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Exchange Rate and Foreign Interest Rate Linkages for Sub-Saharan Africa Floaters

Exchange Rate and Foreign Interest Rate Linkages for Sub-Saharan Africa Floaters by Alun H. Thomas
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The paper considers the determinants of exchange rate movements among sub-Saharan countries that have flexible exchange rate regimes. The determinants are based on the law of one price and interest parity conditions. Results indicate that the exchange rates have responded significantly to changes in the US Treasury bill rate and to the EMBI spread in recent years. The effects are more important for countries with open capital accounts. On the other hand the paper does not provide any support for the interest rate parity theory because domestic interest rates have no bearing on exchange rate movements.
International Monetary Fund; August 2012
21 pages; ISBN 9781475558265
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Title: Exchange Rate and Foreign Interest Rate Linkages for Sub-Saharan Africa Floaters
Author: Alun H. Thomas
 
ISBNs
1475558260
9781475505580
9781475558265
9781475586473