Estimation of a Behavioral Equilibrium Exchange Rate Model for Ghana

The paper estimates a behavioral equilibrium exchange rate model for Ghana. Regression results show that most of the REER's long-run behavior can be explained by real GDP growth, real interest rate differentials (both relative to trading-partner countries), and the real world prices of Ghana's main export commodities. On the basis of these fundamentals, the REER in late 2006 was found to be very close to its estimated equilibrium level. The results also suggest, that deviations from the equilibrium path are eliminated within two to three years.
Publication date: July 2007
ISBN: 9781451867190
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Topics covered in this book

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Exports and Imports , Money and Monetary Policy , real effective exchange rate , competitiveness , BEER , reer , exchange rate , effective exchange rate , real exchange rate

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