Estimating Egypt’s Equilibrium Real Exchange Rate
Estimating Egypt’s Equilibrium Real Exchange Rate

Author: Mr.Joannes Mongardini

Publisher: International Monetary Fund

Published: 1998-01-01

Total Pages: 42

ISBN-13: 1451842155

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In light of the real appreciation of the Egyptian pound over the last six years and Egypt’s lackluster export growth, questions of external competitiveness and exchange rate policy have arisen. This paper sheds light on these issues by estimating empirically Egypt’s equilibrium real exchange rate, that is, the rate that is consistent with fundamentals. The results show that, while the real exchange rate was substantially overvalued before 1993, today it is only moderately above the equilibrium rate. Moreover, the analysis shows that the recent appreciation of the pound does not indicate a worsening misalignment.

Estimation of the Equilibrium Real Exchange Rate for Malawi
Estimation of the Equilibrium Real Exchange Rate for Malawi

Author: Mr.Johan Mathisen

Publisher: International Monetary Fund

Published: 2003-05-01

Total Pages: 26

ISBN-13: 1451852789

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This paper computes Malawi's equilibrium real exchange rate as a function of its fundamentals as derived from economic theory. It finds evidence in favor of the equilibrium approach to exchange rate determination, with several variables (particularly government consumption and real per capita growth) found to drive movements in the time-varying equilibrium real exchange rate. The results also indicate that following a shock there is a rapid reversion of the real exchange rate to its time-varying equilibrium, with a half-life of reversion of about 11 months.

The Equilibrium Real Exchange Rate in a Commodity Exporting Country
The Equilibrium Real Exchange Rate in a Commodity Exporting Country

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2003-05-01

Total Pages: 23

ISBN-13: 1451851677

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Questions about external competitiveness, exchange rate misalignment, and the appropriate exchange rate policy feature prominently in the Russian policy debate. This paper furthers the debate by estimating empirically Russia's equilibrium real exchange rate (ERER)-that is, the rate consistent with the long-run economic fundamentals-and sheds light on the extent to which exchange rate policy should be changed. The paper confirms that the ERER reflects both productivity and the terms of trade. It suggests that Russia should target a significant medium-term current account deterioration and a real appreciation perhaps exceeding 10 percent. However, this latter number remains very sensitive to the assumed long-run oil prices.

Monetary Policy, Capital Flows and Exchange Rates
Monetary Policy, Capital Flows and Exchange Rates

Author: William Allen

Publisher: Routledge

Published: 2002-02-21

Total Pages: 305

ISBN-13: 1134530145

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Maxwell Fry was known internationally for his research into international and domestic financial issues. This book constitutes a tribute to his pioneering work in so many areas, and draws together contributions from a range of academic and policy-making colleagues who were fortunate enough to experience the depth of knowledge and insights which Max

Arab Republic of Egypt
Arab Republic of Egypt

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2010-04-20

Total Pages: 57

ISBN-13: 1455207497

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This 2010 Article IV Consultation highlights that Egypt has weathered the global financial crisis relatively well and financial market pressures have eased after the initial outflow. Equity prices plateaued in recent months, after having recovered over half of the losses since the April 2008 peak. Egypt’s sovereign spreads tightened during 2009 and, in early 2010, remain well below their pre-Lehman levels. Reducing the fiscal deficit and public debt are key medium term objectives. Egypt’s public debt remains high in comparison with many other emerging market countries.

Natural Resource Abundance, Growth, and Diversification in the Middle East and North Africa
Natural Resource Abundance, Growth, and Diversification in the Middle East and North Africa

Author: Ndiame' Diop

Publisher: World Bank Publications

Published: 2012-10-01

Total Pages: 229

ISBN-13: 0821395920

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MENA holds more than 60% of oil and nearly 50% of gas reserves, making its economy very vulnerable to price fluctuations. This volume investigates the effect of natural resources and the role of policies on achieving higher and sustained growth through economic diversification.

Exchange Rate Assessments
Exchange Rate Assessments

Author: Mr.Jaewoo Lee

Publisher: International Monetary Fund

Published: 2008-04-07

Total Pages: 34

ISBN-13: 1589066383

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The rapid increase in international trade and financial integration over the past decade and the growing importance of emerging markets in world trade and GDP have inspired the IMF to place stronger emphasis on multilateral surveillance, macro-financial linkages, and the implications of globalization. The IMF's Consultative Group on Exchange Rate Issues (CGER)--formed in the mid-1990s to provide exchange rate assessments for a number of advanced economies from a multilateral perspective--has therefore broadened its mandate to cover both key advanced economies and major emerging market economies. This Occasional Paper summarizes the methodologies that underpin the expanded analysis.

Breaking the Barriers to Higher Economic Growth
Breaking the Barriers to Higher Economic Growth

Author: Mustapha Kamel Nabli

Publisher: World Bank Publications

Published: 2007-01-01

Total Pages: 500

ISBN-13: 0821374168

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The world's attention to the countries of the Middle East and North Africa (MENA) region has often been dominated by headline issues: conflict, sanctions, political turmoil, and rising oil prices. Little of this international attention has considered the broad range of development challenges facing this diverse group of countries. Breaking the Barriers reflects the collected thinking of the World Bank's Office of the Chief Economist for the MENA Region on the long-term development challenges facing the region and the reform priorities and strategies for effectively meeting these challenges. It.