Advanced Search
MyIDEAS: Login to save this paper or follow this series

Exchange Rate Liberalization in Selected Sub-Saharan African Countries Successes, Failures, and Lessons


Author Info

  • Nils Øyvind Mæhle
  • Haimanot Teferra
  • Armine Khachatryan
Registered author(s):


    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.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL:
    Download Restriction: no

    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 13/32.

    as in new window
    Length: 71
    Date of creation: 31 Jan 2013
    Date of revision:
    Handle: RePEc:imf:imfwpa:13/32

    Contact details of provider:
    Postal: International Monetary Fund, Washington, DC USA
    Phone: (202) 623-7000
    Fax: (202) 623-4661
    Web page:
    More information through EDIRC

    Order Information:

    Related research

    Keywords: Exchange rate regimes; Sub-Saharan Africa; Exchange system liberalization; Economic growth; Cross country analysis; Exchange rate regimes and reforms; inflation; structural adjustment; foreign exchange; real effective exchange rate; official exchange rate; market exchange rate; foreign exchange market; exchange rates; exchange reserves; foreign exchange shortages; foreign exchange reserves; real exchange rate; parallel exchange rate; nominal exchange rate; exchange rate depreciation; exchange rate adjustments; floating exchange rate; exchange rate volatility; floating exchange rate regime; exchange rate expectations; overvalued exchange rate; exchange rate policy; exchange rate system; foreign exchange markets; exchange rate reforms; real effective exchange rates; real exchange rate volatility; exchange rate rule; nominal exchange rate depreciation; foreign exchange payments; market exchange rates; exchange rate depreciations; dual exchange rate; dollar exchange rate; exchange transactions; foreign exchange earnings; multiple exchange rate; current account balance; constant real exchange rate; foreign exchange rate; floating exchange rates; overvalued exchange rates; exchange rate policies;


    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
    as in new window
    1. Hoffmann, Mathias, 2003. "Fixed versus Flexible Exchange Rates: Evidence from Developing Countries," Royal Economic Society Annual Conference 2003, Royal Economic Society 109, Royal Economic Society.
    2. Gylfason, Thorvaldur, 2002. "The Real Exchange Rate Always Floats," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3376, C.E.P.R. Discussion Papers.
    3. Atish R. Ghosh & Jonathan David Ostry & Charalambos G. Tsangarides, 2011. "Exchange Rate Regimes and the Stability of the International Monetary System," IMF Occasional Papers 270, International Monetary Fund.
    4. Kalpana Kochhar & Erik Offerdal & Louis Dicks-Mireaux & Mauro Mecagni & Jian-Ping Zhou & Balázs Horváth & David John Goldsbrough & Sharmini Coorey, 1996. "Reinvigorating Growth in Developing Countries," IMF Occasional Papers 139, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)



    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.


    Access and download statistics


    When requesting a correction, please mention this item's handle: RePEc:imf:imfwpa:13/32. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jim Beardow) or (Hassan Zaidi).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.