Real Exchange Rate Behavior and Economic Growth [electronic resource] : Evidence from Egypt, Jordan, Morocco, and Tunisia / Ghiath Shabsigh.
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TextSeries: IMF Working Papers; Working Paper ; No. 99/40Publication details: Washington, D.C. : International Monetary Fund, 1999Description: 1 online resource (24 p.)ISBN: 1451845952 :ISSN: 1018-5941Subject(s): Arab Countries | Exchange Rate Mislignment | Exchange Rate Policies | Exchange Rate | Exchange Rates | Foreign Exchange | Egypt | Jordan | Morocco | TunisiaAdditional physical formats: Print Version:: Real Exchange Rate Behavior and Economic Growth : Evidence from Egypt, Jordan, Morocco, and TunisiaOnline resources: IMF e-Library | IMF Book Store Abstract: This paper examines the effect of the real exchange rate misalignment (RERMIS) on the collective economic growth of Egypt, Jordan, Morocco, and Tunisia. The paper constructs three measures of exchange rate misalignment based on purchasing power parity; a black market exchange rate; and a structured model. The empirical investigation confirmed the adverse effect of RERMIS on growth, using all measures of RERMIS, as predicted by endogenous growth models. The results also highlighted the role of other factors; specifically, capital growth and population have the theoretical signs predicted by the Solow growth model and are statistically significant.
This paper examines the effect of the real exchange rate misalignment (RERMIS) on the collective economic growth of Egypt, Jordan, Morocco, and Tunisia. The paper constructs three measures of exchange rate misalignment based on purchasing power parity; a black market exchange rate; and a structured model. The empirical investigation confirmed the adverse effect of RERMIS on growth, using all measures of RERMIS, as predicted by endogenous growth models. The results also highlighted the role of other factors; specifically, capital growth and population have the theoretical signs predicted by the Solow growth model and are statistically significant.
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