Baharumshah, Ahmad Zubaidi; Mohd, Siti Hamizah; Soon, … - In: Emerging Markets Finance and Trade 47 (2011) 5, pp. 52-70
This paper investigates the long-run dynamics of black and official exchange rates for ten African countries. Our major findings are, first, that parity holds more favorably when the black market rate is used to validate the purchasing power parity hypothesis. The evidence supports the notion...