The Relationship Between The Foreign Exchange Regime And Macroeconomic Performance In Eastern Africa

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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 : 48,8 Mb
Release : 2012-06-01
Category : Business & Economics
ISBN : 9781475533965

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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.

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 : 55,8 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.

Evolution and Performance of Exchange Rate Regimes

Mr.Kenneth Rogoff,Mr.Ashoka Mody,Nienke Oomes,Mr.Robin Brooks,Mr.Aasim M. Husain
Evolution and Performance of Exchange Rate Regimes Book PDF

Author : Mr.Kenneth Rogoff,Mr.Ashoka Mody,Nienke Oomes,Mr.Robin Brooks,Mr.Aasim M. Husain
Publisher : International Monetary Fund
Page : 85 pages
File Size : 52,8 Mb
Release : 2003-12-01
Category : Business & Economics
ISBN : 9781451875843

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Evolution and Performance of Exchange Rate Regimes by Mr.Kenneth Rogoff,Mr.Ashoka Mody,Nienke Oomes,Mr.Robin Brooks,Mr.Aasim M. Husain Pdf

Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis suggests that as economies mature, the value of exchange rate flexibility rises. For countries at a relatively early stage of financial development and integration, fixed or relatively rigid regimes appear to offer some anti-inflation credibility gain without compromising growth objectives. As countries develop economically and institutionally, there appear to be considerable benefits to more flexible regimes. For developed countries that are not in a currency union, relatively flexible exchange rate regimes appear to offer higher growth without any cost in credibility.

The East African Community

Ms.Catherine McAuliffe,Ms.Sweta Chaman Saxena,Mr.Masafumi Yabara
The East African Community Book PDF

Author : Ms.Catherine McAuliffe,Ms.Sweta Chaman Saxena,Mr.Masafumi Yabara
Publisher : International Monetary Fund
Page : 55 pages
File Size : 51,6 Mb
Release : 2012-11-14
Category : Business & Economics
ISBN : 9781475586312

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The East African Community by Ms.Catherine McAuliffe,Ms.Sweta Chaman Saxena,Mr.Masafumi Yabara Pdf

The East African Community (EAC) has been among the fastest growing regions in sub-Saharan Africa in the past decade or so. Nonetheless, the recent growth path will not be enough to achieve middle-income status and substantial poverty reduction by the end of the decade—the ambition of most countries in the region. This paper builds on methodologies established in the growth literature to identify a group of countries that achieved growth accelerations and sustained growth to use as benchmarks to evaluate the prospects, and potential constraints, for EAC countries to translate their recent growth upturn into sustained high growth. We find that EAC countries compare favorably to the group of sustained growth countries—macroeconomic and government stability, favorable business climate, and strong institutions—but important differences remain. EAC countries have a smaller share of exports, lower degree of financial deepening, lower levels of domestic savings, higher reliance on donor aid, and limited physical infrastructure and human capital. Policy choices to address some of these shortcomings could make a difference in whether the EAC follows the path of sustained growth or follows other countries where growth upturns later fizzled out.

A New Look at the Determinants of Growth in Asian Countries

Mr.Manuk Ghazanchyan,Ms.Janet Gale Stotsky,Qianqian Zhang
A New Look at the Determinants of Growth in Asian Countries Book PDF

Author : Mr.Manuk Ghazanchyan,Ms.Janet Gale Stotsky,Qianqian Zhang
Publisher : International Monetary Fund
Page : 33 pages
File Size : 55,7 Mb
Release : 2015-09-03
Category : Business & Economics
ISBN : 9781513524535

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A New Look at the Determinants of Growth in Asian Countries by Mr.Manuk Ghazanchyan,Ms.Janet Gale Stotsky,Qianqian Zhang Pdf

This study examines the drivers of growth in Asian countries, with focus on the role of investment, the exchange rate regime, financial risk, and capital account openness. We use a panel data set of a sample of Asian countries over the period 1980 to 2012. Our results indicate that private and public investments are strong drivers of growth, while more limited evidence is found that reduced financial risk and higher foreign direct investment support growth. The exchange rate regime does not appear to be a strongly significant determinant of growth, but some specifications suggest that more flexible regimes are beneficial in this respect. Financial crises have a stronger dampening effect on growth in countries with more open capital accounts.

Regional Economic Outlook, October 2012, Sub-Saharan Africa

International Monetary Fund. African Dept.
Regional Economic Outlook October 2012 Sub Saharan Africa Book PDF

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 119 pages
File Size : 51,8 Mb
Release : 2012-10-15
Category : Business & Economics
ISBN : 9781475510799

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Regional Economic Outlook, October 2012, Sub-Saharan Africa by International Monetary Fund. African Dept. Pdf

Economic conditions in sub-Saharan Africa have remained generally robust despite a sluggish global economy. The near-term outlook for the region remains broadly positive, and growth is projected at 51⁄4 percent a year in 2012-13. Most low-income countries are projected to continue to grow strongly, supported by domestic demand, including from investment. The outlook is less favorable for many of the middle-income countries, especially South Africa, that are more closely linked to European markets and thus experience a more noticeable drag from the external environment. The main risks to the outlook are an intensification of financial stresses in the euro zone and a sharp fiscal adjustment in the US--the so-called fiscal cliff.

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 : 47,5 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, 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 : 40,8 Mb
Release : 2017-05-09
Category : Business & Economics
ISBN : 9781475574937

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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, 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 : 48,8 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 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 : 45,7 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, 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 : 54,9 Mb
Release : 2015-10-27
Category : Business & Economics
ISBN : 9781513597331

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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.

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 : 42,6 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, 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 : 40,5 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.

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 : 47,8 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.

Drivers of Growth

Mr.Manuk Ghazanchyan,Ms.Janet Gale Stotsky
Drivers of Growth Book PDF

Author : Mr.Manuk Ghazanchyan,Ms.Janet Gale Stotsky
Publisher : International Monetary Fund
Page : 38 pages
File Size : 49,6 Mb
Release : 2013-11-22
Category : Business & Economics
ISBN : 9781475520972

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Drivers of Growth by Mr.Manuk Ghazanchyan,Ms.Janet Gale Stotsky Pdf

This study examines the drivers of growth in Sub-Saharan African countries, using aggregate data, from the past decade. We correlate recent growth experience to key determinants of growth, including private and public investment, government consumption, the exchange regime and real exchange rate, and current account liberalization, using various econometric methodologies, including fixed and random effects models, with cluster-robust standard errors. We find that, depending on the specification, higher private and public investments boost growth. Some evidence is found that government consumption exerts a drag on growth and that more flexible exchange regimes are beneficial to growth. The real exchange rate and liberalization variables are not significant.