Exchange Rate Liberalization In Selected Sub Saharan African Countries Successes Failures And Lessons

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Exchange Rate Liberalization in Selected Sub-Saharan African Countries Successes, Failures, and Lessons

Mr.Nils Øyvind Mæhle,Ms.Haimanot Teferra,Mrs.Armine Khachatryan
Exchange Rate Liberalization in Selected Sub Saharan African Countries Successes Failures and Lessons Book PDF

Author : Mr.Nils Øyvind Mæhle,Ms.Haimanot Teferra,Mrs.Armine Khachatryan
Publisher : International Monetary Fund
Page : 71 pages
File Size : 48,8 Mb
Release : 2013-01-31
Category : Business & Economics
ISBN : 9781557756695

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Exchange Rate Liberalization in Selected Sub-Saharan African Countries Successes, Failures, and Lessons by Mr.Nils Øyvind Mæhle,Ms.Haimanot Teferra,Mrs.Armine Khachatryan Pdf

Many sub-Saharan African (SSA) countries liberalized their economies in the 1980s and early 1990s. This paper reviews the foreign exchange regime reforms in selected SSA, and their associated macroeconomic policies and economic performance during and after these reforms were undertaken. Before liberalization, most of the reviewed countries were characterized by extensive foreign exchange rationing, sizeable black market premiums, and declining per capita real income. Today, the countries that successfully reformed look markedly different. Rationing and parallel market spreads are a distant memory, and per capita income has increased sharply.

Dollarization in Sub-Saharan Africa

Mr.Mauro Mecagni,Mr.Juan S Corrales,Mr.Jemma Dridi,Mr.Rodrigo Garcia-Verdu,Patrick A. Imam,Mr.Justin Matz,Ms.Carla Macario,Mr.Rodolfo Maino,Mr.Yibin Mu,Ashwin Moheeput,Mr.Futoshi Narita,Mr.Marco Pani,Mr.Manuel Rosales Torres,Mr.Sebastian Weber,Mr.Etienne B Yehoue
Dollarization in Sub Saharan Africa Book PDF

Author : Mr.Mauro Mecagni,Mr.Juan S Corrales,Mr.Jemma Dridi,Mr.Rodrigo Garcia-Verdu,Patrick A. Imam,Mr.Justin Matz,Ms.Carla Macario,Mr.Rodolfo Maino,Mr.Yibin Mu,Ashwin Moheeput,Mr.Futoshi Narita,Mr.Marco Pani,Mr.Manuel Rosales Torres,Mr.Sebastian Weber,Mr.Etienne B Yehoue
Publisher : International Monetary Fund
Page : 75 pages
File Size : 52,6 Mb
Release : 2015-05-15
Category : Business & Economics
ISBN : 9781498368476

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Dollarization in Sub-Saharan Africa by Mr.Mauro Mecagni,Mr.Juan S Corrales,Mr.Jemma Dridi,Mr.Rodrigo Garcia-Verdu,Patrick A. Imam,Mr.Justin Matz,Ms.Carla Macario,Mr.Rodolfo Maino,Mr.Yibin Mu,Ashwin Moheeput,Mr.Futoshi Narita,Mr.Marco Pani,Mr.Manuel Rosales Torres,Mr.Sebastian Weber,Mr.Etienne B Yehoue Pdf

Dollarization—the use of foreign currencies as a medium of exchange, store of value, or unit of account—is a notable feature of financial development under macroeconomically fragile conditions. It has emerged as a key factor explaining vulnerabilities and currency crises, which have long been observed in Latin America, parts of Asia, and Eastern Europe. Dollarization is also present, prominently, in sub-Saharan Africa (SSA) where it remains significant and persistent at over 30 percent rates for both bank loans and deposits—although it has not increased significantly since 2001. However, progress in reducing dollarization has lagged behind other regions and, in this regard, it is legitimate to ask whether this phenomenon is an important concern in SSA. This study fills a gap in the literature by analyzing these issues with specific reference to the SSA region on the basis of the evidence for the past decade.

Regional Economic Outlook, April 2015, Sub-Saharan Africa

International Monetary Fund. African Dept.
Regional Economic Outlook April 2015 Sub Saharan Africa Book PDF

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 121 pages
File Size : 54,7 Mb
Release : 2015-04-28
Category : Social Science
ISBN : 9781498329842

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Regional Economic Outlook, April 2015, Sub-Saharan Africa by International Monetary Fund. African Dept. Pdf

The sharp decline in oil and other commodity prices have adversely impacted sub-Saharan Africa. Nevertheless, the region is projected to register another year of solid economic performance. In South Africa, however, growth is expected to remain lackluster, while in Guinea, Liberia, and Sierra Leone the Ebola outbreak continues to exact a heavy economic and social toll. This report also considers how sub-Saharan Africa can harness the demographic dividend from an unprecedented increase in the working age population, as well as the strength of the region's integration into global value chains.

Regional Economic Outlook, October 2017, Sub-Saharan Africa

International Monetary Fund. African Dept.
Regional Economic Outlook October 2017 Sub Saharan Africa Book PDF

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 129 pages
File Size : 52,9 Mb
Release : 2017-11-27
Category : Business & Economics
ISBN : 9781484312513

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Regional Economic Outlook, October 2017, Sub-Saharan Africa by International Monetary Fund. African Dept. Pdf

Growth in sub-Saharan Africa has recovered relative to 2016, but the momentum is weak and per capita incomes are expected to barely increase. Further, vulnerabilities have risen in many countries, adding to the urgency of implementing the fiscal consolidations planned in most countries and with stepped up efforts to strengthen growth.

Regional Economic Outlook, October 2016, Sub-Saharan Africa

International Monetary Fund. African Dept.
Regional Economic Outlook October 2016 Sub Saharan Africa Book PDF

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 140 pages
File Size : 44,5 Mb
Release : 2016-10-25
Category : Business & Economics
ISBN : 9781513595979

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Regional Economic Outlook, October 2016, Sub-Saharan Africa by International Monetary Fund. African Dept. Pdf

Economic growth in sub-Saharan Africa this year is set to drop to its lowest level in more than 20 years, reflecting the adverse external environment, and a lackluster policy response in many countries. However, the aggregate picture is one of multispeed growth: while most of non-resource-intensive countries—half of the countries in the region—continue to perform well, as they benefit from lower oil prices, an improved business environment, and continued strong infrastructure investment, most commodity exporters are under severe economic strains. This is particularly the case for oil exporters whose near-term prospects have worsened significantly in recent months. Sub-Saharan Africa remains a region of immense economic potential, but policy adjustment in the hardest-hit countries needs to be enacted promptly to allow for a growth rebound.

Regional Economic Outlook, April 2014, Sub-Saharan Africa

International Monetary Fund
Regional Economic Outlook April 2014 Sub Saharan Africa Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 114 pages
File Size : 49,5 Mb
Release : 2014-04-24
Category : Business & Economics
ISBN : 9781484342886

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Regional Economic Outlook, April 2014, Sub-Saharan Africa by International Monetary Fund Pdf

The five Regional Economic Outlooks published biannually by the IMF cover Asia and Pacific, Europe, the Middle East and Central Asia, Sub-Saharan Africa, and the Western Hemisphere. In each volume, recent economic developments and prospects for the region are discussed as a whole, as well as for specific countries. The reports include key data for countries in the region. Each report focuses on policy developments that have affected economic performance in the region, and discusses key challenges faced by policymakers. The near-term outlook, key risks, and their related policy challenges are analyzed throughout the reports, and current issues are explored, such as when and how to withdraw public interventions in financial systems globally while maintaining a still-fragile economic recovery.These indispensable surveys are the product of comprehensive intradepartmental reviews of economic developments that draw primarily on information the IMF staff gathers through consultation with member countries.

Regional Economic Outlook, October 2014

International Monetary Fund
Regional Economic Outlook October 2014 Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 110 pages
File Size : 43,9 Mb
Release : 2014-10-20
Category : Business & Economics
ISBN : 9781498307772

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Regional Economic Outlook, October 2014 by International Monetary Fund Pdf

Growth in much of Sub-Saharan Africa is expected to remain strong, driven by efforts to invest in infrastructure and strong agricultural production. The current Ebola outbreak in Guinea, Liberia, and Sierra Leone is exacting a heavy toll, with spillovers to neighboring countries. External threats to the region's overall positive outlook include global financial conditions and a slowdown in emerging market growth.

Regional Economic Outlook, April 2017, Sub-Saharan Africa

Céline Allard
Regional Economic Outlook April 2017 Sub Saharan Africa Book PDF

Author : Céline Allard
Publisher : International Monetary Fund
Page : 122 pages
File Size : 45,9 Mb
Release : 2017-05-09
Category : Business & Economics
ISBN : 9781475574463

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Regional Economic Outlook, April 2017, Sub-Saharan Africa by Céline Allard Pdf

Growth momentum in sub-Saharan Africa remains fragile, marking a break from the rapid expansion witnessed since the turn of the millennium. 2016 was a difficult year for many countries, with regional growth dipping to 1.4 percent—the lowest level of growth in more than two decades. Most oil exporters were in recession, and conditions in other resource-intensive countries remained difficult. Other nonresource-intensive countries however, continued to grow robustly. A modest recovery in growth of about 2.6 percent is expected in 2017, but this falls short of past trends and is too low to put sub-Saharan Africa back on a path of rising living standards. While sub-Saharan Africa remains a region with tremendous growth potential, the deterioration in the overall outlook partly reflects insufficient policy adjustment. In that context, and to reap this potential, strong and sound domestic policy measures are needed to restart the growth engine.

Regional Economic Outlook, May 2013, Sub-Saharan Africa

International Monetary Fund. African Dept.
Regional Economic Outlook May 2013 Sub Saharan Africa Book PDF

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 115 pages
File Size : 41,9 Mb
Release : 2013-05-22
Category : Business & Economics
ISBN : 9781484353943

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Regional Economic Outlook, May 2013, Sub-Saharan Africa by International Monetary Fund. African Dept. Pdf

Growth remained strong in the region in 2012, with regional GDP rates increasing in most countries (excluding Nigeria and South Africa). Projections point to a moderate, broad-based acceleration in growth to around 51⁄2 percent in 2013¬14, reflecting a gradually strengthening global economy and robust domestic demand. Investment in export-oriented sectors remains an important economic driver, and an agriculture rebound in drought-affected areas will also help growth. Uncertainties in the global economy are the main risk to the region’s outlook, but plausible adverse shocks would likely not have a large effect on the region’s overall performance.

Macroeconomic Policy in Fragile States

Ralph Chami,Raphael Espinoza,Peter J. Montiel
Macroeconomic Policy in Fragile States Book PDF

Author : Ralph Chami,Raphael Espinoza,Peter J. Montiel
Publisher : Oxford University Press
Page : 496 pages
File Size : 47,7 Mb
Release : 2021-01-26
Category : Business & Economics
ISBN : 9780192594532

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Macroeconomic Policy in Fragile States by Ralph Chami,Raphael Espinoza,Peter J. Montiel Pdf

Setting macroeconomic policy is especially difficult in fragile states. Political legitimacy concerns are heightened, raising issues such as who the policymakers are, what incentives they face, and how the process of policymaking is likely to work under limited legitimacy and high uncertainty both about the macroeconomic environment as well as policy effectiveness. In addition, fragility expands the range of policy objectives in ways that may constrain the attainment of standard macroeconomic objectives. Specifically, in the context of fragility policymakers also need to focus on measures to mitigate fragility itself - i.e., they need to address issues such as regional and ethnic economic disparities, youth unemployment, and food price inflation. Socio-political developments around the world have thus pushed policymakers to broaden their toolkit to improve the effectiveness of macroeconomic management in the face of these constraints. The chapters in Macroeconomic Policy in Fragile States address these issues, both by giving an analytical context from which policymakers can build to answer the questions they face in fragile situations as well as by providing lessons drawn from empirical analyses and case studies. The first section of the volume discusses the interactions between political economy considerations and macroeconomic policymaking. The second section covers the private sector environment in fragile states. The third section focuses on macroeconomic policy, especially fiscal policy, monetary policy, exchange rate policy, external flows, and aid effectiveness. The last section explains the role of the IMF in fragile states and concludes by presenting case studies from the Middle East and from Sub-Saharan Africa. The contributors to the volume are economists and political scientists from academia as well as policymakers from international organizations and from countries affected by fragility.

Regional Economic Outlook, April 2016, Sub-Saharan Africa

International Monetary Fund. African Dept.
Regional Economic Outlook April 2016 Sub Saharan Africa Book PDF

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 137 pages
File Size : 55,5 Mb
Release : 2016-05-03
Category : Business & Economics
ISBN : 9781484309612

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Regional Economic Outlook, April 2016, Sub-Saharan Africa by International Monetary Fund. African Dept. Pdf

Economic growth in sub-Saharan Africa as a whole has fallen to its lowest level in 15 years, though with large variation among countries in the region. The sharp decline in commodity prices has severely strained many of the largest economies, including oil exporters Angola and Nigeria, and other commodity exporters, such as Ghana, South Africa, and Zambia. At the same time, the decline in oil prices has helped other countries continue to show robust growth, including Kenya and Senegal. A strong policy response to the terms-of-trade shocks is critical and urgent in many countries. This report also examines sub-Saharan Africa’s vulnerability to commodity price shocks, and documents the substantial progress made in financial develop, especially financial services based on mobile technologies.

Regional Economic Outlook, October 2015

International Monetary Fund
Regional Economic Outlook October 2015 Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 134 pages
File Size : 44,9 Mb
Release : 2015-10-27
Category : Business & Economics
ISBN : 9781513598406

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Regional Economic Outlook, October 2015 by International Monetary Fund Pdf

Growth in sub-Saharan Africa has weakened after more than a decade of solid growth, although this overall outlook masks considerable variation across the region. Some countries have been negatively affected by falling prices of their main commodity exports. Oil-exporting countries, including Nigeria and Angola, have been hit hard by falling revenues and the resulting fiscal adjustments, while middle-income countries such as Ghana, South Africa, and Zambia are also facing unfavorable conditions. This October 2015 report discusses the fiscal and monetary policy adjustments necessary for these countries to adapt to the new environment. Chapter 2 looks at competitiveness in the region, analyzing the substantial trade integration that accompanied the recent period of high growth, and policy actions to nurture new sources of growth. Chapter 3 looks at the implications for the region of persistently high income and gender inequality and ways to reduce them.

The Relationship Between the Foreign Exchange Regime and Macroeconomic Performance in Eastern Africa

Ms.Janet Gale Stotsky,Mr.Manuk Ghazanchyan,Mr.Olumuyiwa Adedeji,Mr.Nils Øvind Maehle
The Relationship Between the Foreign Exchange Regime and Macroeconomic Performance in Eastern Africa Book PDF

Author : Ms.Janet Gale Stotsky,Mr.Manuk Ghazanchyan,Mr.Olumuyiwa Adedeji,Mr.Nils Øvind Maehle
Publisher : International Monetary Fund
Page : 54 pages
File Size : 51,8 Mb
Release : 2012-06-01
Category : Business & Economics
ISBN : 9781475504170

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The Relationship Between the Foreign Exchange Regime and Macroeconomic Performance in Eastern Africa by Ms.Janet Gale Stotsky,Mr.Manuk Ghazanchyan,Mr.Olumuyiwa Adedeji,Mr.Nils Øvind Maehle Pdf

This study examines the relationship between the foreign exchange regime and macroeconomic performance in Eastern Africa. The study focuses on seven countries, five of which decisively liberalized their foreign exchange regimes. The study assesses the relationship between (i) growth and various determinants, including the exchange regime, the real exchange rate, and current account liberalization; and (ii) inflation and various determinants, including lagged inflation, the nominal exchange rate, the exchange regime, and liberalization. We find that in our sample, for the determinants of growth, investment and the real exchange rate are significant determinants but not the exchange regime or liberalization; and for inflation, the lagged inflation rate, nominal exchange rate, and the de facto regime are significant. Exchange rate pass-through is limited.

Accelerating Poverty Reduction in Africa

Kathleen Beegle,Luc Christiaensen
Accelerating Poverty Reduction in Africa Book PDF

Author : Kathleen Beegle,Luc Christiaensen
Publisher : World Bank Publications
Page : 451 pages
File Size : 48,7 Mb
Release : 2019-10-09
Category : Business & Economics
ISBN : 9781464812330

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Accelerating Poverty Reduction in Africa by Kathleen Beegle,Luc Christiaensen Pdf

Sub-Saharan Africa's turnaround over the past couple of decades has been dramatic. After many years in decline, the continent's economy picked up in the mid-1990s. Along with this macroeconomic growth, people became healthier, many more youngsters attended schools, and the rate of extreme poverty declined from 54 percent in 1990 to 41 percent in 2015. Political and social freedoms expanded, and gender equality advanced. Conflict in the region also subsided, although it still claims thousands of civilian lives in some countries and still drives pressing numbers of displaced persons. Despite Africa’s widespread economic and social welfare accomplishments, the region’s challenges remain daunting: Economic growth has slowed in recent years. Poverty rates in many countries are the highest in the world. And notably, the number of poor in Africa is rising because of population growth. From a global perspective, the biggest concentration of poverty has shifted from South Asia to Africa. Accelerating Poverty Reduction in Africa explores critical policy entry points to address the demographic, societal, and political drivers of poverty; improve income-earning opportunities both on and off the farm; and better mobilize resources for the poor. It looks beyond macroeconomic stability and growth—critical yet insufficient components of these objectives—to ask what more could be done and where policy makers should focus their attention to speed up poverty reduction. The pro-poor policy agenda advanced in this volume requires not only economic growth where the poor work and live, but also mitigation of the many risks to which African households are exposed. As such, this report takes a "jobs" lens to its task. It focuses squarely on the productivity and livelihoods of the poor and vulnerable—that is, what it will take to increase their earnings. Finally, it presents a road map for financing the poverty and development agenda.

IMF Research Bulletin, March 2013

International Monetary Fund. Research Dept.
IMF Research Bulletin March 2013 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 15 pages
File Size : 47,5 Mb
Release : 2013-03-15
Category : Business & Economics
ISBN : 9781484376300

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IMF Research Bulletin, March 2013 by International Monetary Fund. Research Dept. Pdf

The Research Summaries in the March 2013 Research Bulletin discuss "Trade Finance and Its Role in the Great Trade Collapse" (JaeBin Ahn) and "Sovereign Debt: How to Track Who Is Buying and Selling It" (Serkan Arslanalp and Takahiro Tsuda). The Q&A looks at "Seven Questions on the Implications of Global Supply Chains for Real Effective Exchange Rates" (Rudolfs Bems). Readers can also find in this issue a listing of recent IMF Working Papers, Staff Discussion Notes, and Recommended Readings from IMF Publications. The Bulletin also includes a call for papers for a research conference and information on free access to the IMF Economic Review in April.