FINANCIAL INTEGRATION IN THE COMMON MONETARY AREA
This paper assesses the level of financial integration within the CMA countries, using the concept of the uncovered interest rate parity. The impact of foreign interest rates on the domestic interest rates, in this case the South African rates on the rates of the LNS countries, is analysed. For comparative purposes, other neighbouring countries such as Botswana, Zambia and Zimbabwe are brought into the analysis. The results from the uncovered interest rate parity approach show that Lesotho, Namibia and Swaziland can be considered to be well financially integrated with the South African market, while for Botswana, Zambia and Zimbabwe it shows the contrary. Copyright 2005 Economic Society of South Africa.
Year of publication: |
2005
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Authors: | NIELSEN, HANNAH ; UANGUTA, EBSON ; IKHIDE, SYLVANUS |
Published in: |
South African Journal of Economics. - Economic Society of South Africa - ESSA, ISSN 0038-2280. - Vol. 73.2005, 4, p. 710-721
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Publisher: |
Economic Society of South Africa - ESSA |
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