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首页> 外文期刊>International journal of monetary economics and finance >Real exchange rate misalignment and economic growth: empirical evidence from Sudan
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Real exchange rate misalignment and economic growth: empirical evidence from Sudan

机译：实际汇率失调与经济增长：苏丹的经验证据

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摘要

The real exchange rate plays a central role in sustaining macroeconomic stability. Real exchange rate misalignment is crucial to policy makers, as it determines the degree of policy intervention needed to correct deviation and achieve stability. In this paper, we use econometric techniques to compute the level of exchange rate misalignment and identify its determinants in Sudan, a country that suffers enormously from currency crisis. We probe further to assess the impact of real exchange rate misalignment on economic growth. Our vector error correction model results show that long-run movements in the real exchange rate can be explained by net foreign assets, productivity differentials, terms of trade shocks, and government expenditure. The Sudanese pound, with the exception of a few years, has been highly overvalued for the period 1980- 2011, and the growth rate has been affected negatively and significantly by the real exchange rate misalignment.
机译：实际汇率在维持宏观经济稳定方面发挥着核心作用。实际汇率失调对政策制定者至关重要，因为它决定了纠正偏差和实现稳定所需的政策干预程度。在本文中，我们使用计量经济学技术计算汇率错位的水平，并确定其在遭受货币危机之苦的苏丹的决定因素。我们将进一步探讨以评估实际汇率失调对经济增长的影响。我们的矢量误差校正模型结果表明，实际汇率的长期波动可以用净外国资产，生产率差异，贸易冲击条件和政府支出来解释。除几年外，苏丹镑在1980年至2011年期间被高估了，实际汇率失调严重影响了增长率。

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