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Purchasing Power Parity: Further Evidence from African Countries
In this paper we pursue an empirical enquiry into the validity of an equilibrium absolute purchasing power parity (PPP) for a sample of 26 economies in Africa. Using univariate as well as panel unit root tests on yearly observations spanning 1973 to 2008, we uncover evidence that the PPP notion hold...
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| Format: | Article |
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2011
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| LEADER | 00000njm a2000000a 4500 | ||
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| 001 | oai:repository.ui.edu.ng:123456789/13295 | ||
| 042 | |a dc | ||
| 720 | |a Oyinlola, M. A. |e author | ||
| 720 | |a Adeniyi, O. A. |e author | ||
| 720 | |a Egwaikhide, F. O. |e author | ||
| 260 | |c 2011 | ||
| 520 | |a In this paper we pursue an empirical enquiry into the validity of an equilibrium absolute purchasing power parity (PPP) for a sample of 26 economies in Africa. Using univariate as well as panel unit root tests on yearly observations spanning 1973 to 2008, we uncover evidence that the PPP notion holds in just a little over one third of the countries selected and breaks down on average when the latter class of tests are employed. In sum, non-linear modelling of exchange rate convergence to its PPP trajectory could foster understanding on the subject. | ||
| 024 | 8 | |a 1681 8997 | |
| 024 | 8 | |a ui_art_oyinlola_purchasing_2011 | |
| 024 | 8 | |a The Empirical Economics Letters 10(10), pp. 995-1000 | |
| 024 | 8 | |a https://repository.ui.edu.ng/handle/123456789/13295 | |
| 653 | |a Real Exchange Rates | ||
| 653 | |a Purchasing Power Parity | ||
| 653 | |a Univariate Unit Root Test | ||
| 653 | |a Panel Unit Root Test | ||
| 245 | 0 | 0 | |a Purchasing Power Parity: Further Evidence from African Countries |