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Does Latin America Have More To Gain From Exchange Rate Liberalization Than Sub-Saharan Africa?

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Author Info
BARTHOLOMEW ARMAH
Abstract

An examination of the relationship between exchange rate liberalization and economic growth in selected Latin American and Sub-Saharan African countries reveals evidence of a short-run causal relationship between the two variables in both Latin America and Sub-Saharan Africa. Within each region, exchange rate liberalization causes growth in some countries while others exhibit reverse causality running from growth to exchange rate liberalization. The key distinction between the regions is that, while liberalization of the exchange rate leads to increased growth and growth induces exchange rate liberalization in most Latin American countries, in the majority of Sub-Saharan African countries studied, exchange rate liberalization reduces growth while growth causes distortions in the exchange rate. Market imperfections, expansionary fiscal and monetary policies under a fixed exchange rate regime, and poor items of trade are cited as possible explanations for the findings for Sub-Saharan Africa. [F, O]

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Article provided by Korean International Economic Association in its journal International Economic Journal.

Volume (Year): 14 (2000)
Issue (Month): 2 (June)
Pages: 113-132
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Handle: RePEc:taf:intecj:v:14:y:2000:i:2:p:113-132

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  1. Anne O. Krueger, 1980. "Trade Policy as an Input to Development," NBER Working Papers 0466, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Feder, Gershon, 1983. "On exports and economic growth," Journal of Development Economics, Elsevier, vol. 12(1-2), pages 59-73. [Downloadable!] (restricted)
  3. Lal, Deepak & Rajapatirana, Sarath, 1987. "Foreign Trade Regimes and Economic Growth in Developing Countries," World Bank Research Observer, Oxford University Press, vol. 2(2), pages 189-217, July.
  4. Balassa, Bela, 1978. "Exports and economic growth : Further evidence," Journal of Development Economics, Elsevier, vol. 5(2), pages 181-189, June. [Downloadable!] (restricted)
  5. James MacKinnon, 1990. "Critical Values for Cointegration Tests," University of California at San Diego, Economics Working Paper Series 90-4, Department of Economics, UC San Diego. [Downloadable!]
  6. Krueger, Anne O, 1980. "Trade Policy as an Input to Development," American Economic Review, American Economic Association, vol. 70(2), pages 288-92, May. [Downloadable!] (restricted)
  7. Michaely, Michael, 1977. "Exports and growth : An empirical investigation," Journal of Development Economics, Elsevier, vol. 4(1), pages 49-53, February. [Downloadable!] (restricted)
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