play a major role in determining exchange rate practices in the MENA countries.

Suggested Citation

  • Sfia M. Daly & Mouley Sami, 2009. "Determinants of Exchange Rate Practices in the MENA Countries: Some Further Empirical Results," William Davidson Institute Working Papers Series wp952, William Davidson Institute at the University of Michigan.
  • Handle: RePEc:wdi:papers:2009-952
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    File URL: http://deepblue.lib.umich.edu/bitstream/2027.42/64374/1/wp952.pdf
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    References listed on IDEAS

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    1. Ronald A Johnson & Venkat Srinivasan & Paul J Bolster, 1990. "Sovereign Debt Ratings: A Judgmental Model Based on the Analytic Hierarchy Process," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 21(1), pages 95-117, March.
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    4. Weck, M. & Klocke, F. & Schell, H. & Ruenauver, E., 1997. "Evaluating alternative production cycles using the extended fuzzy AHP method," European Journal of Operational Research, Elsevier, vol. 100(2), pages 351-366, July.
    5. Weisbrod, Burton A. & Dominguez, Nestor D., 1986. "Demand for collective goods in private nonprofit markets: Can fundraising expenditures help overcome free-rider behavior?," Journal of Public Economics, Elsevier, vol. 30(1), pages 83-96, June.
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    More about this item

    Keywords

    Exchange rate regimes; MENA countries; ordered Probit model.;

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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