文章基本信息

标题：The effects of exchange rate on the trade balance in Ghana: Evidence from co-integration analysis
本地全文：下载
作者：Keshab R. Bhattarai ; Mark Armah
期刊名称：African Journal of Business Management
印刷版ISSN：1993-8233
出版年度：2013
卷号：7
期号：14
页码：1126-1143
DOI：10.5897/AJBM12.801
语种：English
出版社：Academic Journals
摘要：This paper examines the effects of exchange rates on the trade balance of Ghana. First, by deriving the real exchange rate as a function of preferences and technology of two trading economies and then by applying small price taking economy assumption to the Ghanaian economy, using annual time series data from 1970-2000 we estimate the trade balance as a function of the real exchange rate, domestic and foreign incomes. Co-integration analyses of both single equation models and VAR-Error correction models confirm a stable long run relationship between both exports and imports and the real exchange rate. The short-run elasticities of imports and exports indicate contractionary effects of devaluation, in terms of the Marshall-Lerner-Robinson conditions, though these elasticities add up to almost 1 in the long run estimates. The overall conclusion drawn from the study is that, for improved balance of trade in Ghana, coordination between the exchange rate and demand management policies should be strengthened and be based on the long run fundamentals of the economy.
关键词：Exchange rate; trade policy; Ghana; co-integration