Arize, Augustine C.; Malindretos, John; Nam, Kiseok - In: International Review of Economics & Finance 19 (2010) 4, pp. 755-768
The purpose of this paper is to test the validity of the purchasing power parity (PPP) in Africa in the context of a multivariate error-correction model. This approach allows for the consideration of long-run elasticities as well as the dynamics of the short-run adjustment of exchange rates to...