Hidden Bibliographic Details
| Other authors / contributors: | Gottschalk, Jan, author.
International Monetary Fund. African Department.
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| ISBN: | 1462329470
9781462329472
1452791392
9781452791395
1283565528
9781283565523
9786613877970
6613877972
1451920539
9781451920536
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| Digital file characteristics: | text file
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| 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.
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| 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.
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| 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
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