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Estimation of a Behavioral Equilibrium Exchange Rate Model for Ghana

Elena Loukoianova () and Plamen Iossifov
Authors registered in the RePEc Author Service: Пламен Йосифов

No 2007/155, IMF Working Papers from International Monetary Fund

Abstract: The paper estimates a behavioral equilibrium exchange rate model for Ghana. Regression results show that most of the REER's long-run behavior can be explained by real GDP growth, real interest rate differentials (both relative to trading-partner countries), and the real world prices of Ghana's main export commodities. On the basis of these fundamentals, the REER in late 2006 was found to be very close to its estimated equilibrium level. The results also suggest, that deviations from the equilibrium path are eliminated within two to three years.

Keywords: WP; Ghana; equilibrium REER; export commodity (search for similar items in EconPapers)
Pages: 21
Date: 2007-07-01
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Citations: View citations in EconPapers (18)

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