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Long-run purchasing power parity with asymmetric adjustment: further evidence from African countries

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This study applies threshold cointegration test advanced by Enders and Siklos (2001) to investigate the properties of asymmetric adjustment in long-run Purchasing Power Parity (PPP) in 22 selected African countries during the period of January 1980 to December 2003. Although there is evidence of long-run PPP for most African countries, the adjustment mechanism is asymmetric. These results have particularly important policy implications for African countries.

Document Type: Research Article


Affiliations: 1: Department of Finance, Feng Chia University, Taichung, Taiwan 2: Department of Finance, Ming-Chung University, Taipei, Taiwan 3: Graduate Institute of National Development, National Taiwan University, Taipei, Taiwan

Publication date: 2011-01-01

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