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On the neutrality of the exchange rate regime regarding real misalignments: Evidence from sub‐Saharan Africa

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  • Ferdinand Owoundi
  • Jacques Landry Bikai

Abstract

This article provides further insights into the issue of real misalignments’ effects of exchange rate regimes. Our approach aims at comparing real exchange rate misalignments between countries with fixed regimes and those practicing alternative arrangements in sub‐Saharan Africa. To this end, we assess the equilibrium exchange rates based on two models of the equilibrium exchange rate, while using competing estimators and both De Jure and De Facto classifications. Our results confirm the exchange rate regime neutrality regarding exchange rate misalignment, implying that the fixed regime is not prone to more misalignment within the sub‐region.

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  • Ferdinand Owoundi & Jacques Landry Bikai, 2021. "On the neutrality of the exchange rate regime regarding real misalignments: Evidence from sub‐Saharan Africa," Bulletin of Economic Research, Wiley Blackwell, vol. 73(3), pages 327-345, July.
    • Handle: RePEc:bla:buecrs:v:73:y:2021:i:3:p:327-345
    DOI: 10.1111/boer.12250
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