Title: The equilibrium exchange rate and measurement of misalignments in Morocco: Empirical Analysis
Abstract: The management of the real exchange remains the most important topic for economists, as the difficulty they face is how to determine the exchange rate, which is one of the most important international macroeconomic problems. Indeed the determination of the REER or also called equilibrium exchange rate depends on theoretical analysis, for Driver and Westaway (2004), there is no single definition of the exchange rate, the theoretical analyses of the REER were made following three main approaches namely the macroeconomic approach (the fundamental exchange (FEER), the econometric approach (the behavioral exchange (BEER) and the dynamic approach (the natural real exchange (NATREX). This paper presents an analysis of the real exchange rate, its main foundations and its misalignment through an econometric modeling for the Moroccan case, covering the period 1990-2018. An error-correction model (ECM) is estimated to obtain the long-run cointegrating or stable relationship.
Publication Year: 2020
Publication Date: 2020-01-01
Language: en
Type: article
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Cited By Count: 2
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