In Search of Equilibrium: Estimating Equilibrium Real Exchange Rates in Sub-Saharan African Countries

April 1, 2007

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Joannes Mongardini, and Alexander Chudik. In Search of Equilibrium: Estimating Equilibrium Real Exchange Rates in Sub-Saharan African Countries, (USA: International Monetary Fund, 2007) accessed December 26, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Estimation techniques, Government consumption, Real exchange rates, Technology transfer, Terms of trade

Keywords: Estimation, Exchange rate, WP

Publication Details

Pages:

39
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2007/090
Stock No:

WPIEA2007090
ISBN:

9781451866544
ISSN:

1018-5941

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