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Title
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Sources of real exchange rate fluctuations : empirical evidence from nine African countries
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Author
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Abstract
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| We investigate the sources of real exchange rate fluctuations in a sample of nine African countries from 1980:01 to 2005:04, using a trivariate structural vector autoregression. The analysis is motivated by a stochastic sticky-price model from which three shocks are identified; demand, supply and monetary shocks. The results indicate that demand shocks are the predominant source of real exchange rate movements in these countries, although nominal shocks have also played a small but significant role in South Africa and Botswana, and supply shocks seem to be of some relevance for Algeria, Egypt and Tanzania. |
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Language
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English
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Source (journal)
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Manchester School / University of Manchester. Department of Economics. - Manchester, 1998, currens
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Publication
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Manchester
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2009
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ISSN
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1463-6786
[print]
1467-9957
[online]
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DOI
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10.1111/J.1467-9957.2009.02119.X
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Volume/pages
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77
:S:1
(2009)
, p. 66-84
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ISI
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000268030900004
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Full text (Publisher's DOI)
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Full text (publisher's version - intranet only)
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