Abstract
M.Comm. (Financial Economics)
In this study, the equilibrium exchange rate path of the rand/dollar real exchange rate between 1994 and the
second quarter of 2011 is estimated. This is done by employing a number of methods, namely, Fundamental
Equilibrium Exchange Rates (FEER), Behavioural Equilibrium Exchange Rates (BEER), Natural Real
Exchange Rate (NATREX) and the Corbae-Oularis filter method. What stands out in the study is that all of the
methods lead to results that are close in proximity, with the Corbae-Oularis method as an exception. In the
study it is established that during the period when the ZAR.USD real exchange rate was