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. -- external reserves ; exchange rate appreciation ; sub-Saharan Africa ; private and public investment ; macroeconomic … reserve currency depreciation, and forgone gains from investment and social expenditures that could be financed by these … reserve accumulation with a focus on the impact on the exchange rate, inflation, and public and private investment. While the …
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variable for SACU countries, namely, South Africa, Botswana, Lesotho, Namibia, and eSwatini. The study applies the … export-led growth hypothesis is valid in Namibia and South Africa, but not in eSwatini, Botswana, and Lesotho. Implications …
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