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Commodity Prices and Exchange Rate Volatility
Mr.Rabah ArezkiMs.Elena DumitrescuMr.Andreas FreytagMr.Marc Quintyn
其他書名
Lessons from South Africa’s Capital Account Liberalization
出版International Monetary Fund, 2012-06-01
主題Business & Economics / Economics / MacroeconomicsBusiness & Economics / Foreign ExchangeBusiness & Economics / Exports & Imports
ISBN14755051679781475505160
URLhttp://books.google.com.hk/books?id=OFUZEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋We examine the relationship between South African Rand and gold price volatility using monthly data for the period 1980-2010. Our main findings is that prior to capital account liberalization the causality runs from South African Rand to gold price volatility but the causality runs the other way around for the post-liberalization period. These findings suggest that gold price volatility plays a key role in explaining both the excessive exchange rate volatility and current disproportionate share of speculative (short-run) inflows that South Africa has been coping with since the opening up of its capital account.