000			02381cam a22003137 4500
001			w13050
003			NBER
005			20211020112049.0
006			m o d
007			cr cnu||||||||
008			210910s2007 mau fo 000 0 eng d
100	1		_aFrankel, Jeffrey. _910691
245	1	0	_aOn the Rand: _bDeterminants of the South African Exchange Rate / _cJeffrey Frankel.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2007.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w13050
500			_aApril 2007.
520	3		_aThis paper is an econometric investigation of the determinants of the real value of the South African rand over the period 1984-2006. The results show a relatively good fit. As so often with exchange rate equations, there is substantial weight on the lagged exchange rate, which can be attributed to a momentum component. Nevertheless, economic fundamentals are significant and important. This is especially true of an index of the real prices of South African mineral commodities, which even drives out real income as a significant determinant of the rand's value. An implication is that the 2003-2006 real appreciation can be attributed to the Dutch Disease. In other respects, the rand behaves like currencies of industrialized countries with well-developed financial markets. In particular, high South African interest rates raise international demand for the rand and lead to real appreciation, controlling for a forward-looking measure of expected inflation and a measure of default risk or country risk. It is in the latter respects, in particular, that the paper hopes to have improved on earlier studies of the rand.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aF31 - Foreign Exchange _2Journal of Economic Literature class.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w13050.
856	4	0	_uhttps://www.nber.org/papers/w13050
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w13050
942			_2ddc _cW-PAPER
999			_c335080 _d293642