Sources of Real Exchange Rate Volatility in Africa: The Case of ECOWAS*

Assandé Désiré Adom · A.K.M. Mahbub Morshed · Subhash Chandra Sharma

9 citations0/0 files storedAfrican Development Review

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Monetary Policy and Economic Impact Global Financial Crisis and Policies Market Dynamics and Volatility

Abstract

Abstract: This study examines the impact of (real) demand shocks, (aggregate) supply shocks, and monetary shocks on real exchange rates in 13 West African countries. We observe that the real demand shocks explain most of the fluctuations in real exchange rates in all these countries. Accordingly, policymakers should adopt a careful demand management strategy by controlling government expenditure and taxes.

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References

1990MAXIMUM LIKELIHOOD ESTIMATION AND INFERENCE ON COINTEGRATION — WITH APPLICATIONS TO THE DEMAND FOR MONEY 1992Testing the null hypothesis of stationarity against the alternative of a unit root 1997Africa's Growth Tragedy: Policies and Ethnic Divisions 1988The Dynamic Effects of Aggregate Demand and Supply Disturbances 2008The Real Exchange Rate and Economic Growth 1999Why Has Africa Grown Slowly?1994Sources of Real Exchange Rate Fluctuations: How Important are Nominal Shocks?2003Commodity currencies

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