LEADER 05044oam 22013214 450 001 9910973347203321 005 20250426110052.0 010 $a9786613821119 010 $a9781462393183 010 $a1462393187 010 $a9781452778389 010 $a1452778388 010 $a9781282447912 010 $a1282447912 010 $a9781451909494 010 $a1451909497 035 $a(CKB)3360000000443150 035 $a(EBL)3014423 035 $a(SSID)ssj0000940801 035 $a(PQKBManifestationID)11600656 035 $a(PQKBTitleCode)TC0000940801 035 $a(PQKBWorkID)10955904 035 $a(PQKB)10404157 035 $a(OCoLC)694141070 035 $a(IMF)WPIEE2006236 035 $a(MiAaPQ)EBC3014423 035 $a(IMF)WPIEA2006236 035 $aWPIEA2006236 035 $a(EXLCZ)993360000000443150 100 $a20020129d2006 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFEER for the CFA Franc /$fCharalambos Tsangarides, Yasser Abdih 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2006. 215 $a1 online resource (42 p.) 225 1 $aIMF Working Papers 300 $a"October 2006." 311 08$a9781451864960 311 08$a1451864965 320 $aIncludes bibliographical references (p.37-40). 327 $a""Contents""; ""I. INTRODUCTION""; ""II. BACKGROUND""; ""III. METHODOLOGY AND DATA""; ""IV. EMPIRICAL RESULTS""; ""V. CONCLUSION""; ""REFERENCES"" 330 3 $aWe apply the fundamentals equilibrium exchange rate (FEER) approach and the Johansen cointegration methodology to investigate the behavior of the real effective exchange rates of the two monetary unions of the CFA franc zone (CEMAC and WAEMU) vis-à-vis their long-run equilibrium paths. For both CEMAC and WAEMU, our results indicate that: (i) the fundamentals account for most of the fluctuation of the real effective exchange rates, with increases in the terms of trade, government consumption, and productivity improvements causing the exchange rate to appreciate, and increases in investment and openness leading to a depreciation; (ii) at end-2005 both the CEMAC and WAEMU real effective exchange rates were broadly in line with their long-run equilibrium values; and (iii) following a shock, reversion to equilibrium is twice as fast in WAEMU than in CEMAC. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2006/236 606 $aForeign exchange rates$zFrench franc area 606 $aFranc, CFA 606 $aMonetary unions$zAfrica, French-speaking 606 $aConsumption$2imf 606 $aCurrency$2imf 606 $aDiffusion Processes$2imf 606 $aDynamic Quantile Regressions$2imf 606 $aDynamic Treatment Effect Models$2imf 606 $aEconometric analysis$2imf 606 $aEconometrics & economic statistics$2imf 606 $aEconometrics$2imf 606 $aEconomics$2imf 606 $aExchange rates$2imf 606 $aForecasting and Other Model Applications$2imf 606 $aForeign Exchange$2imf 606 $aForeign exchange$2imf 606 $aGovernment consumption$2imf 606 $aMacroeconomics$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aNational accounts$2imf 606 $aOpen Economy Macroeconomics$2imf 606 $aReal effective exchange rates$2imf 606 $aReal exchange rates$2imf 606 $aSaving$2imf 606 $aState Space Models$2imf 606 $aTime-Series Models$2imf 606 $aVector autoregression$2imf 606 $aWealth$2imf 607 $aEquatorial Guinea, Republic of$2imf 615 0$aForeign exchange rates 615 0$aFranc, CFA. 615 0$aMonetary unions 615 7$aConsumption 615 7$aCurrency 615 7$aDiffusion Processes 615 7$aDynamic Quantile Regressions 615 7$aDynamic Treatment Effect Models 615 7$aEconometric analysis 615 7$aEconometrics & economic statistics 615 7$aEconometrics 615 7$aEconomics 615 7$aExchange rates 615 7$aForecasting and Other Model Applications 615 7$aForeign Exchange 615 7$aForeign exchange 615 7$aGovernment consumption 615 7$aMacroeconomics 615 7$aMacroeconomics: Consumption 615 7$aNational accounts 615 7$aOpen Economy Macroeconomics 615 7$aReal effective exchange rates 615 7$aReal exchange rates 615 7$aSaving 615 7$aState Space Models 615 7$aTime-Series Models 615 7$aVector autoregression 615 7$aWealth 700 $aTsangarides$b Charalambos$01462110 701 $aAbdih$b Yasser$01815983 712 02$aIMF Institute. 712 02$aInternational Monetary Fund.$bAfrican Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910973347203321 996 $aFEER for the CFA Franc$94372612 997 $aUNINA