Abstract

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The Equilibrium Exchange Rate of Mauritius: Evidence from Two Structural Models


Camelia Minoiu


International Monetary Fund (IMF)

Patrick A. Imam


International Monetary Fund (IMF)

January 25, 2011

Emerging Markets Finance and Trade, Vol. 47, No. 6

Abstract:     
In this paper, we assess the equilibrium value of the Mauritian rupee in 2006-07 and over the medium run using two structural models. First, we derive a current account-based measure of the exchange rate equilibrium using the macroeconomic balance approach. Second, we estimate a reduced-form fundamental equilibrium exchange rate measure. Our results, which are robust to an alternative non-econometric approach, suggest that the Mauritian rupee was aligned with its equilibrium value in 2006-07 and little adjustment appeared necessary over the medium run.

Number of Pages in PDF File: 17

Keywords: equilibrium real exchange rate, macroeconomic balance, fundamental equilibrium exchange rate, external sustainability, Mauritius

JEL Classification: F31, F41, E65

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Date posted: April 26, 2011 ; Last revised: March 5, 2013

Suggested Citation

Minoiu, Camelia and Imam, Patrick A., The Equilibrium Exchange Rate of Mauritius: Evidence from Two Structural Models (January 25, 2011). Emerging Markets Finance and Trade, Vol. 47, No. 6. Available at SSRN: http://ssrn.com/abstract=1823382

Contact Information

Camelia Minoiu
International Monetary Fund (IMF) ( email )
1700 19th Street, NW
Washington, DC 20431
United States
2026239731 (Phone)
HOME PAGE: http://www.camelia-minoiu.com/
Patrick A. Imam (Contact Author)
International Monetary Fund (IMF) ( email )
700 19th Street, N.W.
Washington, DC 20431
United States
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