Exchange Rate Misalignment and Capital Flight from Botswana: A Cointegration Approach with Risk Thresholds
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Abdessalem GOUIDER & Ridha NOUIRA, 2014. "Relationship between the misalignment of the real exchange rate and capital flight in the developing countries," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(11(600)), pages 121-140, November.
- Graciela Kaminsky & Saul Lizondo & Carmen M. Reinhart, 1998.
"Leading Indicators of Currency Crises,"
IMF Staff Papers, Palgrave Macmillan, vol. 45(1), pages 1-48, March.
- Kaminsky, Graciela & Lizondo, Saul & Reinhart, Carmen M., 1997. "Leading indicators of currency crises," Policy Research Working Paper Series 1852, The World Bank.
- Reinhart, Carmen & Kaminsky, Graciela & Lizondo, Saul, 1998. "Leading Indicators of Currency Crises," MPRA Paper 6981, University Library of Munich, Germany.
- Seeun Jeong & Jacques Mazier & Jamel Saadaoui, 2010. "Exchange Rate Misalignments at World and European Levels : A FEER Approach," Post-Print hal-02169238, HAL.
- Se-Eun Jeong & Jacques Mazier & Jamel Saadaoui, 2010.
"Exchange Rate Misalignments at World and European Levels: a FEER Approach,"
International Economics, CEPII research center, issue 121, pages 25-58.
- Se-Eun Jeong & Jacques Mazier & Jamel Saadaoui, 2010. "Exchange Rate Misalignments at World and European Levels: a FEER Approach," Post-Print halshs-00435836, HAL.
- Anindya Banerjee & Juan Dolado & Ricardo Mestre, 1998. "Error‐correction Mechanism Tests for Cointegration in a Single‐equation Framework," Journal of Time Series Analysis, Wiley Blackwell, vol. 19(3), pages 267-283, May.
- Peter C. B. Phillips & Bruce E. Hansen, 1990. "Statistical Inference in Instrumental Variables Regression with I(1) Processes," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 57(1), pages 99-125.
- Wolde-Rufael, Yemane, 2005. "Energy demand and economic growth: The African experience," Journal of Policy Modeling, Elsevier, vol. 27(8), pages 891-903, November.
- Ms. Corinne C Delechat & Matthew Gaertner, 2008. "Exchange Rate Assessment in a Resource-Dependent Economy: The Case of Botswana," IMF Working Papers 2008/083, International Monetary Fund.
- Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
- Vinh Nguyen Thi Thuy & Duong Trinh Thi Thuy, 2019. "The Impact of Exchange Rate Volatility on Exports in Vietnam: A Bounds Testing Approach," JRFM, MDPI, vol. 12(1), pages 1-14, January.
- Strøm,Steinar (ed.), 1999. "Econometrics and Economic Theory in the 20th Century," Cambridge Books, Cambridge University Press, number 9780521633659, November.
- Hodrick, Robert J & Prescott, Edward C, 1997.
"Postwar U.S. Business Cycles: An Empirical Investigation,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(1), pages 1-16, February.
- Robert J. Hodrick & Edward Prescott, 1981. "Post-War U.S. Business Cycles: An Empirical Investigation," Discussion Papers 451, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Pegg, Scott, 2010. "Is there a Dutch disease in Botswana?," Resources Policy, Elsevier, vol. 35(1), pages 14-19, March.
- Virginie Coudert & Cécile Couharde & Valérie Mignon, 2013.
"On Currency Misalignments within the Euro Area,"
Review of International Economics, Wiley Blackwell, vol. 21(1), pages 35-48, February.
- Virginie Coudert & Cécile Couharde & Valérie Mignon, 2012. "On currency misalignments within the euro area," Post-Print hal-01411726, HAL.
- Virginie Coudert & Cécile Couharde & Valérie Mignon, 2012. "On currency misalignments within the euro area," Working Papers 2012-07, CEPII research center.
- Virginie Coudert & Cécile Couharde & Valérie Mignon, 2012. "On currency misalignments within the euro area," Post-Print hal-01411723, HAL.
- Virginie Coudert & Cécile Couharde & Valérie Mignon, 2012. "On currency misalignments within the euro area," EconomiX Working Papers 2012-30, University of Paris Nanterre, EconomiX.
- Virginie Coudert & Cécile Couharde & Valérie Mignon, 2012. "On currency misalignments within the euro area," Post-Print hal-01411722, HAL.
- Virginie Coudert & Cécile Couharde & Valérie Mignon, 2013. "On Currency Misalignments within the Euro Area," Post-Print hal-01385866, HAL.
- Virginie Coudert & Cécile Couharde & Valérie Mignon, 2012. "On currency misalignments within the euro area," Working Papers hal-04141061, HAL.
- Virginie Coudert & Cécile Couharde & Valérie Mignon, 2012. "On currency misalignments within the euro area," Post-Print hal-01411724, HAL.
- Pierre-Richard Agénor & Jagdeep S. Bhandari & Robert P. Flood, 1992.
"Speculative Attacks and Models of Balance of Payments Crises,"
IMF Staff Papers, Palgrave Macmillan, vol. 39(2), pages 357-394, June.
- Mr. Robert P Flood & Jagdeep S. Bhandari & Pierre-Richard Agénor, 1991. "Speculative Attacks and Models of Balance of Payments Crises," IMF Working Papers 1991/099, International Monetary Fund.
- Pierre-Richard Agenor & Jagdeep S. Bhandari & Robert P. Flood, 1991. "Speculative Attacks and Models of Balance-of-Payments Crises," NBER Working Papers 3919, National Bureau of Economic Research, Inc.
- Hossain, Akhand Akhtar, 2011. "Exchange Rate Policy and Real Exchange Rate Behaviour in Bangladesh: 1972-2008," Indian Economic Review, Department of Economics, Delhi School of Economics, vol. 46(2), pages 191-216.
- Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 311-325, August.
- Ndikumana, Leonce & Boyce, James K., 2003.
"Public Debts and Private Assets: Explaining Capital Flight from Sub-Saharan African Countries,"
World Development, Elsevier, vol. 31(1), pages 107-130, January.
- Léonce Ndikumana & James K. Boyce, 2002. "Public Debts and Private Assets: Explaining Capital Flight from Sub-Saharan African Countries," UMASS Amherst Economics Working Papers 2002-02, University of Massachusetts Amherst, Department of Economics.
- Léonce Ndikumana, 2002. "Public Debts and Private Assets:Explaining Capital Flight from Sub-Saharan African Countries," Working Papers wp32, Political Economy Research Institute, University of Massachusetts at Amherst.
- M. Hashem Pesaran & Yongcheol Shin & Richard J. Smith, 2001. "Bounds testing approaches to the analysis of level relationships," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 289-326.
- Chinn, Menzie D., 2000.
"Before the fall: were East Asian currencies overvalued?,"
Emerging Markets Review, Elsevier, vol. 1(2), pages 101-126, September.
- Menzie D. Chinn, 1998. "Before the Fall: Were East Asian Currencies Overvalued?," NBER Working Papers 6491, National Bureau of Economic Research, Inc.
- Granger, C. W. J., 1981. "Some properties of time series data and their use in econometric model specification," Journal of Econometrics, Elsevier, vol. 16(1), pages 121-130, May.
- Elliott, Graham & Rothenberg, Thomas J & Stock, James H, 1996.
"Efficient Tests for an Autoregressive Unit Root,"
Econometrica, Econometric Society, vol. 64(4), pages 813-836, July.
- Graham Elliott & Thomas J. Rothenberg & James H. Stock, 1992. "Efficient Tests for an Autoregressive Unit Root," NBER Technical Working Papers 0130, National Bureau of Economic Research, Inc.
- Tom Doan, "undated". "GLSDETREND: RATS procedure to perform local to unity GLS detrending," Statistical Software Components RTS00077, Boston College Department of Economics.
- Tom Doan, "undated". "ERSTEST: RATS procedure to perform Elliott-Rothenberg-Stock unit root tests," Statistical Software Components RTS00066, Boston College Department of Economics.
- Makram El-Shagi & Axel Lindner & Gregor von Schweinitz, 2016.
"Real Effective Exchange Rate Misalignment in the Euro Area: A Counterfactual Analysis,"
Review of International Economics, Wiley Blackwell, vol. 24(1), pages 37-66, February.
- El-Shagi, Makram & Lindner, Axel & von Schweinitz, Gregor, 2014. "Real Effective Exchange Rate Misalignment in the Euro Area: A Counterfactual Analysis," IWH Discussion Papers 6/2014, Halle Institute for Economic Research (IWH).
- Atish R Ghosh & Jonathan D Ostry & Mahvash S Qureshi, 2015.
"Exchange Rate Management and Crisis Susceptibility: A Reassessment,"
IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 63(1), pages 238-276, May.
- Mr. Atish R. Ghosh & Mr. Jonathan David Ostry & Mahvash S Qureshi, 2014. "Exchange Rate Management and Crisis Susceptibility: A Reassessment," IMF Working Papers 2014/011, International Monetary Fund.
- Toda, Hiro Y. & Yamamoto, Taku, 1995. "Statistical inference in vector autoregressions with possibly integrated processes," Journal of Econometrics, Elsevier, vol. 66(1-2), pages 225-250.
- Edwards, Sebastian, 1989.
"Exchange Rate Misalignment in Developing Countries,"
The World Bank Research Observer, World Bank, vol. 4(1), pages 3-21, January.
- Sebastian Edwards, 1987. "Exchange Rate Misalignment in Developing Countries," UCLA Economics Working Papers 442, UCLA Department of Economics.
- George Mavrotas & Roger Kelly, 2001. "Old Wine in New Bottles: Testing Causality between Savings and Growth," Manchester School, University of Manchester, vol. 69(s1), pages 97-105.
- Erbe, Susanne, 1985. "The flight of capital from developing countries," Intereconomics – Review of European Economic Policy (1966 - 1988), ZBW - Leibniz Information Centre for Economics, vol. 20(6), pages 268-275.
- Takuji Kinkyo, 2008. "Disorderly adjustments to the misalignments in the Korean won," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 32(1), pages 111-124, January.
- Bela Balassa, 1964. "The Purchasing-Power Parity Doctrine: A Reappraisal," Journal of Political Economy, University of Chicago Press, vol. 72(6), pages 584-584.
- Boyce, James K., 1992. "The revolving door? External debt and capital flight: A Philippine case study," World Development, Elsevier, vol. 20(3), pages 335-349, March.
- R. Dornbusch, 1984.
"External Debt, Budget Deficits and Disequilibrium Exchange Rates,"
Working papers
347, Massachusetts Institute of Technology (MIT), Department of Economics.
- Rudiger Dornbusch, 1984. "External Debt, Budget Deficits and Disequilibrium Exchange Rates," NBER Working Papers 1336, National Bureau of Economic Research, Inc.
- Duc Hong Vo & Anh The Vo & Zhaoyong Zhang, 2019. "Exchange Rate Volatility and Disaggregated Manufacturing Exports: Evidence from an Emerging Country," JRFM, MDPI, vol. 12(1), pages 1-25, January.
- Imam Alam & Rahim Quazi, 2003. "Determinants of Capital Flight: An econometric case study of Bangladesh," International Review of Applied Economics, Taylor & Francis Journals, vol. 17(1), pages 85-103.
- repec:bla:manchs:v:69:y:2001:i:0:p:97-105 is not listed on IDEAS
- Paresh Kumar Narayan, 2005. "The saving and investment nexus for China: evidence from cointegration tests," Applied Economics, Taylor & Francis Journals, vol. 37(17), pages 1979-1990.
- Agus Salim & Kai Shi, 2019. "A Cointegration of the Exchange Rate and Macroeconomic Fundamentals: The Case of the Indonesian Rupiah vis-á-vis Currencies of Primary Trade Partners," JRFM, MDPI, vol. 12(2), pages 1-17, May.
- Abdur R. Chowdhury & Mark Wheeler, 2015. "The impact of output and exchange rate volatility on fixed private investment: evidence from selected G7 countries," Applied Economics, Taylor & Francis Journals, vol. 47(25), pages 2628-2641, May.
- repec:agr:journl:v:11(600):y:2014:i:11(600):p:121-140 is not listed on IDEAS
- Edwards, Sebastian, 1988.
"Real and monetary determinants of real exchange rate behavior: Theory and evidence from developing countries,"
Journal of Development Economics, Elsevier, vol. 29(3), pages 311-341, November.
- Sebastian Edwards, 1988. "Real and Monetary Determinants of Real Exchange Rate Behavior: Theory and Evidence From Developing Countries," NBER Working Papers 2721, National Bureau of Economic Research, Inc.
- Sebastion Edwards, 1988. "Real and Monetary Determinants of Real Exchange Rate Behavior: Theory and Evidence from Developing Countries," UCLA Economics Working Papers 506, UCLA Department of Economics.
- Dubas, Justin M., 2009. "The Importance of the Exchange Rate Regime in Limiting Misalignment," World Development, Elsevier, vol. 37(10), pages 1612-1622, October.
- Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
- Rengui Zhang & Xueshen Xian & Haowen Fang, 2019. "The early‐warning system of stock market crises with investor sentiment: Evidence from China," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 24(1), pages 361-369, January.
- Pastor, Manuel Jr., 1990. "Capital flight from Latin America," World Development, Elsevier, vol. 18(1), pages 1-18, January.
- Strøm,Steinar (ed.), 1999. "Econometrics and Economic Theory in the 20th Century," Cambridge Books, Cambridge University Press, number 9780521633239, November.
- Dai Pham & Sarath Delpachitra, 2014. "Does Real Exchange Rate Depreciation Boost Capital Accumulation? An Intertemporal Analysis," Australian Economic Papers, Wiley Blackwell, vol. 53(3-4), pages 230-244, December.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Abdullahil Mamun & Harun Bal & Shahanara Basher & Md Mahi Uddin & Nazamul Hoque, 2023. "Growth Effects Of Currency Misalignment And Capital Flight In Turkey," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 26(2), pages 221-250, May.
- Johane Motsatsi, 2020. "How Non-Diamond Exports Respond to Exchange Rate Volatility in Botswana," Working Papers 77, Botswana Institute for Development Policy Analysis.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Mpho Bosupeng & Janet Dzator & Andrew Nadolny, 2019. "Wechselkursfehlausrichtung und Kapitalflucht ab Botswana: Ein Cointegrationsansatz mit Risikoschwellen [Exchange Rate Misalignment and Capital Flight from Botswana: A Cointegration Approach with Ri," Post-Print hal-02168726, HAL.
- Angeliki N. Menegaki, 2019. "The ARDL Method in the Energy-Growth Nexus Field; Best Implementation Strategies," Economies, MDPI, vol. 7(4), pages 1-16, October.
- Mpho Bosupeng, 2018. "Leading Indicators and Financial Crisis: A Multi-Sectoral Approach Using Signal Extraction," Journal of Empirical Studies, Conscientia Beam, vol. 5(1), pages 20-44.
- Oryani, Bahareh & Koo, Yoonmo & Rezania, Shahabaldin & Shafiee, Afsaneh, 2021. "Investigating the asymmetric impact of energy consumption on reshaping future energy policy and economic growth in Iran using extended Cobb-Douglas production function," Energy, Elsevier, vol. 216(C).
- Bosupeng, Mpho, 2016. "The Effects of Chinese Interest Rates and Inflation: A Decomposition of The Fisher Effect," MPRA Paper 78160, University Library of Munich, Germany, revised 2016.
- Zhihui Lv & Amanda M. Y. Chu & Michael McAleer & Wing-Keung Wong, 2019. "Modelling Economic Growth, Carbon Emissions, and Fossil Fuel Consumption in China: Cointegration and Multivariate Causality," IJERPH, MDPI, vol. 16(21), pages 1-35, October.
- Onur zdemir, 2019. "Autoregressive Distributed Lag Approach to the Income Inequality and Financial Liberalization Nexus: Empirical Evidence from Turkey," International Journal of Economics and Financial Issues, Econjournals, vol. 9(6), pages 1-15.
- Durmaz, Tunç & Pommeret, Aude & Tastan, Hüseyin, 2020.
"Estimation of residential electricity demand in Hong Kong under electricity charge subsidies,"
Energy Economics, Elsevier, vol. 88(C).
- Tunç Durmaz & Aude Pommeret & Hüseyin Tastan, 2020. "Estimation of residential electricity demand in Hong Kong under electricity charge subsidies," Post-Print hal-03969145, HAL.
- Bosupeng, Mpho, 2017. "On the Effects of the BRICS on World Economic Growth," MPRA Paper 81757, University Library of Munich, Germany, revised 2017.
- Balsalobre-Lorente, Daniel & Bekun, Festus Victor & Etokakpan, Mfonobong Udom & Driha, Oana M., 2019. "A road to enhancements in natural gas use in Iran: A multivariate modelling approach," Resources Policy, Elsevier, vol. 64(C).
- Muhammad Shahbaz & Mete Feridun, 2012.
"Electricity consumption and economic growth empirical evidence from Pakistan,"
Quality & Quantity: International Journal of Methodology, Springer, vol. 46(5), pages 1583-1599, August.
- Shahbaz, Muhammad & Feridun, Mete, 2012. "Electricity consumption and economic growth empirical evidence from Pakistan," Greenwich Papers in Political Economy 8517, University of Greenwich, Greenwich Political Economy Research Centre.
- Shahzad, Syed Jawad Hussain & Kumar, Ronald Ravinesh & Zakaria, Muhammad & Hurr, Maryam, 2017. "Carbon emission, energy consumption, trade openness and financial development in Pakistan: A revisit," Renewable and Sustainable Energy Reviews, Elsevier, vol. 70(C), pages 185-192.
- Dosse Toulaboe, 2017. "Real exchange rate misalignment of Asian currencies," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 31(1), pages 39-52, May.
- Senay, Acikgöz & Mert, Merter, 2015. "The endogeneity of the natural rate of growth: An alternative approach," Economics Discussion Papers 2015-2, Kiel Institute for the World Economy (IfW Kiel).
- Ewodo-Amougou, Marcel Rodrigue & Sapnken, Flavian Emmanuel & Mfetoum, Inoussah Moungnutou & Tamba, Jean Gaston, 2023. "Analysis of the relationship between oil rent and crude oil production in Cameroon: Evidence from ARDL and NARDL models," Resources Policy, Elsevier, vol. 85(PB).
- Shahiduzzaman, Md. & Alam, Khorshed, 2014. "The long-run impact of Information and Communication Technology on economic output: The case of Australia," Telecommunications Policy, Elsevier, vol. 38(7), pages 623-633.
- Ali, Amjad & Ur Rehman, Hafeez, 2015.
"Macroeconomic Instability and Its Impact on Gross Domestic Product: An Empirical Analysis of Pakistan,"
MPRA Paper
71037, University Library of Munich, Germany.
- Ali, Amjad & Ur Rehman, Hafeez, 2015. "Macroeconomic Instability and Its Impact on Gross Domestic Product: An Empirical Analysis of Pakistan," MPRA Paper 82496, University Library of Munich, Germany, revised 2015.
- Sanjay Sehgal & Ritesh Kumar Mishra & Ajay Jaisawal, 2021. "A search for macroeconomic determinants of corporate financial distress," Indian Economic Review, Springer, vol. 56(2), pages 435-461, December.
- Mariana Hatmanu & Cristina Cautisanu & Mihaela Ifrim, 2020. "The Impact of Interest Rate, Exchange Rate and European Business Climate on Economic Growth in Romania: An ARDL Approach with Structural Breaks," Sustainability, MDPI, vol. 12(7), pages 1-23, April.
- Ali, Adnan & Ramakrishnan, Suresh & Faisal,, 2022. "Financial development and natural resources. Is there a stock market resource curse?," Resources Policy, Elsevier, vol. 75(C).
More about this item
Keywords
real exchange rate; exchange rate misalignment; overvaluation; undervaluation; capital flight;All these keywords.
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jjrfmx:v:12:y:2019:i:2:p:101-:d:240586. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.