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Commodity prices and exchange rate volatility : lessons from South Africa's capital account liberalization /
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 aro...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
©2012.
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| Colección: | IMF working paper ;
WP/12/168. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | 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. |
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| Notas: | Title from PDF title page (IMF Web site, viewed June 29, 2012). "Institute for Capacity Development." "June 2012." |
| Descripción Física: | 1 online resource (19 pages) |
| Bibliografía: | Includes bibliographical references. |
| ISBN: | 9781475511024 1475511027 9781475563504 1475563507 1475505167 9781475505160 1475559569 9781475559569 |