The Real Exchange Rate Misalignment: Application of Behavioral Equilibrium Exchange Rate BEER to Morocco1980Q1–2012Q4

Lebdaoui, Hind

doi:10.5539/ijef.v5n10p36

Cited by 9 publications

(12 citation statements)

References 29 publications

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“…14 Same sign is obtained by Lebdaoui (2013) and by Rault et al (2009). 15 Same sign is obtained by Lebdaoui (2013). 16 The same sign is obtained by Lebdaoui (2013) and Bouoiyour et al (2004), while the sign found by Fadlallah ( 2016) is positive.…”

Section: Long and Short Term Relationship Equilibrium And Misalignment Ratementioning

confidence: 70%

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Moroccan Dirham Flexibilization and Equilibrium Exchange Rate: A Quest for Grail?

Moumni¹,

Dasser

2020

IJEFI

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The purpose of this study is to identify the Moroccan dirham misalignment phases over the period 1998T1-2017T4, related to an estimated equilibrium exchange rate, using an ad hoc behavioral equilibrium exchange rate econometric model. The overvaluation that may result from misalignments is one of the major arguments in the adoption of the flexibility regime by the Moroccan monetary authorities since 2018. We examine the relevance and the validity of the choice of this new regime in the case of Morocco. The observation of the misalignment graph leads us to the following findings:(1) The highest overvaluation is found in the early 2000s, reaching 35% by 2009 and then decreasing until 2012T2; (2) the largest undervaluation of about 15% is observed around 2014; then from the end of 2015, the misalignments did not exceed ± 15%.

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Section: Long and Short Term Relationship Equilibrium And Misalignment Ratementioning

confidence: 70%

“…is the speed of adjustment, ρ=0.05 is the magnitude of the shock, t is the number of years to calculate. 14 Same sign is obtained by Lebdaoui (2013) and by Rault et al (2009). 15 Same sign is obtained by Lebdaoui (2013).…”

Section: Long and Short Term Relationship Equilibrium And Misalignment Ratementioning

confidence: 93%

Moroccan Dirham Flexibilization and Equilibrium Exchange Rate: A Quest for Grail?

Moumni¹,

Dasser

2020

IJEFI

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“…Depreciation of about 10 percent in real effective exchange rate is needed to bring the RER of the Egyptian pound to its equilibrium value. Lebdaoui (2013) BEER and HP filter Minor misalignment (less than 3%) of Moroccan dinar in various periods.…”

Section: Comparison Of Results With the Empirical Literaturementioning

confidence: 99%

“…The assumption behind this approach, utilized in Csajbok (2003), Frait et al (2006), Lebdaoui (2013) and others, is that over the longer term, the real exchange rate is on average in equilibrium.…”

Section: Annex III Real Exchange Rate Misalignment -Robustness Checkmentioning

confidence: 99%

The Real Exchange Rate and External Competitiveness in Egypt, Morocco and Tunisia

2014

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. www.econstor.eu Egypt, Morocco and Tunisia face challenges competing on the global markets, as shown by their relatively low and stagnant export shares. The limited export competitiveness has hampered external demand, growth and employment. Applying, for the first time to North Africa, the stock-flow approach to the real equilibrium exchange rate, this paper evaluates the countries' real exchange rate misalignments during the past three decades. While Egypt experienced periods of substantial misalignment, including in recent years, the exchange rates in Morocco and Tunisia have broadly reflected the underlying fundamentals. In all three countries structural factors are key to boosting exports, alongside of avoiding sizeable future misalignments. Intra-regional trade -both with North Africa and the rest of the continenttogether with greater orientation to fast growing emerging markets could also raise countries' external competitiveness. Terms of use: Documents in D I S C U S S I O N P A P E R S E R I E SJEL Classification: F3, F41, F63, C5, O1

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“…The research model used in this study is to use the reference Lebdaoui (2013) entitled "The Real Exchange Rate Misalignment: Application of Behavioral Equilibrium Exchange Rate BEER to Morocco". Although using referrals, the independent variables in this study are different from the researchers' reference research.…”

Section: H5: There Is a Association Between Opn And Reermentioning

confidence: 99%

Determinant of Rupiah Exchange Rate and Misalignment (2000-2018)

Tamery¹,

Wijaya²

2020

IJSSER

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This study aims to analyze the determinants of rupiah exchange rate and explain the amount of currency misalignment. The variables used in this study are real equilibrium exchange rate, terms of trade, net foreign assets, relative price of non-traded to traded goods, trade openness and real interest rate differential. This study uses the Behavioral Equilibrium Exchange Rate (BEER) approach to estimate the rupiah equilibrium value quarterly over the period 2000-2018. The method used in this study is Error Correction Model (ECM). The results of the study found that variables that are significant determinants of long-run equilibrium exchange rates are net foreign assets and terms of trade, while in the short term are terms of traded and relative price of nontraded to traded goods. Based on the estimation of currency misalignment, it was concluded that the rupiah tended to approach equilibrium exchange rates during the study period. In 2001Q2 was the highest undervalued period -13.51% , while the 2006Q1 period showed the highest overvalued 13%. The findings of this study indicate that the rupiah is still vulnerable to undervaluation shocks.

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The Real Exchange Rate Misalignment: Application of Behavioral Equilibrium Exchange Rate BEER to Morocco1980Q1–2012Q4

Cited by 9 publications

References 29 publications

Moroccan Dirham Flexibilization and Equilibrium Exchange Rate: A Quest for Grail?

Moroccan Dirham Flexibilization and Equilibrium Exchange Rate: A Quest for Grail?

The Real Exchange Rate and External Competitiveness in Egypt, Morocco and Tunisia

Determinant of Rupiah Exchange Rate and Misalignment (2000-2018)

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