Exchange Rate Liberalization in Selected Sub-Saharan African Countries Successes, Failures, and Lessons
AbstractMany 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.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 13/32.
Date of creation: 31 Jan 2013
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- Thorvaldur Gylfason, 2002.
"The Real Exchange Rate Always Floats,"
Australian Economic Papers,
Wiley Blackwell, vol. 41(4), pages 369-381, December.
- Hoffmann, Mathias, 2003. "Fixed versus Flexible Exchange Rates: Evidence from Developing Countries," Royal Economic Society Annual Conference 2003 109, Royal Economic Society.
- 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.
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