00860nam--2200337---450 99000272584020331620220601120951.0000272584USA01000272584(ALEPH)000272584USA0100027258420060328d1991----km-y0itay0103----bafreFR-|||||||001yy<<L'>> esquiveNicolas FlorenceParisLe milieu du jour[copyr. 1991]62 p.20 cm.20012001001-------2001843.914FLORENCE,Nicolas592873ITsalbcISBD990002725840203316XV.4.A. 240F.F.XV.4.BKUMASENATORE9020060328USA011735Esquive1000598UNISA04725oam 22011654 450 991097253560332120250426110555.0978661387797097814623294721462329470978145279139514527913929781283565523128356552897814519205361451920539(CKB)3360000000445380(EBL)3012525(SSID)ssj0000948640(PQKBManifestationID)11563824(PQKBTitleCode)TC0000948640(PQKBWorkID)10951777(PQKB)11720778(OCoLC)535146918(IMF)WPIEE2522003(MiAaPQ)EBC3012525(IMF)WPIEA2522003WPIEA2522003(EXLCZ)99336000000044538020020129d2003 uf 0engur|n|---|||||txtccrSources of Nominal Exchange Rate Fluctuations in South Africa /Jan Gottschalk, Ashok Bhundia1st ed.Washington, D.C. :International Monetary Fund,2003.1 online resource (25 p.)IMF Working PapersCover title."December 2003"--Caption.9781451875935 1451875932 Includes bibliographical references (p. 24).""Contents""; ""I. INTRODUCTION""; ""II. THE MYBURGH COMMISSION REPORT""; ""III. FRAMEWORK""; ""IV. IMPULSE RESPONSE ANALYSIS""; ""V. SOURCES OF THE DEPRECIATION OF THE RAND IN 2001""; ""VI. IDENTIFYING THE NOMINAL DISTURBANCES CAUSING THE DEPRECIATION""; ""VII. CONCLUSION""; ""APPENDIX""; ""REFERENCES""This paper investigates the sources of fluctuations in the rand-U.S. dollar exchange rate in 2001 and 2002 using an empirical exchange rate model which identifies aggregate supply, aggregate demand, and nominal disturbances as possible sources for exchange rate fluctuations. According to our results, nominal disturbances explain by far most of the rand depreciation in the final quarter of 2001. The fact that the nominal effective exchange rate also depreciated sharply suggests the nominal disturbances were domestically generated. From a preliminary examination of the relative movements in policy interest rates in South Africa and the United States, along with growth rates in both narrow and broad monetary aggregates in South Africa, it is difficult to isolate the underlying cause of the nominal disturbances in 2001 and 2002. Clearly, the task remains a challenging one with the empirical tools available.IMF Working Papers; Working Paper ;No. 2003/252Foreign exchange ratesSouth AfricaMonetary policySouth AfricaMonetary policyUnited StatesInterest ratesSouth AfricaCapacityimfCapitalimfCurrencyimfDepreciationimfExchange rate adjustmentsimfExchange ratesimfForeign ExchangeimfForeign exchangeimfIntangible CapitalimfInvestmentimfInvestments: GeneralimfMacroeconomicsimfNational accountsimfNominal effective exchange rateimfOpen Economy MacroeconomicsimfReal exchange ratesimfSaving and investmentimfSouth AfricaEconomic policySouth AfricaimfForeign exchange ratesMonetary policyMonetary policyInterest ratesCapacityCapitalCurrencyDepreciationExchange rate adjustmentsExchange ratesForeign ExchangeForeign exchangeIntangible CapitalInvestmentInvestments: GeneralMacroeconomicsNational accountsNominal effective exchange rateOpen Economy MacroeconomicsReal exchange ratesSaving and investmentGottschalk Jan1815629Bhundia Ashok1815630International Monetary Fund.African Dept.DcWaIMFBOOK9910972535603321Sources of Nominal Exchange Rate Fluctuations in South Africa4371093UNINA