Real Exchange Rate Misalignment And Economic Growth An Empirical Analysis For Ethiopia
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Real Exchange Rate Misalignment And Economic Growth An Empirical Analysis For Ethiopia
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Author : Alemnew, Teklebirhan
language : en
Publisher: Intl Food Policy Res Inst
Release Date : 2025-02-24
Real Exchange Rate Misalignment And Economic Growth An Empirical Analysis For Ethiopia written by Alemnew, Teklebirhan and has been published by Intl Food Policy Res Inst this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-02-24 with Political Science categories.
In both developing and developed economies, academic and policy discussions have consistently emphasized that achieving stable economic growth and maintaining internal and external balance require an exchange rate aligned with its long-term equilibrium value. This paper examines the impact of real exchange rate misalignment on Ethiopia's economic growth from 1980 to 2022. The study begins by estimating the equilibrium real exchange rate using the Behavioral Equilibrium Exchange Rate (BEER) approach to calculate the misalignments. It then analyzes the effects of these misalignments on economic growth using Vector Autoregressive (VAR) and Hansen's (2000) threshold regression model. The VAR and Impulse Response Function (IRF) analyses reveal that real exchange rate misalignments have an immediate positive impact on economic growth, which diminishes between the eighth and sixteenth years and stabilizes as a permanent long-term effect. The threshold regression results indicate that undervaluation of the Ethiopian Birr enhances economic growth up to a 13.95% deviation from the equilibrium real exchange rate, while overvaluation supports growth up to a 7.15% threshold. Beyond these limits, misalignments hinder growth. The study underscores the importance of avoiding excessive deviations from the equilibrium exchange rate to sustain economic growth. Furthermore, it highlights the need for consistent macroeconomic policies to minimize the gap between the actual and equilibrium real exchange rates. These findings emphasize the critical role of exchange rate policy in promoting sustainable economic development in Ethiopia.
Exchange Rate Misalignment
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Author : Lawrence E. Hinkle
language : en
Publisher: World Bank Publications
Release Date : 1999
Exchange Rate Misalignment written by Lawrence E. Hinkle and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
Exchange Rate Misalignment examines the severe dislocations that can be caused by exchange rate misalignment and shows how there is no systematic guidance on the definitions and measurement of prevention. It explores how recent macroeconomic disruptions support the argument that growing financial integration has increased the need for providing accurate measures of long-run equilibrium exchange rates.
Proceedings Of The Fourth International Conference On The Ethiopian Economy
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Author : Getnet Alemu
language : en
Publisher:
Release Date : 2007
Proceedings Of The Fourth International Conference On The Ethiopian Economy written by Getnet Alemu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Ethiopia categories.
Beyond Reforms
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Author : Jose Antonio Ocampo
language : en
Publisher: World Bank Publications
Release Date : 2005-07-15
Beyond Reforms written by Jose Antonio Ocampo and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-07-15 with Business & Economics categories.
'Beyond Reforms' argues that economic growth in developing countries is intrinsically tied to the dynamics of production structures, to the specific policies and institutions created to support it, and the creation of linkages among domestic firms and sectors. Avoiding macroeconomic instability is also essential. However, macroeconomic stability is not a sufficient condition for growth. The broader institutional context and the adequate provision of education and infrastructure are essential 'framework conditions,' but generally do not play a direct role in bringing about changes in the momentum of economic growth.
Determinants Of Economic Growth In Africa
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Author : Almas Heshmati
language : en
Publisher: Springer
Release Date : 2018-05-16
Determinants Of Economic Growth In Africa written by Almas Heshmati and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-05-16 with Business & Economics categories.
This volume is a collection of selected empirical studies on determinants of economic growth in Africa. Grouped into three parts, chapters examine the influence of financial sources and economic growth; sources of productivity growth; and prices, exchange rates and trade relationships with growth in regions in Africa or the continent as a whole. This edited book is authored by African experts in the field who employ diverse up-to-date data and methods to provide robust empirical results based on representative firms, household surveys and secondary country level data covering individuals or multiple countries on the continent. It contains a wealth of empirical evidence, deep analyses and sound recommendations for policymakers and researchers for designing and implementing effective social and national policies and strategies to prevent and to reduce poverty and its negative effects on poor households and in poor regions. The volume will be a useful resource for policymakers and researchers involved in promoting economic growth and fighting poverty. It will also appeal to a broader audience interested in economic development, resource economics, policies, economic welfare and inclusive growth.
World Bank Adjustment Lending And Economic Performance In Sub Saharan Africa In The 1980s
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Author : Ibrahim Elbadawi
language : en
Publisher: World Bank Publications
Release Date : 1992
World Bank Adjustment Lending And Economic Performance In Sub Saharan Africa In The 1980s written by Ibrahim Elbadawi and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Loans, Foreign categories.
Adjustment programs cannot succeed in Sub-Saharan African countries unless governments play a greater, albeit redefined, role in adjustment: where there is more public investment in infrastructure, human capital, and agricultural technology in order to generate a supply response; policy reform is made credible to the private sector; program implementation improves; and there is better "governance" and more political stability
The Effect Of Exchange Rates On Economic Growth In Ethiopia
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Author : Muluken Nigussie Tessema
language : en
Publisher:
Release Date : 2020-04-08
The Effect Of Exchange Rates On Economic Growth In Ethiopia written by Muluken Nigussie Tessema and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-04-08 with categories.
Tanzania
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Author : Arne Bigsten
language : en
Publisher: Nordic Africa Institute
Release Date : 2001
Tanzania written by Arne Bigsten and has been published by Nordic Africa Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
What fate awaits Tanzania? Economic progress since 1995 provides some hope that the future is bright.
The Effect Of Government Expenditure On Private Investment In Ethiopia A Time Series Analysis
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Author : Frew Hailu
language : en
Publisher: diplom.de
Release Date : 2015-01-01
The Effect Of Government Expenditure On Private Investment In Ethiopia A Time Series Analysis written by Frew Hailu and has been published by diplom.de this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-01 with Political Science categories.
This study attempts to investigate the effect of government expenditure on private investment in Ethiopia over the period 1980-2012. The central question of this study is weather government expenditure has a positive or crowding in effect (complementary hypothesis) or a negative or crowding out effect (the substitutability hypothesis )on private investment in Ethiopia. To achieve its objective it adopted a modified flexible accelerator model to enlighten on the economic relationship between private investment and the other variables and used the modern technique of vector auto regressive model (VAR) and vector error correction model(VECM)as its methodology. The study also used the Johansen-Juselius (1990) cointegration analysis of a multivariate system of equation to estimate the long run relationship between government expenditure and private investment to determine the order of integration of the variable and Granger-Causality test was undertaken to determine causal relationship between the variables. In addition to this the study employs the Augmented Dicky-Fuller (ADF) unit root test and phillip perron test. The statistical tests reveal that all-time series data are non-stationary in their level and they become stationary after diffrencing.i.e.they are integrated of order one I(1).The johansen-juselius cointegration test shows that the series are cointegrated and then employs the vector error correction model moreover the study applies the impulse response function (IRF)and forecast error variance decomposition (FEVD) to investigate the effect of government investment shocks on private investment. And the empirical findings support the complementary hypothesis between government capital expenditure and private investment and that tends to crowd-in private investment in Ethiopia. And the empirical finding of recurrent part of government expenditure shows a mixed effect of complementary hypothesis and substitutability hypothesis which tends to crowd-in and crowd out effect .Thus government expenditure have a positive as well as negative effect on private investment and finally the study is used CHOW test in order to know whether structural break has an effect on private investment or not and the result depict that there is a structural break that have a positive effect on private investment of Ethiopia.
Uzbekistan Quality Job Creation As A Cornerstone For Sustainable Economic Growth
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Author : Kym Anderson
language : en
Publisher: Asian Development Bank
Release Date : 2020-06-01
Uzbekistan Quality Job Creation As A Cornerstone For Sustainable Economic Growth written by Kym Anderson and has been published by Asian Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-01 with Law categories.
Uzbekistan has achieved sustained growth through its gradual transition to a market-based economy through cautious economic policy reforms. Despite its gradual approach to development challenges, the country experienced the smallest output decline among former Soviet economies and enjoyed high rates of economic growth from 2004 to 2015, largely driven by the high prices of its major export commodities. However, the drop in the global prices of many key commodities in recent years have severely impacted Uzbekistan's economy. Under these circumstances, the new government introduced major reforms. The pace of reform is unprecedented. The government has formulated its long-term economic strategy in its Vision 2030, which aims to double the country's gross domestic product by 2030 through a program of economic diversification. This book analyzes how Uzbekistan can boost sustainable economic growth to create more and better jobs. It considers how the country can consolidate achievements from recent policy reforms and maintain reform efforts to accelerate sustainable growth. Policy recommendations cover fostering macroeconomic stability, increasing investment in physical infrastructure, enhancing human capital, improving firms' access to finance, and lowering barriers to international trade and foreign investment inflows.