MacDonald, Ronald; Ricci, Luca Antonio - International Monetary Fund (IMF) - 2003
Based on the Johansen cointegration estimation methodology, much of the long-run behavior of the real effective … exchange rate of South Africa can be explained by real interest rate differentials, GDP per capita (both relative to trading … partners), real commodity prices, trade openness, the fiscal balance, and the extent of net foreign assets. On the basis of …