ARTÍCULO
TITULO

Exchange Regime Choice with Multinomial Panel Data: Case of the North Africa Countries

Esmak Hassan    
Firano Zakaria    

Resumen

The objective of this paper is to identify the determinants of exchange regime choice for North Africa Region. The target is to provide an empirical framework suitable for describe and determine the factors having a significant influence on the development of the choice of the regime of exchange. The empirical approach is based on a model of multinomial probit with panel data. The choice of this new approach is justified by the need for collecting the dynamics of the choice of exchange regime, without having recourse to an orthodoxy design (binomial), and by collecting individual heterogeneity between the various countries of the panel. The results obtained affirm that the financial development, the economic growth and monetary creation constitute the principal determinants of exchange regime. Other variables are also significant; it acts in particular of the level of the foreign debt, the inflation and the rate of opening. As, the results affirm as the fixed regimes of the countries of the panel are largely explained by the dependence to external flows and of the importance of monetary reserves in the design of exchange and monetary policies. Being dependent on the exogenous creation of the currency, the worldwide choose a fixed regime of exchange by drawing more and more interventionism on the level of the exchange market. Keywords: Exchange rate regime; multinomial panel data; economics growth. JEL Classifications: E42; F41

 Artículos similares

       
 
Lilian Tomu,Knowledge Mutodi,Tinashe Chuchu,Eugine Tafadzwa Maziriri     Pág. 55 - 63
This paper investigates the impact of dollarization policy on Zimbabwe exports over a period of 20 years. The study used panel data for 50 Zimbabwe potential historical trading partners. Random Effects Model (REM) was applied to estimate the gravity mode... ver más

 
Nicolas Moumni,Salma Dasser     Pág. 132 - 140
The purpose of this study is to identify the Moroccan dirham misalignment phases over the period 1998T1-2017T4, related to an estimated equilibrium exchange rate, using an ad hoc Behavioral Equilibrium Exchange Rate (BBER) econometric model. The overvalu... ver más

 
Jorge Isaac Lechuga-Cardozo,Oswaldo Leyva-Cordero,Aleida Núñez-García     Pág. 99 - 106
The objective of this article is to show the internationalization strategies of the artisan industry in Galapa (Colombia). Through a quantitative-descriptive, non-experimental, cross-sectional field study, a questionnaire was applied in a number handicra... ver más

 
Emilio Sacerdoti     Pág. 33 - 55
L?articolo esamina alcuni costi e benefici delle unioni monetarie fra i paesi dell?Africa francofona e la questione del regime di cambio del franco CFA. Un aspetto positivo delle unioni monetarie, non sempre messo in evidenza, è che tali unioni proteggon... ver más
Revista: Moneta e Credito

 
Marco Mele     Pág. 1 - 7
This paper will prove, through a financial and econometric model, a different estimation approach on the Chinese? basket peg. In particular, this study proposes a new system for calculating the numeraire in exchange rates of the major... ver más