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Comparing exchange market pressure in West and Southern African countries

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  • Jose Mario Lopes
  • Fabio Santos

Abstract

We compare the performance of Cape Verde and Mozambique concerning financial credibility as measured by Exchange Market Pressure, an institutional feature that has often been overlooked in the literature as a relevant institution for economies. Drawing on previous research by Macedo et al. (2009), we expand their analysis and, using several definitions of “financial credibility”, all related to different angles on Exchange Market Pressure indices, we conclude that - against reasonable benchmarks in their respective regions - financial credibility has been very good for Cape Verde and fairly good for Mozambique.

Suggested Citation

  • Jose Mario Lopes & Fabio Santos, 2010. "Comparing exchange market pressure in West and Southern African countries," Nova SBE Working Paper Series wp549, Universidade Nova de Lisboa, Nova School of Business and Economics.
    • Handle: RePEc:unl:unlfep:wp549
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    File URL: https://run.unl.pt/bitstream/10362/11249/1/Wp549.pdf
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    Citations

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    Cited by:

    1. Jorge Braga de Macedo & Luís Brites Pereira, 2014. "Cape Verde and Mozambique as Development Successes in West and Southern Africa," NBER Chapters, in: African Successes, Volume IV: Sustainable Growth, pages 203-293, National Bureau of Economic Research, Inc.
    2. Francesco Franco & Julio Antonio Rocha Delgado & Suzana Camacho Monteiro & Pedro Castro e Silva, 2015. "Exchange rate pressure in Angola," FEUNL Working Paper Series novaf:wp1502, Universidade Nova de Lisboa, Faculdade de Economia.

    More about this item

    Keywords

    Exchange rate regime; exchange market pressure; EGARCH;
    All these keywords.

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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