Dynamique du taux de change parallèle et intégration des marchés de change du Nigéria et du Bénin
Keywords:
Taux de change, marchés des changes, secteur informel, commerce, Nigéria, BéninSynopsis
The breakdown of Bretton-Woods system makes many currencies floating according
to market conditions. In consequence, exchange rate risk appears as one of major of
uncertainty. As in many developing countries, in Benin there is a parallel exchange
market with free afflssion;;, One common thread in the emergen~e ott these parallel
markets has been the,Iinposition of foreign exchange controls. Paif~ exchange rate
dynamic study's shows some characteristics closed to financial series. With a vector
error correction model, we find there is a high integration between Benin and Nigeria
parallel exchaI\ge markets. Notwithstanding, impulse functions show that the
· parallel exchange r.;i.te fuhdamentals belong to nigerian economy.
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Published
November 15, 2006
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Copyright (c) 2006 CODESRIA Books Publication System
