On the Real Exchange Rate Effects of Higher Electricity Prices in South Africa



Table 9: Long run effects

lrf0

lrf3

lrp1

f0wn

f3wn

p1wn

CONS

-0.087

-0.012

-0.097

-0.312

-0.132

-0.492

INV

-0.365

-0.027

-0.4

0

0

0

GOV

-0.087

-0.012

-0.097

0

0

0

EXP

-0.369

0.051

-0.388

-0.098

0.253

-0.239

IMP

-0.299

0.036

-0.311

-0.186

0

-0.291

GDP

-0.155

-0.01

-0.171

-0.177

-0.021

-0.3

CPI

0.049

0.193

0.031

-0.001

0.103

-0.032

PINV

-0.14

-0.013

-0.157

-0.006

-0.028

-0.008

PGOV

-0.545

0.005

-0.583

0.004

-0.012

0.002

PEXP

0.074

-0.01

0.078

0.02

-0.051

0.048

PIMP

0

0

0

0

0

0

PGDP

-0.088

0.116

-0.132

0.012

0.05

-0.029

EMPL

0

0

0

-0.31

-0.031

-0.52

Note: “f0”: industries and households pay a 10% tax on electricity; “f3”: only households pay a 10%
tax on electricity; “w”: nominal household spending is a function of wage income; “n”:
nominal wages are held fixed; “r”: real wages are held fixed.

14



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