04171oam 22010934 450 991095502410332120250426110707.0978661382514897814623558601462355862978145273097414527309709781283512695128351269697814527013561452701350(CKB)3360000000443506(EBL)3014326(SSID)ssj0000940760(PQKBManifestationID)11586351(PQKBTitleCode)TC0000940760(PQKBWorkID)10955479(PQKB)11654041(OCoLC)698585513(MiAaPQ)EBC3014326(IMF)WPIEE2006140(IMF)WPIEA2006140WPIEA2006140(EXLCZ)99336000000044350620020129d2006 uf 0engur|n|---|||||txtccrExchange Rate Misalignment : An Application of the Behavioral Equilibrium Exchange Rate (BEER) to Botswana /Atsushi Iimi1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (31 p.)IMF Working PapersAt head of title: African Department."June 2006."9781451864007 1451864000 Includes bibliographical references (p. 27-29).""Contents""; ""I. INTRODUCTION""; ""II. THE LITERATURE""; ""III. RECENT DEVELOPMENTS IN EXCHANGE RATES IN BOTSWANA""; ""IV. ANALYTICAL FRAMEWORK""; ""V. ESTIMATION RESULTS""; ""VI. DISCUSSION""; ""VII. CONCLUSION""; ""EXPERIENCES OF OTHER COUNTRIES ADOPTING CRAWLING PEG ARRANGEMENTS""; ""REFERENCES""Botswana's successive currency devaluations and recent move from a fixed to a crawling peg exchange rate regime raise the question of whether the exchange rate might be misaligned with economic fundamentals. This paper, applying the behavioral equilibrium exchange rate (BEER) approach, analyzes the behavior of the real exchange rate for the period 1985-2004. It finds that the pula was undervalued in the later 1980s but overvalued in recent years. Some policy lessons from experiences in other countries with crawling peg arrangements are therefore considered in the context of Botswana.IMF Working Papers; Working Paper ;No. 2006/140Foreign exchange ratesBotswanaForeign exchange marketBotswanaFinancial crisesBotswanaCurrenciesimfCurrencyimfExchange rate arrangementsimfExchange ratesimfForeign ExchangeimfForeign exchangeimfGovernment and the Monetary SystemimfMonetary economicsimfMonetary SystemsimfMoney and Monetary PolicyimfMoneyimfPayment SystemsimfReal effective exchange ratesimfReal exchange ratesimfRegimesimfStandardsimfBotswanaimfForeign exchange ratesForeign exchange marketFinancial crisesCurrenciesCurrencyExchange rate arrangementsExchange ratesForeign ExchangeForeign exchangeGovernment and the Monetary SystemMonetary economicsMonetary SystemsMoney and Monetary PolicyMoneyPayment SystemsReal effective exchange ratesReal exchange ratesRegimesStandardsIimi Atsushi1806422International Monetary Fund.African Dept.DcWaIMFBOOK9910955024103321Exchange Rate Misalignment4372911UNINA