The European Single Currency and MENA's Exports to Europe

Lahcen Achy · Khalid Sekkat

50 citations0/0 files storedReview of Development Economics

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Global trade and economics Monetary Policy and Economic Impact Global Financial Crisis and Policies

Abstract

Abstract The paper investigates future exchange rate policy of the Middle East and North African (MENA) countries vis‐à‐vis the euro aimed at fostering their manufactured exports towards Euroland. The exchange rate policy is captured through three different indicators: the real effective exchange rate changes, volatility, and misalignment. The investigation is conducted for 11 sectors over the period 1970–1997. The sample includes four North African countries (Algeria, Morocco, Tunisia, Egypt) and Turkey. The results show that exchange rate management plays a crucial role in providing incentives for manufactured exports toward Euroland. The food sector is weakly responsive to real exchange rate changes while the textile sector is highly responsive. Four growing sectors (electronic, electrical, mechanical, and vehicles) were also found to be highly sensitive to exchange rate changes. The results suggest that policymakers should be more concerned with misalignment than with volatility.

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References

1978The effect of exchange rate uncertainty on the prices and volume of international trade 1988Exchange Rate Pass-Through When Market Share Matters 1986Measuring and Analyzing the Effects of Short-Term Volatility in Real Exchange Rates 1983The effects of real exchange rate risk on international trade 1989EXCHANGE RATE MISALIGNMENT IN DEVELOPING COUNTRIES 1988Exchange Rate Pass-Through When Market Share Matters 1993The real exchange rate and macroeconomic performance in Sub-Saharan Africa 1990Real Exchange Rate Behavior and Economic Performance in LDCs

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