Estimation of a Behavioral Equilibrium Exchange Rate Model for Ghana
Estimation of a Behavioral Equilibrium Exchange Rate Model for Ghana

Author: Ms.Elena Loukoianova

Publisher: International Monetary Fund

Published: 2007-07-01

Total Pages: 23

ISBN-13: 1451867190

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The paper estimates a behavioral equilibrium exchange rate model for Ghana. Regression results show that most of the REER's long-run behavior can be explained by real GDP growth, real interest rate differentials (both relative to trading-partner countries), and the real world prices of Ghana's main export commodities. On the basis of these fundamentals, the REER in late 2006 was found to be very close to its estimated equilibrium level. The results also suggest, that deviations from the equilibrium path are eliminated within two to three years.

Estimation of a Behavioral Equilibrium Exchange Rate Model for Ghana
Estimation of a Behavioral Equilibrium Exchange Rate Model for Ghana

Author: Plamen Iossifov

Publisher:

Published: 2007

Total Pages: 28

ISBN-13:

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The paper estimates a behavioral equilibrium exchange rate model for Ghana. Regression results show that most of the REER's long-run behavior can be explained by real GDP growth, real interest rate differentials (both relative to trading-partner countries), and the real world prices of Ghana's main export commodities. On the basis of these fundamentals, the REER in late 2006 was found to be very close to its estimated equilibrium level. The results also suggest, that deviations from the equilibrium path are eliminated within two to three years

Ghana
Ghana

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2008-10-20

Total Pages: 93

ISBN-13: 1451815018

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This 2008 Article IV Consultation highlights that Ghana’s growth has remained strong, fuelled by both the private and public sectors. The Ghanaian economy maintained strong growth of about 61⁄2 percent in 2007 and the first months of 2008. The private sector has responded positively to macroeconomic stability, structural reforms, and an increasingly business-friendly environment. But fiscal spending also increased, leading to excess demand. Supply-side shocks, especially from international fuel prices, have impacted Ghana negatively, although overall, Ghana’s terms of trade continued to improve.

Estimating Equilibrium Exchange Rates
Estimating Equilibrium Exchange Rates

Author: John Williamson

Publisher: Peterson Institute

Published: 1994

Total Pages: 608

ISBN-13: 9780881320763

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The problems of exchange rate misalignments and the resulting payments imbalances have plagued the world economy for decades. At the Louvre Accord of 1987, the Group of Five industrial countries adopted a system of reference ranges for exchange rate management, influenced by proposals of C. Fred Bergstan and John Williamson for a target zone system. The reference range approach has, however, been operated only intermittently and half-heartedly, and questions continue to be raised in policy and scholarly circles about the design and operation of a full-fledged target zone regime. This volume, with chapters by leading international economists, explores one crucial issue in the design of a target zone system: the problem of calculating Williamson's concept of the fundamental equilibrium exchange rate (FEER). Williamson contributes an overview of the policy and analytic issues and a second chapter on his own calculations.

Drivers of Peru's Equilibrium Real Exchange Rate
Drivers of Peru's Equilibrium Real Exchange Rate

Author: Melesse Tashu

Publisher: International Monetary Fund

Published: 2015-02-11

Total Pages: 28

ISBN-13: 1498302769

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This paper tests the hypothesis of ‘commodity currency’ on the nuevo sol and, more generally, identifies the drivers of Peru’s equilibrium real exchange rate using a cointegration analysis. The results show that export commodity prices do not have a statistically significant impact on Peru’s real effective exchange rate, suggesting that the nuevo sol is not a commodity currency. The paper provides empirical evidence that large profit repatriation and foreign exchange intervention have effectivelly insulated Peru’s real exchange rate from the impact of commodity price shocks. Peru’s equilibrium real exchange rate is found to be driven mostly by productivity and government consumption.

Proceedings of MAC-MME 2016
Proceedings of MAC-MME 2016

Author: group of authors

Publisher: MAC Prague consulting

Published: 2016-12-07

Total Pages: 305

ISBN-13: 8088085101

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The conference proceedings - Multidisciplinary Academic Conference on Management, Marketing and Economics, Czech Republic, Prague (MAC-MME 2016)

The Monetary Approach to the Balance of Payments
The Monetary Approach to the Balance of Payments

Author: Jacob Frenkel

Publisher: Routledge

Published: 2013-07-18

Total Pages: 389

ISBN-13: 1135043493

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This book collects together the basic documents of an approach to the theory and policy of the balance of payments developed in the 1970s. The approach marked a return to the historical traditions of international monetary theory after some thirty years of departure from them – a departure occasioned by the international collapse of the 1930s, the Keynesian Revolution and a long period of war and post-war reconstruction in which the international monetary system was fragmented by exchange controls, currency inconvertibility and controls over international trade and capital movements.

Peru
Peru

Author: Alejandro M. Werner

Publisher: International Monetary Fund

Published: 2015-09-16

Total Pages: 458

ISBN-13: 1513599747

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Peru stands out among Latin American countries as an example of successful economic reforms over the past decade. This comprehensive look at Peru's economy traces that country's journey from a debt crisis in the 1980s to having buffers in place that allowed it to emerge unscathed from the global financial crisis. The book examines the steps Peru undertook to achieve these results and extracts lessons to be learned. Chapters are written by IMF staff and Peruvian economists.

Peru
Peru

Author: International Monetary Fund. Western Hemisphere Dept.

Publisher: International Monetary Fund

Published: 2015-05-27

Total Pages: 68

ISBN-13: 1513560417

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This Selected Issues paper describes recent investment dynamics in Peru, and assesses the relationship between private investment and its fundamentals. Over the last decade, average growth in Peru exceeded 6 percent, anchored by a substantial contribution from investment. A series of structural reforms in the 1990s, growing political stability, and the implementation of a solid macroeconomic framework in the early 2000s set the stage for this investment boom. Actions were also taken to strengthen public investment implementation and to enhance the overall investment climate. Now that commodity prices have softened and interest rates are expected to rise, addressing the next generation of structural reforms will be crucial to sustain investment and growth.