TY - BOOK ID - 11259688 TI - Commodity prices and exchange rate volatility AU - Arezki, Rabah AU - International Monetary Fund. PY - 2012 VL - WP/12/168 SN - 1475511027 1475505167 1475559569 1475563507 9781475511024 9781475563504 9781475505160 9781475505160 9781475559569 PB - [Washington, D.C.] International Monetary Fund DB - UniCat KW - Finance KW - Business & Economics KW - Money KW - Prices. KW - Foreign exchange rates KW - Exchange rates KW - Fixed exchange rates KW - Flexible exchange rates KW - Floating exchange rates KW - Fluctuating exchange rates KW - Foreign exchange KW - Rates of exchange KW - Commercial products KW - Commodity prices KW - Justum pretium KW - Price theory KW - Rates KW - Prices KW - Consumption (Economics) KW - Cost KW - Costs, Industrial KW - Cost and standard of living KW - Supply and demand KW - Value KW - Wages KW - Willingness to pay KW - Gold KW - Rand area KW - E-books KW - Specie KW - Native element minerals KW - Precious metals KW - Transition metals KW - Common Monetary Area (Southern Africa) KW - Rand Monetary Area KW - Rand zone KW - Monetary unions KW - Exports and Imports KW - Foreign Exchange KW - Macroeconomics KW - International Investment KW - Long-term Capital Movements KW - Current Account Adjustment KW - Short-term Capital Movements KW - Metals and Metal Products KW - Cement KW - Glass KW - Ceramics KW - Commodity Markets KW - Currency KW - International economics KW - Gold prices KW - Real exchange rates KW - Real effective exchange rates KW - Capital account liberalization KW - Commodity price fluctuations KW - Balance of payments KW - South Africa UR - https://www.unicat.be/uniCat?func=search&query=sysid:11259688 AB - We examine the relationship between South African Rand and gold price volatility using monthly data for the period 1980-2010. Our main findings is that prior to capital account liberalization the causality runs from South African Rand to gold price volatility but the causality runs the other way around for the post-liberalization period. These findings suggest that gold price volatility plays a key role in explaining both the excessive exchange rate volatility and current disproportionate share of speculative (short-run) inflows that South Africa has been coping with since the opening up of its capital account. ER -