Determinants of Exchange Rate Practices in the MENA Countries: Some Further Empirical Results

Sfia M. Daly () and Mouley Sami

No wp952, William Davidson Institute Working Papers Series from William Davidson Institute at the University of Michigan

Abstract: This paper analyses the determinants of exchange rate practices in 15 MENA countries for the 1977- 2007 period placing special emphasis on structural and macroeconomic explanations. We use three different exchange rate regime classifications in order to avoid potentially misleading specification. Even though the empirical results using the de facto classifications are very different from those obtained from the de jure specification, we find that international reserves play a major role in determining exchange rate practices in the MENA countries.

Keywords: Exchange rate regimes; MENA countries; ordered Probit model. (search for similar items in EconPapers)
JEL-codes: E42 F31 F33 (search for similar items in EconPapers)
Pages: pages
Date: 2009-01-01
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