Contrasting Monetary Regimes in Africa
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Summary:
In post-independence sub-Saharan Africa, institutional arrangements for monetary policy have taken a variety of forms, although the historical evolution of many African financial systems has been similar. This paper identifies five different regimes and examines how they evolved over time. It focuses on how the alternative institutional arrangements have influenced the performance of monetary policy under fiscal pressure, and concludes that, although the trend appears to be toward more flexible regimes, the transition to greater flexibility can exacerbate problems of credibility and of macroeconomic management.
Series:
Working Paper No. 1997/064
Subject:
Banking Credit Currency boards Foreign exchange Government debt management Inflation Money Price stabilization Prices Public financial management (PFM)
English
Publication Date:
May 1, 1997
ISBN/ISSN:
9781451848526/1018-5941
Stock No:
WPIEA0641997
Pages:
48
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