IMF Working Papers Volume 2013 Issue 032: Exchange Rate Liberalization in Selected Sub-Saharan African Countries Successes, Failures, and Lessons (2013)

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

Author:

Mr. Nils O Maehle

Mr. Nils O Maehle
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https://orcid.org/0000-0002-3135-5336

Ms. Haimanot Teferra

Ms. Haimanot Teferra
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, and

Mrs. Armine Khachatryan

Mrs. Armine Khachatryan
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Series:: IMF Working Papers

Volume/Issue:: Volume 2013: Issue 032

Language:: English

Publication Date:: 31 Jan 2013

DOI:: https://doi.org/10.5089/9781557756695.001

ISBN:: 9781557756695

ISSN:: 1018-5941

Pages:: 71

Keywords:: WP; exchange rate; U.S. dollar; government; country; headline inflation; proceeds; Exchange rate regimes; reforms; growth; inflation; structural adjustment; managed float; per capita income; inflation rate; exchange rate liberalization; stabilization effort; exchange rate depreciation; U.S. dollar exchange rate; adjustable peg; auction market; overvalued exchange rate; Exchange rates; Exchange rate arrangements; Currency markets; Sub-Saharan Africa

Legal-disclaimer:: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Series:: IMF Working Papers

Volume/Issue:: Volume 2013: Issue 032

Language:: English

Publication Date:: 31 Jan 2013

DOI:: https://doi.org/10.5089/9781557756695.001

ISBN:: 9781557756695

ISSN:: 1018-5941

Pages:: 71

Keywords:: WP; exchange rate; U.S. dollar; government; country; headline inflation; proceeds; Exchange rate regimes; reforms; growth; inflation; structural adjustment; managed float; per capita income; inflation rate; exchange rate liberalization; stabilization effort; exchange rate depreciation; U.S. dollar exchange rate; adjustable peg; auction market; overvalued exchange rate; Exchange rates; Exchange rate arrangements; Currency markets; Sub-Saharan Africa

Legal-disclaimer:: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

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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.

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IMF Working Papers

ISSN:: 1018-5941

Publisher:: International Monetary Fund

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