This paper evaluates the role of economic integration and democracy in rationalizing differences in real exchange rate misalignments across exchange rate regimes in Africa. To this end, the paper derives competing indexes of misalignment using modern cointegration techniques while accounting for cross-sectional dependence. The findings indicate that fixed regimes per se are not prone to more misalignments, as institutional quality and economic links...
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ПОДРОБНАЯ ИНФОРМАЦИЯ
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2021/02/17
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Рабочий документ в рамках исследования вопросов политики
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WPS9548
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1
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1
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2021/02/17
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Disclosed
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Toward the African Continental Free Trade Area : The Effects of Economic Integration and Democracy on Real Misalignments across Exchange Rate Regimes
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Common Market for Eastern and Southern Africa