Long run tendencies and short run adjustments between official and black market exchange rates in MENA countries
Yükleniyor...
Dosyalar
Tarih
2014
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Econjournals
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
This study makes an attempt to examine the long run relationship between the official and black market exchange rates using monthly data for a sample of 13 Middle East and Northern African (MENA) countries from 1970 to 1998. Using the Pool Mean Group framework, the article provides evidence on proportional long run relationship between black and official market exchange rates in sample countries. The positive common long run official exchange rates (OEX) elasticity is statistically significant and slightly greater than one. The hypothesis of portfolio balance model is confirmed, implying that there exists a proportional long run equilibrium relationship between official exchange rates and black market exchange rates. However, the short run dynamics remain heterogeneous across countries.
Açıklama
Anahtar Kelimeler
Black Market Exchange Rate, MENA Countries, Official Exchange Rates, Panel Cointegration, Panel Data
Kaynak
International Journal of Economics and Financial Issues
WoS Q Değeri
Scopus Q Değeri
N/A
Cilt
4
Sayı
3
