Sources of nominal exchange rate fluctuations in South Africa /

Sources of nominal exchange rate fluctuations in South Africa /

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Bibliographic Details
Author / Creator:	Bhundia, Ashok, author.
Imprint:	Washington, D.C. : International Monetary Fund, African Dept., 2003.
Description:	1 online resource (24 pages) : illustrations
Language:	English
Series:	IMF working paper ; WP/03/252 IMF working paper ; WP/03/252.
Subject:	Foreign exchange rates -- South Africa. Monetary policy -- South Africa. Monetary policy -- United States. Interest rates -- South Africa. Economic policy. Foreign exchange rates. Interest rates. Monetary policy. South Africa -- Economic policy. South Africa. United States.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12495475

Hidden Bibliographic Details
Other authors / contributors:	Gottschalk, Jan, author. International Monetary Fund. African Department.
ISBN:	1462329470 9781462329472 1452791392 9781452791395 1283565528 9781283565523 9786613877970 6613877972 1451920539 9781451920536
Digital file characteristics:	text file
Notes:	Includes bibliographical references (page 24). Restrictions unspecified Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010. Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 English. digitized 2010 HathiTrust Digital Library committed to preserve Print version record.
Summary:	This paper investigates the sources of fluctuations in the rand-U.S. dollar exchange rate in 2001 and 2002 using an empirical exchange rate model which identifies aggregate supply, aggregate demand, and nominal disturbances as possible sources for exchange rate fluctuations. According to our results, nominal disturbances explain by far most of the rand depreciation in the final quarter of 2001. The fact that the nominal effective exchange rate also depreciated sharply suggests the nominal disturbances were domestically generated. From a preliminary examination of the relative movements in policy interest rates in South Africa and the United States, along with growth rates in both narrow and broad monetary aggregates in South Africa, it is difficult to isolate the underlying cause of the nominal disturbances in 2001 and 2002. Clearly, the task remains a challenging one with the empirical tools available.
Other form:	Print version: Bhundia, Ashok. Sources of nominal exchange rate fluctuations in South Africa. Washington, D.C. : International Monetary Fund, African and Policy Development and Review Departments, ©2003

Description
Summary:	This paper investigates the sources of fluctuations in the rand-U.S. dollar exchange rate in 2001 and 2002 using an empirical exchange rate model which identifies aggregate supply, aggregate demand, and nominal disturbances as possible sources for exchange rate fluctuations. According to our results, nominal disturbances explain by far most of the rand depreciation in the final quarter of 2001. The fact that the nominal effective exchange rate also depreciated sharply suggests the nominal disturbances were domestically generated. From a preliminary examination of the relative movements in policy interest rates in South Africa and the United States, along with growth rates in both narrow and broad monetary aggregates in South Africa, it is difficult to isolate the underlying cause of the nominal disturbances in 2001 and 2002. Clearly, the task remains a challenging one with the empirical tools available.
Physical Description:	1 online resource (24 pages) : illustrations
Format:	Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Bibliography:	Includes bibliographical references (page 24).
ISBN:	1462329470 9781462329472 1452791392 9781452791395 1283565528 9781283565523 9786613877970 6613877972 1451920539 9781451920536