It has been argued that the institutions of the CFA Franc zone may have reduced in°ation but that they also induced misalignment of the real exchange rate and that this is the explanation for their dismal revenue performance. This paper uses a panel of 22 countries in sub-Saharan Africa to estimate revenue performance over the period from 1980 to 1996. It ¯nds that the poor cumulative relative ...

This paper proposes to develop a balance-of-payments-constrained growth model analyse the importance of relationship between real exchange rate misalignment and share industry in output. Building on work Gabriel, Jayme Oreiro (2016), is expanded address: (i) influence price competitiveness net exports; (ii) capital mobility; (iii) nominal flexibility; (iv) wage as fraction value labour producti...

A central problem ill empirical macroeconomics is to determine when and how much the exchange rate is misaligned. This paper clarifies and calculates the concept of’ the equilibrium real exchange rate, using a structural vector auto regression (VAR) model. By imposing long—run restrictions on a VAR model for Iran, lour structural shocks are identified: nominal demand, real demand, supply and oi...