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010   $a9781462329472
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010   $a9781283565523
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035   $a(SSID)ssj0000948640
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035   $a(PQKBTitleCode)TC0000948640
035   $a(PQKBWorkID)10951777
035   $a(PQKB)11720778
035   $a(OCoLC)535146918
035   $a(IMF)WPIEE2522003
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035   $aWPIEA2522003
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100   $a20020129d2003      uf         0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aSources of Nominal Exchange Rate Fluctuations in South Africa /$fJan Gottschalk, Ashok Bhundia
205   $a1st ed.
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2003.
215   $a1 online resource (25 p.)
225 1 $aIMF Working Papers
300   $aCover title.
300   $a"December 2003"--Caption.
311 08$a9781451875935 
311 08$a1451875932 
320   $aIncludes bibliographical references (p. 24).
327   $a""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""
330 3 $aThis paper investigates the sources of fluctuations in the rand-U.S. dollar exchange rate in 2001 and 2002 using an empirical exchange rate model which identifies aggregate supply, aggregate demand, and nominal disturbances as possible sources for exchange rate fluctuations. According to our results, nominal disturbances explain by far most of the rand depreciation in the final quarter of 2001. The fact that the nominal effective exchange rate also depreciated sharply suggests the nominal disturbances were domestically generated. From a preliminary examination of the relative movements in policy interest rates in South Africa and the United States, along with growth rates in both narrow and broad monetary aggregates in South Africa, it is difficult to isolate the underlying cause of the nominal disturbances in 2001 and 2002. Clearly, the task remains a challenging one with the empirical tools available.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2003/252
606   $aForeign exchange rates$zSouth Africa
606   $aMonetary policy$zSouth Africa
606   $aMonetary policy$zUnited States
606   $aInterest rates$zSouth Africa
606   $aCapacity$2imf
606   $aCapital$2imf
606   $aCurrency$2imf
606   $aDepreciation$2imf
606   $aExchange rate adjustments$2imf
606   $aExchange rates$2imf
606   $aForeign Exchange$2imf
606   $aForeign exchange$2imf
606   $aIntangible Capital$2imf
606   $aInvestment$2imf
606   $aInvestments: General$2imf
606   $aMacroeconomics$2imf
606   $aNational accounts$2imf
606   $aNominal effective exchange rate$2imf
606   $aOpen Economy Macroeconomics$2imf
606   $aReal exchange rates$2imf
606   $aSaving and investment$2imf
607   $aSouth Africa$xEconomic policy
607   $aSouth Africa$2imf
615  0$aForeign exchange rates
615  0$aMonetary policy
615  0$aMonetary policy
615  0$aInterest rates
615  7$aCapacity
615  7$aCapital
615  7$aCurrency
615  7$aDepreciation
615  7$aExchange rate adjustments
615  7$aExchange rates
615  7$aForeign Exchange
615  7$aForeign exchange
615  7$aIntangible Capital
615  7$aInvestment
615  7$aInvestments: General
615  7$aMacroeconomics
615  7$aNational accounts
615  7$aNominal effective exchange rate
615  7$aOpen Economy Macroeconomics
615  7$aReal exchange rates
615  7$aSaving and investment
700   $aGottschalk$b Jan$01815629
701   $aBhundia$b Ashok$01815630
712 02$aInternational Monetary Fund.$bAfrican Dept.
801  0$bDcWaIMF
906   $aBOOK
912   $a9910972535603321
996   $aSources of Nominal Exchange Rate Fluctuations in South Africa$94371093
997   $aUNINA