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Exchange Rate Regime, Real Exchange Rate, Trade Flows and Foreign Direct Investments: The Case of Morocco

2005; Wiley; Volume: 17; Issue: 2 Linguagem: Inglês

10.1111/j.1017-6772.2005.00117.x

1467-8268

Jamal Bouoiyour, Serge Rey,

Global trade and economics

African Development ReviewVolume 17, Issue 2 p. 302-334 Exchange Rate Regime, Real Exchange Rate, Trade Flows and Foreign Direct Investments: The Case of Morocco Jamal Bouoiyour, Jamal Bouoiyour Jamal Bouoiyour, Department of Economics, C.A.T.T, University of Pau and Pays de l’Adour, France and Al Akhawayn University, Ifrane, Morocco; e-mail: Jamal.bouoiyour@univ-pau.fr; Corresponding author: Serge Rey, Department of Economics, C.A.T.T, University of Pau et Pays de l’Adour, Avenue du Doyen Poplawski, 64016 Pau Cedex, France; e-mail: Serge.rey@univ-pau.fr.Search for more papers by this authorSerge Rey, Serge Rey Jamal Bouoiyour, Department of Economics, C.A.T.T, University of Pau and Pays de l’Adour, France and Al Akhawayn University, Ifrane, Morocco; e-mail: Jamal.bouoiyour@univ-pau.fr; Corresponding author: Serge Rey, Department of Economics, C.A.T.T, University of Pau et Pays de l’Adour, Avenue du Doyen Poplawski, 64016 Pau Cedex, France; e-mail: Serge.rey@univ-pau.fr.Search for more papers by this author Jamal Bouoiyour, Jamal Bouoiyour Jamal Bouoiyour, Department of Economics, C.A.T.T, University of Pau and Pays de l’Adour, France and Al Akhawayn University, Ifrane, Morocco; e-mail: Jamal.bouoiyour@univ-pau.fr; Corresponding author: Serge Rey, Department of Economics, C.A.T.T, University of Pau et Pays de l’Adour, Avenue du Doyen Poplawski, 64016 Pau Cedex, France; e-mail: Serge.rey@univ-pau.fr.Search for more papers by this authorSerge Rey, Serge Rey Jamal Bouoiyour, Department of Economics, C.A.T.T, University of Pau and Pays de l’Adour, France and Al Akhawayn University, Ifrane, Morocco; e-mail: Jamal.bouoiyour@univ-pau.fr; Corresponding author: Serge Rey, Department of Economics, C.A.T.T, University of Pau et Pays de l’Adour, Avenue du Doyen Poplawski, 64016 Pau Cedex, France; e-mail: Serge.rey@univ-pau.fr.Search for more papers by this author First published: 16 January 2006 https://doi.org/10.1111/j.1017-6772.2005.00117.xCitations: 14AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinked InRedditWechat Abstract Abstract: We study the behavior of the Real Effective Exchange Rate (REER) of the dirham against the European currencies (the EU15), over the period 1960–2000 (annual data). We measure the volatility using standard deviation, and the misalignments as the difference between the actual REER and the equilibrium REER (the NATREX model). We show that a rise in the volatility of the dirham reduces the trade flows (exports and imports). The misalignments also affect the trade flows: an overvaluation leads to a reduction in Morocco exports, to an increase in Morocco imports, and globally to a deterioration of the trade balance with the European Union. On the other hand, neither the volatility nor the misalignments have an effect on foreign direct investment in favor of Morocco. Citing Literature Volume17, Issue2September 2005Pages 302-334 RelatedInformation