Estimation of the Equilibrium Real Exchange Rate for South Africa:
Based on the Johansen cointegration estimation methodology, much of the long-run behavior of the real effective exchange rate of South Africa can be explained by real interest rate differentials, GDP per capita (both relative to trading partners), real commodity prices, trade openness, the fiscal ba...
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2003
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Schriftenreihe: | IMF Working Papers
Working Paper No. 03/44 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | Based on the Johansen cointegration estimation methodology, much of the long-run behavior of the real effective exchange rate of South Africa can be explained by real interest rate differentials, GDP per capita (both relative to trading partners), real commodity prices, trade openness, the fiscal balance, and the extent of net foreign assets. On the basis of these fundamentals, the real exchange rate in early 2002 was found to be significantly more depreciated with respect to the estimated equilibrium level. The half-life of the deviation of the real exchange rate from the estimated equilibrium one was found to be somewhat more than two years |
Beschreibung: | 1 Online-Ressource (24 p) |
ISBN: | 1451846436 9781451846430 |
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spelling | MacDonald, Ronald Verfasser aut Estimation of the Equilibrium Real Exchange Rate for South Africa MacDonald, Ronald Washington, D.C International Monetary Fund 2003 1 Online-Ressource (24 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 03/44 Based on the Johansen cointegration estimation methodology, much of the long-run behavior of the real effective exchange rate of South Africa can be explained by real interest rate differentials, GDP per capita (both relative to trading partners), real commodity prices, trade openness, the fiscal balance, and the extent of net foreign assets. On the basis of these fundamentals, the real exchange rate in early 2002 was found to be significantly more depreciated with respect to the estimated equilibrium level. The half-life of the deviation of the real exchange rate from the estimated equilibrium one was found to be somewhat more than two years Online-Ausg Ricci, Luca Antonio Sonstige oth http://elibrary.imf.org/view/IMF001/02096-9781451846430/02096-9781451846430/02096-9781451846430.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | MacDonald, Ronald Estimation of the Equilibrium Real Exchange Rate for South Africa |
title | Estimation of the Equilibrium Real Exchange Rate for South Africa |
title_auth | Estimation of the Equilibrium Real Exchange Rate for South Africa |
title_exact_search | Estimation of the Equilibrium Real Exchange Rate for South Africa |
title_exact_search_txtP | Estimation of the Equilibrium Real Exchange Rate for South Africa |
title_full | Estimation of the Equilibrium Real Exchange Rate for South Africa MacDonald, Ronald |
title_fullStr | Estimation of the Equilibrium Real Exchange Rate for South Africa MacDonald, Ronald |
title_full_unstemmed | Estimation of the Equilibrium Real Exchange Rate for South Africa MacDonald, Ronald |
title_short | Estimation of the Equilibrium Real Exchange Rate for South Africa |
title_sort | estimation of the equilibrium real exchange rate for south africa |
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