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Author/Editor:
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Fanizza, Domenico ; Laframboise, Nicole ; Martin, E. ; Sab, Randa ; Karpowicz, Izabela
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Publication Date:
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November 01, 2002
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Electronic Access:
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Free Full text
(PDF file size is 993KB).
Use the free
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
Over the past decade or so, Tunisia has experienced a strong economic performance while pursuing a constant real exchange rate rule (CRERR). The limitations of this rule are now beginning to emerge in the context of a more open economy, regional integration, a more market-based monetary policy, and the desire to relax capital controls. This paper explores how Tunisia avoided the pitfalls of real exchange rate targeting as predicted by the theoretical models. By estimating the equilibrium real exchange rate based on fundamental variables and assessing different measures of competitiveness, the paper finds no evidence of a misalignment in the current level of the exchange rate.
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Series:
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Working Paper No. 02/190
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Subject(s):
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Real effective exchange rates | Tunisia | Flexible exchange rates | Exchange rate regimes
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Author's Keyword(s):
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Real exchange rate target |
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English
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Publication Date:
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November 01, 2002
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ISBN/ISSN:
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1934-7073
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Format:
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Paper
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Stock No:
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WPIEA1902002
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Pages:
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27
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Price:
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US$15.00 )
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Please address any questions about this title to
publications@imf.org
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