Impact of the Real Exchange Rate Misalignments on the Performance of the Manufacturing Sector in Senegal

L’impact des déséquilibres du taux de change réel sur la performance du secteur manufacturier au Sénégal

Malick Diop, Michael Goujon and Birahim Bouna Niang
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Malick Diop: UCAD - Université Cheikh Anta Diop de Dakar [Sénégal]
Birahim Bouna Niang: UCAD - Université Cheikh Anta Diop de Dakar [Sénégal]

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Abstract: This paper deals with the impact of the real exchange rate misalignments on the performances of the manufacturing sector in Senegal over 1980-2015. We compute for the Senegal the real exchange rate misalignments vis-à-vis its long-run equilibrium level defined following the BEER approach (Behavioral Equilibrium Exchange Rate). We then estimate equations that explain the changes in the manufacturing production by using as left-hand variables the indicators of manufacturing value added per capita or per sector employee. We use recent econometric methods as the one from Pesaran, Shin and Smith (2001) applied to the Auto-Regressive Distributed Lag model (PSS-ARDL). Our results show that a lower undervaluation or a higher overvaluation have a negative impact on performances, and that this impact seems linear.

Keywords: taux de change; mésalignements; surévaluation; sous-évaluation; secteur manufacturie; r modèle ARDL; Sénégal (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (3)

Published in Revue d'Economie du Développement, 2018, 26 (1), pp.107-138. ⟨10.3917/edd.321.0107⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01905128

DOI: 10.3917/edd.321.0107

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