Comparing exchange market pressure in West and Southern African countries

Jose Mario Lopes and Fabio Santos

Nova SBE Working Paper Series from Universidade Nova de Lisboa, Nova School of Business and Economics

Abstract: We compare the performance of Cape Verde and Mozambique concerning financial credibility as measured by Exchange Market Pressure, an institutional feature that has often been overlooked in the literature as a relevant institution for economies. Drawing on previous research by Macedo et al. (2009), we expand their analysis and, using several definitions of financial credibility , all related to different angles on Exchange Market Pressure indices, we conclude that - against reasonable benchmarks in their respective regions - financial credibility has been very good for Cape Verde and fairly good for Mozambique.

Keywords: Exchange rate regime; exchange market pressure; EGARCH (search for similar items in EconPapers)
JEL-codes: C22 E44 F31 F33 (search for similar items in EconPapers)
Pages: 75 pages
Date: 2010
New Economics Papers: this item is included in nep-afr and nep-ifn
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:unl:unlfep:wp549

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