Exchange rate and foreign interest rate linkages for Sub-Saharan Africa floaters /

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Bibliographic Details
Author / Creator:	Thomas, Alun H. (Alun Huw), author.
Imprint:	[Place of publication not identified] : International Monetary Fund, 2012.
Description:	1 online resource : illustrations
Language:	English
Series:	IMF working paper ; WP/12/208 IMF working paper ; WP/12/208.
Subject:	Foreign exchange rates -- Africa, Sub-Saharan. Interest rates -- Africa, Sub-Saharan. Foreign exchange rates. Interest rates. Sub-Saharan Africa.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/11240686

Hidden Bibliographic Details
Other authors / contributors:	International Monetary Fund. African Department.
ISBN:	1475586477 9781475586473 1475505582 9781475505580 1475558260 9781475558265 9781475505580 9781475558265
Digital file characteristics:	data file
Notes:	Includes bibliographical references.
Summary:	The paper considers the determinants of exchange rate movements among sub-Saharan countries that have flexible exchange rate regimes. The determinants are based on the law of one price and interest parity conditions. Results indicate that the exchange rates have responded significantly to changes in the US Treasury bill rate and to the EMBI spread in recent years. The effects are more important for countries with open capital accounts. On the other hand the paper does not provide any support for the interest rate parity theory because domestic interest rates have no bearing on exchange rate movements.

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