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

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  • Nils Øyvind Mæhle
  • Haimanot Teferra
  • Armine Khachatryan
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    Abstract

    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.

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    Bibliographic Info

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

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

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    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;

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    1. Thorvaldur Gylfason, 2002. "The Real Exchange Rate Always Floats," Australian Economic Papers, Wiley Blackwell, vol. 41(4), pages 369-381, December.
    2. Hoffmann, Mathias, 2003. "Fixed versus Flexible Exchange Rates: Evidence from Developing Countries," Royal Economic Society Annual Conference 2003 109, Royal Economic Society.
    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.
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