期刊名称：Journal of Economics and Sustainable Development
印刷版ISSN：2222-2855
电子版ISSN：2222-2855
出版年度：2013
卷号：4
期号：16
页码：46-53
语种：English
出版社：The International Institute for Science, Technology and Education (IISTE)
摘要：In this paper, a test for convergence in real exchange rates among the West African countries is conducted using their exchange rate gaps and the normalized exchange rate gaps. The benchmark values are the long-run values of each of the real exchange rates estimated by the method of the pooled mean group estimator. These values are used to obtain the exchange rate gaps and normalized gaps. A test is then conducted for convergence among these real exchange rates gaps and normalized gaps. The result shows that these real exchange rates converge conditionally to a common speed of convergence, an indication that they react the same way to idiosyncratic shocks.
关键词：Panel cointegration; Idiosyncratic shocks; Fixed effects; Random effects; Individual effects; and Cluster effects.
