کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5053945 1476523 2015 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Revisiting the nexus between currency misalignments and growth in the CFA Zone
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Revisiting the nexus between currency misalignments and growth in the CFA Zone
چکیده انگلیسی
In this paper, we revisit the link between currency misalignments and economic growth by taking into account foreign currency-denominated debt dynamics for the CFA zone countries over the period 1985-2011. Relying on a BEER approach and using panel cointegration techniques, we first derive currency misalignments. We then estimate a panel smooth transition growth equation that allows currency misalignment to exert nonlinear impacts on both economic growth and foreign currency-denominated debt dynamics. We find that the nonlinear impact of currency misalignments on growth through the competitiveness channel is mitigated by the foreign currency-denominated debt dynamics through a valuation effect.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economic Modelling - Volume 45, February 2015, Pages 142-154
نویسندگان
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