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Institutions for Macroeconomic Stability in Africa

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  • Azam, Jean-Paul

Abstract

Before discussing the type of institutions that can be designed for overcoming the credibility problem raised by monetary policy, this paper defines macroeconomic instability, showing that inflation is a crucial factor. The relationships between inflation and macroeconomic instability are analysed using a small Australian-type model, with rational expectations, where a too-high rate of inflation entails a continuum of equilibria, regarded as the root of macroeconomic instability. The credibility issue is then discussed in a simple optimal seignorage framework. Different institutional solutions, ranging from currency board to IMF conditionality, are discussed. Copyright 1999 by Oxford University Press.

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Bibliographic Info

Article provided by Centre for the Study of African Economies (CSAE) in its journal Journal of African Economies.

Volume (Year): 8 (1999)
Issue (Month): 0 (December)
Pages: 6-29

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Handle: RePEc:oup:jafrec:v:8:y:1999:i:0:p:6-29

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Cited by:
  1. Mete Feridun, 2005. "Impact of Monetary Policy on Economic Instability in Turkey (1983 - 2003)," Prague Economic Papers, University of Economics, Prague, vol. 2005(2), pages 171-179.
  2. Hachicha, Ahmed & Lean Hooi Hooi, 2013. "Inflation, inflation uncertainty and output in Tunisia," Economics Discussion Papers 2013-1, Kiel Institute for the World Economy.

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