M. Deme et B. Fayissa, INFLATION, MONEY, INTEREST-RATE, EXCHANGE-RATE, AND CAUSALITY - THE CASE OF EGYPT, MOROCCO, AND TUNISIA, Applied economics, 27(12), 1995, pp. 1219-1224
This study provides further evidence of the inflationary effects of th
e rates of growth of money supply, gross domestic product, effective e
xchange rate, and imported inflation for Egypt, Morocco, and Tunisia u
sing quarterly data from 1964 to 1990. In addition, it examines the Gr
anger causality between inflation and money supply as well as between
inflation and the real exchange rate in the countries under considerat
ion. Most of the results are consistent with extant theory and empiric
al evidence.