Central African Economic and Monetary Community (CEMAC): Selected Issues
Volume/Issue:
Volume 2005
Issue 390
Publication date: November 2005
ISBN: 9781451806519
$20.00
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Topics covered in this book
This title contains information about the following subjects.
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Banks and Banking , Exports and Imports , Finance , Economics- Macroeconomics , Money and Monetary Policy , ISCR , CR , CEMAC , exchange rate , devaluation , right , CEMAC region , CEMAC exchange rates , Tetriary GDP Deflator , REER appreciation , devaluation real GDP growth , exchange rate development , Real effective exchange rates , Commercial banks , Exports , Terms of trade , Foreign assets , Sub-Saharan Africa , West Africa
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Summary
This Selected Issues paper on the Central African Economic and Monetary Community (CEMAC) reviews the evolution of actual and equilibrium real effective exchange rates (REER). The current level of the CEMAC REER is broadly in line with its long-term equilibrium value. The estimation approach herein is subject to certain limitations, some of which are inherent to the literature that tries to estimate the equilibrium REERs. Absolute statements about magnitudes of any possible misalignments should be avoided given the degree of model uncertainty; error bands around estimated equilibrium exchange rates may, in some cases, yield inconclusive results.
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