Front Matter Page
African Department
Authorized for distribution by Doris C. Ross
Contents
I. Introduction
II. Brief Review of the Literature
III. Data and Methodology
A. The Econometric Methodology
IV. Econometric Results and Their Robustness
A. The Long-Run Relationship
B. The Short-Run Relationship
V. Equilibrium Real Exchange Rate
A. The Gap Between the Real Exchange Rate and Its Equilibrium Level
B. Speed of Adjustment
VI. Conclusions
Appendix
1. Variables: Definitions and Source
References
Tables
1. Selected Results of the VECM
2. Johansen Test for Stationarity and Exclusion Test
3. VEC Tests
Figures
1. South Africa: The Real Effective Exchange Rate, 1970Q1-2002Q1
2. South Africa: Determinants of the Real Effective Exchange Rate, 1970–2002Q1
3. Actual and Equilibrium Real Effective Exchange Rate, 1970–2001