Much Ado about the Egyptian Pound: Exchange Rate Misalignment and the Path Towards Equilibrium

References

Anderson, T. W., and D. A. Darling. 1952. “Asymptotic theory of certain goodness-of-fit criteria based on stochastic processes.” Annals of Mathematical Statistics 23: 193–212.10.1214/aoms/1177729437Suche in Google Scholar

Baffes, J., I. A. Elbadawi, and S. A. O'Connell. 1999. “Single equation estimation of the equilibrium real exchange rate.” In Exchange Rate Misalignment: Concepts and Measurement for Developing Countries, edited by L.E. Hinkle and P.J. Montiel, Oxford: Oxford University Press.10.1596/1813-9450-1800Suche in Google Scholar

Balassa, B. 1964. “The purchasing power parity doctrine: A reappraisal.” Journal of Political Economy 72: 584–596.10.1086/258965Suche in Google Scholar

Benigno, G., and C. Thoenissen. 2003. “Equilibrium exchange rates and capital and supply side performance.” Economic Journal 113: 103–124.10.1111/1468-0297.00113Suche in Google Scholar

Brixiova, Z., B. Égert, and T. H. A. Essid. 2014. “The real exchange rate and external competitiveness in Egypt, Morocco and Tunisia.” Review of Middle East Economics and Finance 10: 1–27.10.1515/rmeef-2013-0014Suche in Google Scholar

Clark, P. B., and R. MacDonald. (1998). Exchange rates and economic fundamentals: A methodological comparison of BEERs and FEERs. IMF Working Paper 98/67.10.1007/978-94-011-4411-7_10Suche in Google Scholar

Cottani, J. A., D. F. Cavallo, and M. S. Khan. 1990. “Real exchange rate behavior and economic performance in LDCs.” Economic Development and Cultural Change 39: 61–76.10.1086/451853Suche in Google Scholar

Coudert, V., and C. Couharde. 2009. “Currency misalignments and exchange rate regimes in emerging and developing countries.” Review of International Economics 17: 121–136.10.1111/j.1467-9396.2008.00782.xSuche in Google Scholar

Dollar, D. 1992. “Outward-oriented developing economies really do grow more rapidly: Evidence from 95 LDCs, 1976–1985.” Economic Development and Cultural Change 40: 523–544.10.1086/451959Suche in Google Scholar

Dornbusch, R. 1976. “Expectations and exchange rate dynamics.” Journal of Political Economy 84: 1161–1176.10.1086/260506Suche in Google Scholar

Drine, I., and C. Rault. (2003). On the long-run determinants of real exchange rates for developing countries: Evidence from Africa, Latin America and Asia. William Davidson Institute working paper No. 571, University of Michigan Business School.10.2139/ssrn.411620Suche in Google Scholar

Easterly, W., N. Loayza, and P. Montiel. 1997. “Has Latin America's post-reform growth been disappointing?.” Journal of International Economics 43: 287–311.10.1016/S0022-1996(97)00004-4Suche in Google Scholar

Edwards, S. 1989a. “Exchange rate misalignment in developing countries.” The World Bank Research Observer 4: 3–21.10.1093/wbro/4.1.3Suche in Google Scholar

Edwards, S. 1989b. Real Exchange Rates, Devaluation and Adjustment. Cambridge, MA: MIT Press.Suche in Google Scholar

Edwards, S. 1994. “Real and Monetary Determinants of Real Exchange Behavior: Theory and Evidence from Developing Countries.” In Estimating Equilibrium Exchange Rates, Ed. J. Williamson, Washington, DC: Institute for International Economics.Suche in Google Scholar

Edwards, S., and M. Savastano. 2000. “Exchange rates in emerging economies: What do we know? What do we need to know?.” In Economic Policy Reform: The Second Stage, Ed. A. Krueger, Chicago: University of Chicago Press.10.3386/w7228Suche in Google Scholar

Égert, B., L. Halpern, and R. MacDonald. 2006a. “Equilibrium exchange rates in transition economies: Taking stock of the issues.” Journal of Economic Surveys 20: 257–324.10.1111/j.0950-0804.2006.00281.xSuche in Google Scholar

Égert, B., K. Lommatzsch, and A. Lahrèche-Révil. 2006b. “Real exchange rates in small open OECD and transition economies: Comparing apples with oranges?.” Journal of Banking and Finance 30: 3393–3406.10.1016/j.jbankfin.2006.06.005Suche in Google Scholar

Elbadawi, I. 1994. “Estimating long-run equilibrium real exchange rates.” In Estimating Equilibrium Exchange Rates, Ed. J. Williamson, Washington, DC: Institute for International Economics.Suche in Google Scholar

Engle, R. F., and C. W. J. Granger. 1987. “Co-integration and error correction: Representation, estimation, and testing.” Econometrica 55: 251–276.10.2307/1913236Suche in Google Scholar

Fischer, S. 1993. “The role of macroeconomic factors in growth.” Journal of Monetary Economics 32: 485–511.10.1016/0304-3932(93)90027-DSuche in Google Scholar

Frankel, J. A., and A. K. Rose. 1996. “Currency crashes in emerging markets: An empirical treatment.” Journal of International Economics 41: 351–366.10.1016/S0022-1996(96)01441-9Suche in Google Scholar

Froot, K. A., and K. Rogoff. 1995. “Perspectives on PPP and long-run real exchange rates.” In Handbook of International Economics, Eds. G.M. Grossman and K. Rogoff, Vol. 3. Amsterdam: Elsevier Science Publishers.10.3386/w4952Suche in Google Scholar

Ghura, D., and T. J. Grennes. 1993. “The real exchange rate and macroeconomic performance in sub-Saharan Africa.” Journal of Development Economics 42: 155–174.10.1016/0304-3878(93)90077-ZSuche in Google Scholar

Hau, H. 2002. “Real exchange rate volatility and economic openness: Theory and evidence.” Journal of Money, Credit, and Banking 34: 611–629.10.1353/mcb.2002.0002Suche in Google Scholar

Hinkle, L. E., and P. J. Montiel. 1999. Exchange Rate Misalignment: Concepts and Measurement for Developing Countries. Oxford: Oxford University Press.Suche in Google Scholar

Holtemöller, O., and S. Mallick. 2013. “Exchange rate regime, real misalignment and currency crises.” Economic Modelling 34: 5–14.10.1016/j.econmod.2012.09.017Suche in Google Scholar

Hosni, R. 2015. “An assessment of the real exchange rate misalignments in Egypt: An application of the behavioral equilibrium approach.” Global Journal of Human-Social Science 15: 37–51.Suche in Google Scholar

Hosni, R., and D. Rofael. 2015. “Real exchange rate assessment in Egypt: Equilibrium and misalignments.” Journal of Economics and International Finance 7: 80–97.10.5897/JEIF2014.0631Suche in Google Scholar

International Monetary Fund (2006). Methodology for Consultative Group on Exchange Rate (CGER) Assessments. IMF Research Department Report, Washington, DC.Suche in Google Scholar

Johansen, S. 1988. “Statistical analysis of cointegration vectors.” Journal of Economic Dynamics and Control 12: 231–254.10.1016/0165-1889(88)90041-3Suche in Google Scholar

Johansen, S. 1991. “Estimation and hypothesis testing of cointegration vectors in Gaussian vector autoregressive models.” Econometrica 59: 1551–1580.10.2307/2938278Suche in Google Scholar

Kaminsky, G., and C. M. Reinhart. 1999. “The twin crises: The causes of banking and balance of payments problems.” American Economic Review 89: 473–500.10.1257/aer.89.3.473Suche in Google Scholar

Krugman, P. R. 1979. “A model of balance-of-payments crises.” Journal of Money, Credit, and Banking 11: 311–325.10.2307/1991793Suche in Google Scholar

Lane, P. R., and G. M. Milesi-Ferretti. 2004. “The transfer problem revisited: Net foreign assets and real exchange rates.” Review of Economics and Statistics 86: 841–857.10.1162/0034653043125185Suche in Google Scholar

Lee, J., and M. K. Tang. (2003). Does productivity growth lead to appreciation of the real exchange rate?. International Monetary Fund Working Paper 03/154.10.5089/9781451857252.001Suche in Google Scholar

MacDonald, R., and L. Ricci. (2001). PPP and the Balassa–Samuelson effect: The role of the distribution sector. International Monetary Fund Working Paper 01/38.Suche in Google Scholar

MacDonald, R., and L. Ricci (2002). Purchasing power parity and new trade theory. International Monetary Fund Working Paper 02/32.10.2139/ssrn.879396Suche in Google Scholar

Masson, P. R., M. A. Savastano, and S. Sharma. (1997). The scope for inflation targeting in developing countries. International Monetary Fund Working Paper 97/130.10.1142/9789811201721_0010Suche in Google Scholar

Mishkin, F. S. (2004). Can inflation targeting work in emerging market countries? NBER Working Paper No. 10646.10.3386/w10646Suche in Google Scholar

Mohieldin, M., and A. Kouchouk. (2003). On exchange rate policy: The case of Egypt 1970–2001. Economic Research Forum Working Paper No. 0312.Suche in Google Scholar

Mongardini, J. (1998). Estimating Egypt's equilibrium real exchange rate. International Monetary Fund Working Paper 98/5.10.5089/9781451842159.001Suche in Google Scholar

Nurkse, R. 1945. Conditions on international monetary equilibrium. Essays in International Finance 4 (Spring). Princeton, NJ: Princeton University Press.Suche in Google Scholar

Obstfeld, M., and K. Rogoff. 1995a. “Exchange rate dynamics redux.” Journal of Political Economy 103: 624–660.10.1086/261997Suche in Google Scholar

Obstfeld, M., and K. Rogoff. 1995b. “The mirage of fixed exchange rates.” Journal of Economic Perspectives 9: 73–96.10.1257/jep.9.4.73Suche in Google Scholar

Ostry, J. D. 1994. “Government purchases and relative prices in a two-country world.” Economic Record 70: 149–161.10.1111/j.1475-4932.1994.tb01834.xSuche in Google Scholar

Pesaran, M. H., and A. Timmermann. 2007. “Selection of estimation window in the presence of breaks.” Journal of Econometrics 137: 134–161.10.1016/j.jeconom.2006.03.010Suche in Google Scholar

Razin, O., and S. M. Collins. 1999. “Real exchange rate misalignments and growth.” In The Economics of Globalization: Policy Perspectives from Public Economics, Eds. A. Razin and E. Sadka, Cambridge: Cambridge University Press.10.1017/CBO9780511619946Suche in Google Scholar

Rodrik, D. 2008. “The real exchange rate and economic growth.” Brookings Papers on Economic Activity 2: 365–412.10.1353/eca.0.0020Suche in Google Scholar

Sachs, J., and A. Warner. 1995. “Economic reform and the process of global integration.” Brooking Papers on Economic Activity 1: 1–95.10.2307/2534573Suche in Google Scholar

Samuelson, R. 1964. “Theoretical notes on trade problems.” Review of Economics and Statistics 46: 145–154.10.2307/1928178Suche in Google Scholar

Tian, J., and H. M. Anderson. 2014. “Forecasting under structural break uncertainty.” International Journal of Forecasting 30: 161–175.10.1016/j.ijforecast.2013.06.003Suche in Google Scholar

Williamson, J. 1985. The exchange rate system. Policy Analyses in International Economics. Vol. 5. Washington, DC: Institute for International Economics.Suche in Google Scholar

Williamson, J., Ed. 1994. Estimating Equilibrium Exchange Rates. Washington, DC: Institute for International Economics.Suche in Google Scholar