04825oam 22012254 450 991078852360332120230829002146.01-4623-9318-71-4527-7838-81-282-44791-21-4519-0949-79786613821119(CKB)3360000000443150(EBL)3014423(SSID)ssj0000940801(PQKBManifestationID)11600656(PQKBTitleCode)TC0000940801(PQKBWorkID)10955904(PQKB)10404157(OCoLC)694141070(MiAaPQ)EBC3014423(IMF)WPIEE2006236(EXLCZ)99336000000044315020020129d2006 uf 0engur|n|---|||||txtccrFEER for the CFA Franc /Charalambos Tsangarides, Yasser AbdihWashington, D.C. :International Monetary Fund,2006.1 online resource (42 p.)IMF Working Papers"October 2006."1-4518-6496-5 Includes bibliographical references (p.37-40).""Contents""; ""I. INTRODUCTION""; ""II. BACKGROUND""; ""III. METHODOLOGY AND DATA""; ""IV. EMPIRICAL RESULTS""; ""V. CONCLUSION""; ""REFERENCES""We apply the fundamentals equilibrium exchange rate (FEER) approach and the Johansen cointegration methodology to investigate the behavior of the real effective exchange rates of the two monetary unions of the CFA franc zone (CEMAC and WAEMU) vis-à-vis their long-run equilibrium paths. For both CEMAC and WAEMU, our results indicate that: (i) the fundamentals account for most of the fluctuation of the real effective exchange rates, with increases in the terms of trade, government consumption, and productivity improvements causing the exchange rate to appreciate, and increases in investment and openness leading to a depreciation; (ii) at end-2005 both the CEMAC and WAEMU real effective exchange rates were broadly in line with their long-run equilibrium values; and (iii) following a shock, reversion to equilibrium is twice as fast in WAEMU than in CEMAC.IMF Working Papers; Working Paper ;No. 2006/236Foreign exchange ratesFrench franc areaFranc, CFAMonetary unionsAfrica, French-speakingEconometricsimfForeign ExchangeimfMacroeconomicsimfTime-Series ModelsimfDynamic Quantile RegressionsimfDynamic Treatment Effect ModelsimfDiffusion ProcessesimfState Space ModelsimfForecasting and Other Model ApplicationsimfOpen Economy MacroeconomicsimfMacroeconomics: ConsumptionimfSavingimfWealthimfCurrencyimfForeign exchangeimfEconometrics & economic statisticsimfReal effective exchange ratesimfReal exchange ratesimfExchange ratesimfVector autoregressionimfGovernment consumptionimfEconometric analysisimfNational accountsimfConsumptionimfEconomicsimfEquatorial Guinea, Republic ofimfForeign exchange ratesFranc, CFA.Monetary unionsEconometricsForeign ExchangeMacroeconomicsTime-Series ModelsDynamic Quantile RegressionsDynamic Treatment Effect ModelsDiffusion ProcessesState Space ModelsForecasting and Other Model ApplicationsOpen Economy MacroeconomicsMacroeconomics: ConsumptionSavingWealthCurrencyForeign exchangeEconometrics & economic statisticsReal effective exchange ratesReal exchange ratesExchange ratesVector autoregressionGovernment consumptionEconometric analysisNational accountsConsumptionEconomicsTsangarides Charalambos1462110Abdih Yasser1462111IMF Institute.International Monetary Fund.African Dept.DcWaIMFBOOK9910788523603321FEER for the CFA Franc3670957UNINA