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This book is entitled The complexity of exchange rate policy in the face of external indebtedness in ECOWAS countries. The book models the relationship between external indebtedness and the real exchange rate, then determines the quantitative effects of external indebtedness on the real exchange rate in ECOWAS countries. The book is divided into two parts.External debt has a negative effect on the real exchange rate in the short and long term when the PMG technique is used. However, Hansen's (1999) threshold effect model shows that external indebtedness has a negative effect on the real exchange rate initially, and this negative effect reverses when indebtedness reaches a threshold of 41.8735%.

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