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In Search of Equilibrium: Estimating Equilibrium Real Exchange Rates in Sub-Saharan African Countries
Author:
Mr. Joannes Mongardini
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Mr. Alexander Chudik
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Series:
IMF Working Papers
Volume/Issue:
Volume 2007: Issue 090
Language:
English
Publication Date:
01 Apr 2007
DOI:
https://doi.org/10.5089/9781451866544.001
ISBN:
9781451866544
ISSN:
1018-5941
Pages:
39
Keywords:
WP; estimation; exchange rate
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper presents a methodology to estimate equilibrium real exchange rates (ERER) for Sub-Saharan African (SSA) countries using both single-country and panel estimation techniques. The limited data set hinders single-country estimation for most countries in the sample, but panel estimates are statistically and economically significant, and generally robust to different estimation techniques. The results replicate well the historical experience for a number of countries in the sample. Panel techniques can also be used to derive out of sample estimates for countries with a more limited data set.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund