Exchange Rate Liberalization in Selected Sub-Saharan African Countries Successes, Failures, and Lessons
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Summary:
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.
Series:
Working Paper No. 2013/032
Subject:
Currency markets Exchange rate arrangements Exchange rates Financial markets Foreign exchange Inflation Multiple currency practices Prices
English
Publication Date:
January 31, 2013
ISBN/ISSN:
9781557756695/1018-5941
Stock No:
WPIEA2013032
Pages:
71
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