Cover IMF Working Papers
Exchange Rate Liberalization in Selected Sub-Saharan African Countries Successes, Failures, and Lessons
Author: Mr. Nils O Maehlehttps://orcid.org/0000-0002-3135-5336, Ms. Haimanot Teferra, and Mrs. Armine Khachatryan
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.
Download PDF (2.4 MB) Download Epub
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.
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund