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Cape Verde: Selected Issues
Author:
International Monetary Fund
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2008: Issue 243
Language:
English
Publication Date:
24 Jul 2008
DOI:
https://doi.org/10.5089/9781451809480.002
ISBN:
9781451809480
ISSN:
1934-7685
Pages:
25
Keywords:
ISCR; CR; growth cycle; Cape Verde exchange rate regime; years remittance; portfolio investment motivation; cape Verdean economy; remittances to Cape Verde; GDP in Cape Verde; volatility in Cape Verde; smoothing consumption; openness of Cape Verde's economy; Remittances; Tourism; Conventional peg; Exchange rate arrangements; Europe; Global; Sub-Saharan Africa
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This Selected Issues paper examines macroeconomic challenges for a highly tourism-based economy such as Cape Verde. The changing structure of Cape Verde’s balance-of-payments financing calls for a closer look at the volatility of remittances and their role as an absorber of economic shocks. The paper finds that compared with other external inflows, remittances continue to be a reliable source of foreign financing, but they are declining in importance. It also shows that this influence seems to be gradually fading, and remittances are becoming increasingly procyclical.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund