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dc.contributor.authorAdu, R.*
dc.contributor.authorLitsios, Ioannis*
dc.contributor.authorBaimbridge, Mark J.*
dc.date.accessioned2019-01-16T16:59:15Z
dc.date.available2019-01-16T16:59:15Z
dc.date.issued2019-03
dc.identifier.citationAdu R, Litsios I and Baimbridge M (2019) Real exchange rate and asymmetric shocks in the West African Monetary Zone (WAMZ). Journal of International Financial Markets, Institutions and Money. 59: 232-249.en_US
dc.identifier.urihttp://hdl.handle.net/10454/16752
dc.descriptionYesen_US
dc.description.abstractThis paper examines real effective exchange rate (REER) responses to shocks in exchange rate determinants for the West African Monetary Zone (WAMZ) over the period 1980–2015. The analysis is based on a country-by-country VECM, and oil price, supply and demand shocks are identified using long run restrictions in a structural VAR model. We report significant differences in the response of REER to real oil price, productivity (supply) and demand preference shocks across these economies. In addition the relative contribution of these shocks to REER movements in the short and long run appears to be different across economies. Our findings suggest that the WAMZ countries are structurally different, and asymmetric shocks with inadequate adjustment mechanisms imply that a monetary union would be costly.en_US
dc.language.isoenen_US
dc.relation.isreferencedbyhttps://doi.org/10.1016/j.intfin.2018.12.005en_US
dc.rights© 2018 Elsevier B.V. All rights reserved. Reproduced in accordance with the publisher's self-archiving policy. This manuscript version is made available under the CC-BY-NC-ND 4.0 license.en_US
dc.subjectReal effective exchange rateen_US
dc.subjectAsymmetric macroeconomic shocksen_US
dc.subjectWest African Monetary Zoneen_US
dc.subjectCurrency unionen_US
dc.titleReal exchange rate and asymmetric shocks in the West African Monetary Zone (WAMZ)en_US
dc.status.refereedYesen_US
dc.date.Accepted2018-12-18
dc.date.application2018-12-20
dc.typeArticleen_US
dc.date.EndofEmbargo2019-12-21
dc.type.versionAccepted Manuscripten_US
dc.description.publicnotesThe full-text of this article will be released for public view at the end of the publisher embargo on 21 Dec 2019.en_US
refterms.dateFOA2019-01-16T16:59:15Z


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