Alternative Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa
Alternative Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa

Author: Mrs.Stefania Bazzoni

Publisher: International Monetary Fund

Published: 1993-08-01

Total Pages: 86

ISBN-13: 1451961057

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This paper investigates the relationship between fiscal performance in 28 sub-Saharan African countries over the 1980-91 period with movements in the exchange rates, the terms of trade, and other macroeconomic aggregates. It finds that the tax base in most of these countries is heavily dependent on imports and import substitutes. Consequently, an overvaluation of the exchange rate in countries which adopted a fixed exchange rate strategy undermines the tax base and results in a widening of the fiscal deficit when the purpose of the strategy is to restore the real exchange rate to its equilibrium through fiscal contraction. Those countries which pursued a variable exchange rate strategy failed in attaining price stability, but exchange rate adjustment was critical in contributing to other macroeconomic objectives, particularly fiscal balance, competitiveness, and growth.

FinTech in Sub-Saharan African Countries
FinTech in Sub-Saharan African Countries

Author: Mr.Amadou N Sy

Publisher: International Monetary Fund

Published: 2019-02-14

Total Pages: 61

ISBN-13: 1484385667

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FinTech is a major force shaping the structure of the financial industry in sub-Saharan Africa. New technologies are being developed and implemented in sub-Saharan Africa with the potential to change the competitive landscape in the financial industry. While it raises concerns on the emergence of vulnerabilities, FinTech challenges traditional structures and creates efficiency gains by opening up the financial services value chain. Today, FinTech is emerging as a technological enabler in the region, improving financial inclusion and serving as a catalyst for the emergence of innovations in other sectors, such as agriculture and infrastructure.

Evolution of Exchange Rate Regimes
Evolution of Exchange Rate Regimes

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 1988-12-09

Total Pages: 38

ISBN-13: 1451946945

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The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.

Regional Economic Outlook, May 2005, Sub-Saharan Africa
Regional Economic Outlook, May 2005, Sub-Saharan Africa

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2005-05-31

Total Pages: 102

ISBN-13:

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This first, annual issue of Regional Economic Outlook: Sub-Saharan Africa analyzes economic, trade, and institutional issues in 2004, and prospects in 2005, for the 42 countries covered by the IMF African Department (for data reasons, Eritrea and Liberia are excluded). Topics examined include responses to exogenous shocks, growth performance and growth-enhancing policies, and the effectiveness of regional trade arrangements. Detailed aggregate and country data (as of February 24, 2005) are provided in the appendix.

Our Continent, Our Future
Our Continent, Our Future

Author: P. Thandika Mkandawire

Publisher: IDRC

Published: 2014-05-14

Total Pages: 192

ISBN-13: 155250204X

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Our Continent, Our Future presents the emerging African perspective on this complex issue. The authors use as background their own extensive experience and a collection of 30 individual studies, 25 of which were from African economists, to summarize this African perspective and articulate a path for the future. They underscore the need to be sensitive to each country's unique history and current condition. They argue for a broader policy agenda and for a much more active role for the state within what is largely a market economy. Finally, they stress that Africa must, and can, compete in an increasingly globalized world and, perhaps most importantly, that Africans must assume the leading role in defining the continent's development agenda.

Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries
Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2015-10-23

Total Pages: 74

ISBN-13: 1498344062

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Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.

Exchange Rate Misalignment in Developing Countries
Exchange Rate Misalignment in Developing Countries

Author: Sebastian Edwards

Publisher: Johns Hopkins University Press

Published: 1988

Total Pages: 110

ISBN-13:

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This article analyzes the theory of equilibrium real exchange rates and defines misalignment as a deviation of the real exchange rate (RER) from its equilibrium level. The role of macroeconomic policies is then analyzed under three alternative nominal exchange rate regimes: predetermined nominal exchange rates; floating nominal rates; and dual or black market nominal exchange rates. This discussion points out how inconsistent macroeconomic policies often lead to real exchange rate misalignment. Corrective measures, including nominal devaluation and several alternative approaches, are then evaluated.

Growth in Sub-Saharan Africa
Growth in Sub-Saharan Africa

Author: Mr.Dhaneshwar Ghura

Publisher: International Monetary Fund

Published: 1995-12-01

Total Pages: 32

ISBN-13: 1451855753

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The paper investigates empirically the determinants of economic growth for a large sample of sub-Saharan African countries during 1981-92. The results indicate that (i) an increase in private investment has a relatively large positive impact on per capita growth; (ii) growth is stimulated by public policies that lower the budget deficit in relation to GDP (without reducing government investment), reduce the rate of inflation, maintain external competitiveness, promote structural reforms, encourage human capital development, and slow population growth; and (iii) convergence of per capita income occurs after controlling for human capital development and public policies.