The Real Exchange Rate and Economic Growth

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CHAPTER 3 REAL EXCHANGE RATE AND ECONOMIC GROWTH DYNAMICS IN SELECTED MIDDLE-INCOME SUB-SAHARAN AFRICAN COUNTRIES

Introduction

In this chapter, the dynamics of real exchange rate and economic growth in eight selected middle-income sub-Saharan African countries are discussed. These countries are: Botswana, Ghana, Lesotho, Mauritius, Namibia, Nigeria, South Africa and Zambia. As in Chapter 2, each of the sections except the last concentrates on each of the countries in the following manner. The main sections provide the historical perspective of the country under consideration. The three subsections under each main section discuss the exchange rate regimes and policies, the recent economic growth programmes and policies pursued by the countries, as well as the real exchange rate and the real GDP movements over the 1970-2010 period. The final section provides conclusions to the chapter.

Historical Perspective of Ghana

The Republic of Ghana, originally known as the Gold Coast, became an independent state in 1957. The country is located along the Atlantic Ocean and bordered by Togo, Burkina Faso, and Ivory Coast. Ghana has been rated as the 5th most stable; 17th best governed and 13th highest in human capital development on the African continent in 2010 (see Nesbitt, 2012). The economy of Ghana has also been rated as the 6th largest by purchasing power parity and nominal GDP on the African continent in 2012. In addition, the country ranks as one of the fastest growing economies in the world; the 10th highest per capita GDP in Africa, and the highest per capita GDP in West Africa in 2013 (see WDI, 2014). Ghana is very dominant in West African politics (Kacowicz, 1998). The country is a member of both the Economic Community of West African States (ECOWAS) and the Group of 24 (see Bureau of African Affairs, 2014).
Ghana is rich in natural resources such as gold, diamonds and bauxite. The economy of Ghana is best described as a mixed emerging one with real GDP growth of 8.7% in 2012 (Ghana Statistical Service, 2012). The economy is tied to the Yuan Renminbi with massive gold reserves. Monetary operations, including exchange rate management, in Ghana is under the influence of the Bank of Ghana – the central bank of Ghana. The Ghana Stock Exchange (GSE), the official stock exchange of the country, is reported to be the 5th largest on the African continent with a market capitalisation of GH¢57.2 billion, and also the second best performing stock exchange in SSA in 2013 (see African Business, 2011). The country remains the second largest producer of cocoa in the world. As of 2014, the country has been classified as a lower to middle-income country. Services account for 50% of GDP, manufacturing 24.1%, extractive industries 5%, and taxes 20.9% (African Business, 2011). The demographic and socioeconomic indicators in Ghana as at 2014 are shown in Table 3.1.

Exchange Rate Regimes and Recent Policies in Ghana

The exchange rate policies in Ghana after independence have largely been influenced by political regimes (see Bhattarai & Armah, 2005). From 1957 to 1982, Ghana pursued a fixed exchange regime, which was in line with the Bretton Woods system. Under the fixed exchange regime, the cedi was pegged against major convertible currencies such the US dollar and the British pound. The exchange rate was maintained by decrees and administrative controls, such as import licences, in order to contain excess demand for foreign currency.
The deteriorating economic performance under this regime, largely led by an overvalued cedi, excessive import of finished goods, and concurrent balance of payment crisis motivated the Bank of Ghana to undertake a series of devaluation exercises between 1983 and 1986. It must be emphasised that the series of devaluation exercises were conditions stated in the policy recommendations of the Economic Recovery Programme (ERP). The cedi was devalued from 2.75 cedis per US dollar in 1983 to 90 cedis per US dollar by the third quarter of 1986. Under the ERP, the exchange rate policy was featured by a scheme of bonuses on exchange receipts and surcharges on payment (see Bhattarai & Armah, 2005). In addition, a dual system was adopted initially under the ERP; specific payments and receipts were based on two exchange rates: 23.38 cedis per US dollar, and 30.00 cedis per US dollar. This dual system was unified to 30.00 cedis per US dollar in October 1983.
Between 1983 and 1984, a quarterly adjustment of exchange rate – a real exchange rate rule cost in the purchasing power parity (PPP) framework – was introduced such that the exchange rate was adjusted quarterly to factor in inflation rates of major trading partners. Following distortions in the exchange rate, a periodic devaluation exercise was adopted in December 1984, replacing the quarterly adjustment system. The authorities replaced the periodic devaluation exercise with an auction market in September 1986, due to its lack of success (see Sowa & Acquaye, 1998; Bhattarai & Armah, 2005). The auction system was expected to achieve trade liberalisation, and speed up the rate of exchange rate adjustment. The auction system was dualistic in nature: (i) a fixed exchange with the cedi pegged to the dollar at 90.00 cedis per dollar for earnings from cocoa exports and oil-related products, and
(ii) a flexible rate determined by the market with auctions, which was conducted weekly by the Bank of Ghana (see Oduro & Harrigan, 2000). The system was, however, unified in February 1987. By this time, the economy of Ghana had gradually moved away from what was a fixed exchange regime to a managed float regime.
Following the unification of the dual exchange rates under the auction system, the Dual Retail Auction (DRA) was adopted. This system was based on a marginal pricing mechanism; thus, the bidder paid a marginal price. This was to be later replaced by the Dutch Auction System (DAS) under which successful bidders paid a bid price (see Sowa & Acquaye, 1998; Bhattarai & Armah, 2005). In 1988, forex bureaux were legally permitted to operate, following the Bank of Ghana’s attempt to unify the black market and the legal exchange market (Bank of Ghana). The successful legalisation of forex bureaux to operate alongside the auction system created a dual spot exchange rate in Ghana (see Sowa & Acquaye, 1998; Bhattarai & Armah, 2005). In addition to these developments, the Wholesale Auction System (WAS) was introduced in March 1990, replacing the weekly retail auction system. A composite exchange system, the interbank and a wholesale system, was utilised under the WAS. Licenced forex bureaux and authorised banks were permitted to purchase foreign currency from the Bank of Ghana for retail. The WAS would later make way for the Interbank Market System in April 2002. Till today, banks and forex bureaux operate in the foreign market in Ghana. Since Ghana shifted to a managed float regime in 1986, it has maintained this regime.
There have been recent interventions in the Ghanaian foreign exchange market by the Bank of Ghana, amid drastic depreciation of the cedi against major currencies such as the Euro, the US dollar, and the British pound. The current bank-related interventions include the following: (i) commercial banks and other financial houses have been banned from issuing cheques and cheque books on foreign accounts and foreign currency accounts, (ii) banks are not allowed to grant a foreign currency-denominated loan of a foreign currency-linked facility to a client who does not earn foreign currency, (iii) offshore foreign deals by resident companies including exporters are not allowed, (iv) over-the-counter cash withdrawals from foreign exchange and foreign currency accounts not exceeding US$10,000 or its equivalent are only allowed for traveling outside Ghana per person per travel, and (v) all undrawn foreign currency-denominated facilities would now be converted into the local currency-denominated facilities (see Bank of Ghana). Besides, forex bureaux are also affected by the current interventions. The following interventions are being implemented: (i) forex bureaux operators are not allowed to buy or sell more than US$10,000 or its equivalent per transaction, (ii) forex bureaux are required to adopt the certified software approved by the Bank of Ghana, and (iii) forex bureaux are also required to issue only electronic receipts for all transactions.

Recent Economic Growth Policies and Programmes in Ghana

At independence in 1957, the economy of Ghana was in great shape. Income per capita was reported to be among the highest in sub-Saharan Africa. Exchange reserves were substantial; government was lively; and the civil service was very competent (see Pickett & Shaeeldin, 1990). On average, the economy grew by 2% to 3% annually; gross investment was 20% of GDP, and was largely funded by domestic savings (Pickett & Shaeeldin, 1990).
However, the economy of Ghana began to decline in the mid- and late-1960s; while the population was rapidly increasing. This was mainly attributed to the staggering increase in the capital stock in the first half of the decade.2 The economy plummeted rapidly in the late 1970s and the early 1980s. For instance, real GDP per capita declined on average by 2% between 1960 and 1982; foreign exchange contracted; agricultural production declined at an annual rate of 6%; and industrial output declined at a rate of 7% annually (see Pickett & Shaeeldin, 1990).
In terms of its economic prospects, Ghana was deemed superior to South Korea at independence; but by 1982, the average income in South Korea was six times higher than that in Ghana. Indeed, the period between 1970 and 1980 is now known in the literature as the lost decade, following persistent balance of payment deficits, dwindling consumption per head, and the imposition of strict controls in the markets, unnecessary printing of money, and frequent change in government through coups d’états (see Aryeetey et al, 2000). The worst period in this decade was the drifting of both skilled and unskilled labour out of the country in search of new and greener pastures elsewhere.
Evidently, economic restoration and structural adjustment frameworks were urgently needed to rescue the grim economic situation in Ghana by 1983. Consequently, in April 1983, the government of Ghana, acting under the funding and tutelage of the IMF and the World Bank, launched two key policy frameworks to reverse the deteriorating economic conditions in the country. The first policy framework, the Economic Recovery Programme (ERP) spanned the period of 1984-1986. The aim of the ERP was to restore and stabilise the economic system of Ghana, mainly by bringing down inflation, which was over 100%, reducing extensive government involvement and promoting effective financial management. Through the ERP, the government of Ghana resorted to market-oriented strategies, leading to a reduction in macroeconomic imbalances and improved financial sector performance. The exchange rate, which was previously distorted, was liberalised; and inflation was reduced from 113% in 1983 to approximately 10% by 1991. The annual real GDP growth increased to 5% on average. In addition, the balance of payment moved from a deficit to a surplus, for the first time in over a decade. Nevertheless, private investment and further growth were limited, due to the particular structural reforms in the agricultural, parastatal, and financial sectors (see Pickett & Shaeeldin, 1990).
The Structural Adjustment Programme (SAP), which was in place between 1986 and 1989, was launched in 1986, to complement the ERP. The main objectives were to achieve fiscal stability and a positive balance of payments, restructure and diversify the production base of the economy, trim down unproductive investments, and to moderate the growth of inflation in Ghana. The key policy reforms under the Structural Adjustment Programme included, among others, the restoration of cocoa production and marketing, exchange rate and trade reforms, divestiture and liquidation of dormant and unprofitable state corporations, tax reforms, and the restructuring of state institutions and legal frameworks, to attract foreign direct investment (see Aryeetey et al, 2000).
The ERP and the SAP were associated with austerity measures. A number of workers were laid off; and subsidies on basic commodities were removed, thereby leading to short-term economic hardships. In an attempt to put the so-called “human face” on the economic reforms and adjustments, the Programme of Action to Mitigate the Social Cost of Adjustments (PAMSCAD) was introduced in 1987 by the government of Ghana under an IMF/World Bank-sponsored initiative (see Sowa, 2002). The PAMSCAD was specifically directed towards alleviating the adverse social impact of the ERP and the SAP. The programme received about USD$85.7 million to fund 23 projects, from its donors (see Aryeetey & Goldstein, 2000). The PAMSCAD required a close collaboration between the IMF/World Bank, district governments, and especially from communities. Some of the projects undertaken under the PAMSCAD were employment initiatives, education, assistance for retrenched civil servants, and income-generating projects (Aryeetey & Goldstein, 2000). In fact, this ad hoc programme was implemented to ensure that the growth momentum gathered under the SAP and the ERP would not dissipate.
In 1988, the Financial Sector Adjustment Programme (FINSAP) was launched to specifically focus on restructuring the financial sector, which was extremely prone to high default rates and non-performing bank assets, and to high inflationary rates, which wiped out the capital base and depositors’ confidence (see Sowa, 2002). This programme was funded by the World Bank, Japan, and Switzerland. The tenets of the FINSAP included, among other policies, institutional restructuring (especially, of financially distressed banks), enhancement of the legal and regulatory frameworks for bank operations, promoting non-financial institutions, the liberalisation of exchange rates, the establishment of forex bureaux, the establishment of the Ghana Stock Exchange, as well as the liberalisation of interest rates (see Sowa, 2002; Bawumia, 2010). The FINSAP was to be carried out in three phases: FINSAP I covered 1988-1991; FINSAP II covered 1992-1995; and FINSAP III 1995 to date.
Under the FINSAP, important banking laws and statutes were revised or repealed. For example, the Banking Law (PNDC Law 225), and the Bank of Ghana Law (PNDC Law 291) were revised, vesting sole banking sector supervisory powers in the Bank of Ghana. A follow-up programme to the FINSAP, the Financial Sector Strategic Plan (FINSSIP), was launched in 2001 to consolidate the gains chalked up under the FINSAP. The FINSSIP, which spanned 2001-2008, implemented several key reforms and Acts. Some of these included the Payment System Act of 2003), the Foreign Exchange Act of 2006, and the Credit Reporting Act of 2008, among others (see Bawumia, 2010).
The government of Ghana presented the Co-ordinated Programme of Economic and Social Development Policies to parliament. The programme’s theme was dubbed “the Ghana Vision 2020”. The programme aimed to transform Ghana from a lower-income country into a middle-income country by 2020. As part of the Vision 2020 agenda, the First Medium-Term Development Plan (FMTDP) was launched in 1997 (see Aryeetey et al, 2000). This programme, spanning 1997-2000, aimed at developing human capital, achieving steady economic growth, developing the rural and the urban areas, building the basic infrastructure, and creating a sustainable environment.
In addition, following an annual meeting in September 1999, the IMF announced its vision to incorporate poverty reduction and growth promotion strategies into the programmes being pursued by poor member countries of the Fund. Thus, the Poverty Reduction and Growth Facility (PRGF) was created to supplant the Enhanced Structural Adjustment Facility (ESAF). The PRGF mainly targeted economic growth and poverty reduction (see Aryeetey et al, 2000; Sowa, 2002; IMF, 2006). Consequently, the government of Ghana prepared and launched the Ghana Poverty Reduction Strategy (GPRS I) in 2002 with the aims of boosting productivity and employment, developing the human resource base, providing basic services, and providing basic assistance to the poor and vulnerable.
The programme lasted between 2003 and 2005. The programme came to fruition largely because Ghana decided to access the financial assistance under the Heavily Indebted Poor Countries (HIPC) debt-relief initiative in 2002. The GPRS I was relatively successful, since relative macroeconomic stability was achieved. The Growth and Poverty Reduction Strategy (GPRS II) was launched in 2006 to consolidate the gains recorded under the GPRS I. The focus of the GPRS II was to promote rapid growth as the means of reducing poverty. This was considered necessary, so that Ghana could become a middle-income economy within the targeted period. The GPRS II lasted between 2006 and 2009. The priority areas of the GPRS
II were macroeconomic stability, human-resource development, good and accountable governance, private sector competitiveness, and civic responsibility (see IMF, 2006).
Even though considerable macroeconomic stability and economic growth, as well as poverty reduction, were attained under the GPRS I and GPRS II, there were still lingering problems, such as a large balance of payment deficits, and fiscal deficits. These were mainly attributed to crude oil price shocks and food price shocks, as well as fiscal over-runs (see IMF, 2012). In addition, there was a notable decline in remittances and private external financing, due to the high adverse impact of the global financial crisis (see IMF, 2012). Thus, a successor programme, the Ghana Shared Growth and Development Agenda (GSGDA), was launched in 2010. The GSGDA spanned 2010-2013, with the key objective of creating the bedrock for transforming the Ghanaian economy structurally by 2020, through radical industrialisation. The focus of the GSGDA was on manufacturing, based on modernised agriculture, and the effective use of Ghana’s natural resources. The GSGDA covered seven thematic areas, namely: ensuring and sustaining macroeconomic stability; enhancing the competitiveness of the private sector; oil and gas development; infrastructure and human settlements development; accelerating agricultural modernisation and resource management; human development, employment and productivity; and transparent and accountable governance (IMF, 2012).
Finally, the government of Ghana implemented the now infamous Savannah Accelerated Development Programme (SADA) in 2010, with the goal of doubling the per capita incomes of people living in the northern part of Ghana, as well as reducing the incidence of poverty in these areas by 20% within 20 years (SADA, 2010). The key areas this programme addressed included: poverty reduction; climate adaptation, by minimising the frequent occurrence of floods and droughts; and the development of human capital, economic infrastructure, and an investment and private sector base, in order to manage the socioeconomic and ecological transformation of northern Ghana. The SADA programme, which is expected to last from 2010 to 2030, remains one of the most maligned macroeconomic programmes in the country’s history. The programme has been fraught with allegations of corruption and financial malfeasance (see IDEG, 2010).

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Trends in Exchange Rate and Economic Growth in Ghana

The exchange rate trend in Ghana (in this case, defined as Ghana cedi3 per US dollar) increased gradually but smoothly between 1970 and 1979. During this period, real GDP (in US dollars) movement was irregular. For example, the real GDP increase from $14 533.90 million in 1970 to $15 347.69 in 1971, then declined to $14 962.73 in 1972. Following the liberation exercises from 1983, the exchange rate depreciated faster. The real GDP responded, increasing a year-on-year basis from 1983 to 2010. Over this period, the exchange rate depreciated by 26 013.595% and the real GDP increased by 37.38%. Figure 3.1 depicts the trends of the exchange rate and the real GDP in Ghana during the period 1970-2010.

Historical Perspective of Nigeria

Known as the Federal Republic of Nigeria, the country is made up of 36 states and a Federal Capital Territory, Abuja. Geographically, Nigeria is located in West Africa, being bordered by the Gulf of Guinea, the Atlantic Ocean, Benin, Chad, and Cameroon. With a total land mass of 923 768 km2 and a population of approximately 174 million people, Nigeria ranks as the most populous country in Africa and the seventh-most populous in the world (see Library of Congress, 2008). The country became independent in 1960 and has since gone through democracy and military dictatorships. Nigeria became relatively stable after her transition to democracy in 1999, with occasional setbacks from insurgent activities (see Adam, 2011).
The World Bank ranked the Nigerian economy in 2014 as the largest in Africa and the 26th-largest in the world in terms of GDP, which is in excess of US$500 billion (see Magnowski, 2014). The economy of Nigeria has also been projected to become a top 20 economy in the world by 2050 (see Gopaldas, 2012). The rapid growth of the economy of Nigeria has been widely attributed to her vast oil reserves. According to the World Bank classification, Nigeria is a mixed emerging market economy with a lower-middle-income status (see World Bank, 2013b). Nigeria has a fast developing financial market, with a relatively liquid stock market (i.e. Nigeria Stock Exchange) ranked the second largest in Africa and 30th largest in the world in terms of capitalisation. The oil sector is the main sector, accounting for about 40% of GDP, followed by the agriculture sector, the service sector, and the manufacturing sector (see World Bank, 2011a). Nigeria is a member of major regional and economic groupings including the Organisation of Petroleum Exporting Countries (OPEC), the African Union (AU), the Economic Community of West African States (ECOWAS), and the Mexico, Indonesia, Nigeria, and Turkey (MINT) group. Table 3.2 shows some of the key demographic and socioeconomic indicators in Nigeria during 2014.

Exchange Rate Regimes and Recent Policies in Nigeria

The Nigerian financial system was largely repressed prior to the implementation of the Structural Adjustment Programme (SAP) in 1986, due to the imposition of interest rate ceilings, and sectorial credit allocation (see Okonjo-Iweala & Osafo-Kwaako, 2007). Nigeria pursued a fixed exchange rate regime in the 1960s with heavy exchange controls. This regime caused the naira, Nigeria’s currency, to overvalue resulting in major economic distortions. For instance, the imports of finished goods and services soared, causing an unfavourable impact on domestic production of goods and services, balance of payment, and the level of foreign reserves (see Sanusi, 2004). The black market exchange rate and economic activities developed rapidly under the fixed exchange rate regime (see Sanusi, 2004; Okonjo-Iweala & Osafo-Kwaako, 2007).
The Central Bank of Nigeria (CBN) shifted from the fixed exchange rate regime it mainly operated in 1960s to a pegged arrangement between the 1970s and the mid-1980s, in an attempt to arrest the deteriorating economic conditions. The problems experienced under the fixed exchange rate regime still persisted, leaving authorities with no option but to seek the intervention of the World Bank and the IMF. Consequently, the SAP was implemented in 1986, and one of its policies was the adoption of a more flexible exchange rate regime. Thus, the CBN shifted from operating the pegged arrangement to a more flexible exchange rate regime in 1986. Nigeria has since remained under this exchange rate regime. A distinctive attribute of the current regime, as noted by Sanusi (2004), is that the regime is managed float with a strong commitment to protecting any particular parity.
Since independence, the Federal Constitution of Nigeria has charged the CBN to be the autonomous regulator of the naira. Thus, the CBN regularly ensures that the external value of the naira remains favourable. Various policy initiatives have been adopted to enhance the external strength of the naira in the past. For example, the Autonomous Foreign Exchange Market (AFEM) was introduced in 1995 to ensure a smooth and effective trade of the naira and other major currencies in the Nigerian foreign exchange market (see Sanusi, 2004). However, the AFEM failed to live up to expectations, prompting the adoption of the two-way quote system, the Inter-Bank Foreign Exchange Market (IFEM), in October 1999. The IFEM was implemented to diversify the supply of foreign exchange in the economy by stimulating the funding of the inter-bank operations from privately-earned foreign exchange. In addition, the IFEM was to assist the naira in achieving a realistic exchange rate. Similar to the AFEM, the IFEM was grossly limited by supply-side rigidities, recurrent expansionary fiscal operations of the governments, and persistent excess liquidity in the financial system (see Sanusi, 2004).
The apparent limitations of the IFEM motivated the CBN to introduce the wholesale Dutch Auction System (DAS) in July 2002. The two-way auction system, the DAS, was designed to allow the CBN and authorised dealers to participate in the foreign exchange market. The DAS also enabled the CBN to set the price of the exchange that buyers were willing to buy, the marginal rate; this price represented the ruling rate of the auction (see Sanusi, 2004). The DAS was aimed at achieving two main goals: (i) to establish a realistic exchange rate for the naira, and (ii) to arrest the dwindling foreign reserves. These objectives are claimed to have been achieved. Sanusi (2004) for instance, argued that the DAS has been able to narrow the arbitrage premium from double digits to a single digit, enhanced the stability of the naira against the US dollar, reduced capital flight, and curbed rent-seeking among market operators. Okonjo-Iweala and Osafo-Kwaako (2007) also noted that the DAS facilitated the convergence of foreign markets and eliminated the existing black premium.

TABLE OF CONTENTS
DECLARATION
ABSTRACT
KEY TERMS
DEDICATION
ACKNOWLEDGEMENTS
LIST OF TABLES
LIST OF FIGURES
ACRONYMS
CHAPTER 1 INTRODUCTION
1.1 Background
1.2 Statement of the Problem and Significance of the Study
1.3 Research Objectives
1.4 Hypotheses of the Study
1.5 Organisation of the Study
CHAPTER 2  REAL EXCHANGE RATE AND ECONOMIC GROWTH DYNAMICS IN SELECTED LOWINCOME SUB-SAHARAN AFRICAN COUNTRIES
2.1 Introduction
2.2 Historical Perspective of the Democratic Republic of Congo
2.3 Historical Perspective of the Republic of Malawi
2.4 Historical Perspective of the Republic of Mozambique
2.5 Historical Perspective of the Republic of Tanzania
2.6 Historical Perspective of the Republic of Kenya
2.7 Historical Perspective of the Republic of Ethiopia
2.8 Historical Perspective of the Republic of Mali
2.9 Conclusions
CHAPTER 3  REAL EXCHANGE RATE AND ECONOMIC GROWTH DYNAMICS IN SELECTED MIDDLEINCOME SUB-SAHARAN AFRICAN COUNTRIES
3.1 Introduction
3.2 Historical Perspective of Ghana
3.3 Historical Perspective of Nigeria
3.4 Historical Perspective of Zambia
3.5 Historical Perspective of Lesotho
3.6 Historical Perspective of Botswana
3.7 Historical Perspective of Mauritius
3.8 Historical Perspective of Namibia
3.9 Historical Perspective of South Africa
3.10 Conclusion
CHAPTER 4 REVIEW OF RELATED LITERATURE
4.1 Introduction
4.2 The Balassa-Samuelson Hypothesis
4.3 The Real Exchange Rate and Economic Growth
4.4 Conclusion
CHAPTER 5 METHODOLOGY OF THE STUDY
5.1 Introduction
5.2 Theoretical Model
5.3 The Empirical Models
5.4 Estimation of the Empirical Model
5.5 Conclusion
CHAPTER 6 PRESENTATION OF RESULTS AND FINDINGS
6.1 Introduction
6.2 The Nature of Undervaluation in the Selected Countries
6.3 Testing the Balassa-Samuelson Hypothesis
6.4 The Effects of Undervaluation on Economic Growth
6.5 Testing for Potential Nonlinear Effects of Undervaluation on Growth
6.6 Conclusion
CHAPTER 7 CONCLUSIONS AND POLICY RECOMMENDATIONS
7.1 Introduction
7.2 Summary of the Study
7.3 Empirical Findings of the Study
7.4 Policy Recommendations
7.5 Limitations and Suggested Areas for Future Research
BIBLIOGRAPHY
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