LEADER 04865oam 22010214 450 001 9910786480203321 005 20230801225347.0 010 $a1-4755-1693-2 010 $a1-4755-5826-0 035 $a(CKB)2670000000278812 035 $a(EBL)1606950 035 $a(SSID)ssj0000952597 035 $a(PQKBManifestationID)11510985 035 $a(PQKBTitleCode)TC0000952597 035 $a(PQKBWorkID)10903516 035 $a(PQKB)10139581 035 $a(MiAaPQ)EBC1606950 035 $a(Au-PeEL)EBL1606950 035 $a(CaPaEBR)ebr10627033 035 $a(OCoLC)808030749 035 $a(IMF)WPIEE2012208 035 $a(IMF)WPIEA2012208 035 $a(EXLCZ)992670000000278812 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aExchange Rate and Foreign Interest Rate Linkages for Sub-Saharan Africa Floaters /$fAlun Thomas 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (22 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4755-8647-7 311 $a1-4755-0558-2 320 $aIncludes bibliographical references. 327 $aCover; Abstract; Contents; I. Introduction; II. Empirical Model and Data Description; A. Model; B. Data Description; Tables; 1. Measures of Capital Account Openness; III. Regression Analysis; A. Stationarity Tests; Figures; 1. Interest Rates (in percent) and the Nominal Exchange Rate (2007=100); 2. Augmented Dickey-Fuller Test Statistics; 3. South Africa: Johansen Cointegration Trace Test Statistics and Cointegrating Vector; 4. Pedroni Residual Test Statistics for Panel Data Estimation; Regression Analysis; 5. Determinants of the Change in the Bilateral Exchange Rate Against U.S. dollar 327 $a6. Determinants of the Change in the Nominal Effective Exchange Rate IV. Robustness and Diagnostic Checks; A. Robustness; 7. Determinants of Bilateral U.S. Dollar Exchange Rate Change-Robustness Checks; B. Diagnostic Checks; 8. Out of sample Forecasts: One Month Ahead; V. Conclusion; References 330 3 $aThe paper considers the determinants of exchange rate movements among sub-Saharan countries that have flexible exchange rate regimes. The determinants are based on the law of one price and interest parity conditions. Results indicate that the exchange rates have responded significantly to changes in the US Treasury bill rate and to the EMBI spread in recent years. The effects are more important for countries with open capital accounts. On the other hand the paper does not provide any support for the interest rate parity theory because domestic interest rates have no bearing on exchange rate movements. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/208 606 $aForeign exchange rates$zaAfrica, Sub-Saharan 606 $aInterest rates$zaAfrica, Sub-Saharan 606 $aExports and Imports$2imf 606 $aForeign Exchange$2imf 606 $aInvestments: General$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aInvestment & securities$2imf 606 $aInternational economics$2imf 606 $aExchange rates$2imf 606 $aNominal effective exchange rate$2imf 606 $aTreasury bills and bonds$2imf 606 $aCapital account$2imf 606 $aExchange rate adjustments$2imf 606 $aFinancial institutions$2imf 606 $aBalance of payments$2imf 606 $aGovernment securities$2imf 607 $aSouth Africa$2imf 615 0$aForeign exchange rates 615 0$aInterest rates 615 7$aExports and Imports 615 7$aForeign Exchange 615 7$aInvestments: General 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aCurrency 615 7$aForeign exchange 615 7$aInvestment & securities 615 7$aInternational economics 615 7$aExchange rates 615 7$aNominal effective exchange rate 615 7$aTreasury bills and bonds 615 7$aCapital account 615 7$aExchange rate adjustments 615 7$aFinancial institutions 615 7$aBalance of payments 615 7$aGovernment securities 700 $aThomas$b Alun$01098448 801 0$bDcWaIMF 906 $aBOOK 912 $a9910786480203321 996 $aExchange Rate and Foreign Interest Rate Linkages for Sub-Saharan Africa Floaters$93858189 997 $aUNINA