South Africa: Selected Issues
This Selected Issues paper estimates an equilibrium path for South Africa's real effective exchange rate. The paper briefly describes the dynamics of the real exchange rate and its determinants. It investigates the presence of a long-term relationship between the real exchange rate and certain explanatory variables, estimates the speed at which the real exchange rate converges toward its equilibrium level, and derives measures for the equilibrium real exchange rate. The paper also examines the real money demand, consumer prices, and the real exchange rate in South Africa.
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Volume/Issue:
Volume 2003
Issue 018
Publication date: January 2003
ISBN: 9781451840995
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Topics covered in this book
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Business and Economics , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , GDP , price , debt ratio , growth rate , FDI inflow , job skill , production-function approach , inflation equation , differentials vis-à-vis trading-partner country , exchange rate pass-through calculation , Real exchange rates , Total factor productivity , Fiscal stance , Foreign direct investment , Production growth , Africa , Global
Summary
This Selected Issues paper estimates an equilibrium path for South Africa’s real effective exchange rate. The paper briefly describes the dynamics of the real exchange rate and its determinants. It investigates the presence of a long-term relationship between the real exchange rate and certain explanatory variables, estimates the speed at which the real exchange rate converges toward its equilibrium level, and derives measures for the equilibrium real exchange rate. The paper also examines the real money demand, consumer prices, and the real exchange rate in South Africa.
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