论实际汇率对经济增长的不对称影响:来自非洲的证据

IF 0.7 Q3 ECONOMICS
James Temitope Dada
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引用次数: 0

摘要

目的-本研究调查了2005年至2019年期间20个非洲国家实际汇率对经济增长的不对称影响。设计/方法/途径-采用Granger和Yoon(2002)的改进方法将实际汇率分解为升值和贬值。为了解决内生性和截面依赖性问题,采用了两步系统广义矩法、Driscoll-Kraay估计量和增广均值组。研究结果-本研究确定了该地区实际汇率不对称的存在。进一步研究发现,实际汇率升值抑制了该地区的经济增长,而实际汇率贬值有利于经济增长。结果对不同的估计技术具有鲁棒性。实际意义-本研究的结果支持汇率对宏观经济变量的传统观点。因此,本研究的结果可以帮助该地区的投资者和政策制定者更好地了解汇率的动态及其对经济增长的影响。原创性/价值-本研究丰富了关于汇率与增长关系的文献,特别是在非洲,使用了一种精炼的方法将汇率分解为升值和贬值。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
On the asymmetric effect of real exchange rate on growth: Evidence from Africa
Purpose ― This study investigates the asymmetric effect of real exchange rates on the economic growth of twenty African countries for the period 2005 to 2019.Design/Method/Approach ― A refined method of Granger and Yoon (2002) was used to decompose real exchange into appreciation and depreciation. To address the problem of endogeneity and cross-sectional dependence, a two-steps system generalized method of moments, Driscoll-Kraay estimator, and Augmented Mean group were used.Findings ― This study established the presence of asymmetries in the real exchange rate in the region. Further, the study found that real exchange rate appreciation inhibits economic growth while real exchange rate depreciation is beneficial to growth in the region. The results are robust to different estimation techniques.Practical Implications ― The outcome of this study supports the traditional view of exchange rates on macroeconomic variables. Hence, findings from this study can help investors and policymakers in the region to better understand the dynamics of the exchange rate and its effect on economic growth.Originality/Value ― This study enriches the literature on the relationship between exchange rate and growth, especially in Africa using a refined approach to decompose exchange rate into appreciation and depreciation.
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自引率
20.00%
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21
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12 weeks
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