LEADER 02466nam 2200385 450 001 9910645980703321 005 20230327182456.0 024 8 $ahttps://www.doi.org/10.2867/79307 035 $a(CKB)5670000000613418 035 $a(NjHacI)995670000000613418 035 $a(ScCtBLL)af0e6fb7-8217-4b36-a18f-5787b611f052 035 $a(EXLCZ)995670000000613418 100 $a20230327d2022 uy 0 101 0 $aeng 135 $aur||||||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aDeterminants of the exchange rate, its volatility and currency crash risk in Africa's low and lower middle-income countries /$fAnjelo Okot 210 1$aLuxembourg :$cEuropean Investment Bank,$d[2022] 210 4$dİ2022 215 $a1 online resource (48 pages) 225 0 $aEIB Working Paper ;$v2022/12 311 $a92-861-5371-6 330 $a"The last three decades have witnessed substantial changes in the foreign exchange markets in Africa, with moves towards liberalisation and flexible exchange rate regimes. This has increased the influence of financial market conditions and heightened the risk of exchange rate volatility and large and sudden exchange rate movements. This paper investigates the determinants of nominal exchange rates, their volatility, and crash risk in African lower and lower-middle income countries. It combines macro-panel estimations for 15 such countries with insights from interviews with market participants. It shows the importance of these countries' distinctive export structure, concentrated in a few agricultural and mineral-based commodities, as well as recent financial integration, for exchange rate determination. It finds that terms of trade, export concentration, and export prices have a significant impact on the exchange rate level and volatility. By contrast, financial factors including the interest rate differential, international market conditions, and short-term financial flows, influence the likelihood of sudden and large exchange rate movements". 606 $aForeign exchange rates 615 0$aForeign exchange rates. 676 $a332.45 700 $aOkot$b Anjelo$01348397 801 0$bNjHacI 801 1$bNjHacl 906 $aBOOK 912 $a9910645980703321 996 $aDeterminants of the exchange rate, its volatility and currency crash risk in Africa's low and lower middle-income countries$93085877 997 $aUNINA