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The paper studies the impact of changes in Tunisia's exchange rate on the net external position of the agricultural sector. It shows that substitutability on production and consumption among domestically produced goods leads to an ambiguous impact for reasons that go beyond the Marshall-Lerner condition. Using cointegration techniques to disentangle the long and short-run impact of changes in the exchange rate on the net agricultural trade balance, we find that the depreciation of the domestic currency leads to a deterioration of the net external position of Tunisia's agricultural sector in the long-run.  相似文献   
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This paper focuses on the causes of instability of money demand in Tunisia between 1973 and 2013. It has been argued that the main explanatory factors of money demand are national income, monetary market rate and exchange rate. We tested Ambler and McKinnon hypothesis (1985), which assumes that instability is explained by the absence of the nominal exchange rate in the specification of money demand. We found that structural changes are explained by the dependence of the national economy to world shocks, the IMF’s structural adjustment programme at the end of 1986.

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