01850cas a2200277 a 4500 AALejournalIMF011957 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475505160 1018-5941 BD-DhAAL BD-DhAAL Dumitrescu, Elena. Commodity Prices and Exchange Rate Volatility : Lessons from South Africa's Capital Account Liberalization / Elena Dumitrescu, Rabah Arezki, Andreas Freytag, Marc Quintyn. Washington, D.C. : International Monetary Fund, 2012. 1 online resource (19 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students 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. Mode of access: Internet Arezki, Rabah. Freytag, Andreas. Quintyn, Marc. IMF Working Papers; Working Paper ; No. 2012/168 Full text available on IMF http://elibrary.imf.org/view/journals/001/2012/168/001.2012.issue-168-en.xml IMF e-Library