So far, comprehensive investigations of the behavior of real exchange rates in LDCs are scarce in the literature. As several LDCs policymakers have been implementing a purchasing power parity (PPP)-oriented exchange rate policy while others have continually intervened in the foreign exchange rate market, there is need to ascertain whether or not there is empirical support for mean reversion of real exchange rates or long-run PPP in LDCs. This study investigates the long-run PPP hypothesis in seventy LDCs. O…
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