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Contrasting Monetary Regimes in Africa

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  • Patrick Honohan
  • Stephen A. O'Connell

Abstract

In post-independence sub-Saharan Africa, institutional arrangements for monetary policy have taken a variety of forms, although the historical evolution of many African financial systems has been similar. This paper identifies five different regimes and examines how they evolved over time. It focuses on how the alternative institutional arrangements have influenced the performance of monetary policy under fiscal pressure, and concludes that, although the trend appears to be toward more flexible regimes, the transition to greater flexibility can exacerbate problems of credibility and of macroeconomic management.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 97/64.

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Length: 48
Date of creation: 01 May 1997
Date of revision:
Handle: RePEc:imf:imfwpa:97/64

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Cited by:
  1. Ngongang, Elie, 2011. "Impact of Exchange Rate Policy on the Trade of Industrial Products in Sub-Saharan Africa from 1975 to 2007," Review of Applied Economics, Review of Applied Economics, vol. 7(1-2).
  2. Gerald Epstein, 2009. "Rethinking Monetary and Financial Policy: Practical suggestions for monitoring financial stability while generating employment and poverty reduction," Published Studies ilo_epstein11_09, Political Economy Research Institute, University of Massachusetts at Amherst.
  3. Epstein, Gerald, 2009. "Rethinking monetary and financial policy : practical suggestions for monitoring financial stability while generating employment and poverty reduction," ILO Working Papers 434439, International Labour Organization.
  4. Zhao, Xiaodan & Kim, Yoonbai, 2009. "Is the CFA Franc Zone an Optimum Currency Area?," World Development, Elsevier, vol. 37(12), pages 1877-1886, December.
  5. Honohan, Patrick & Lane, Philip R., 2000. "Will the Euro trigger more monetary unions in Africa?," Policy Research Working Paper Series 2393, The World Bank.
  6. Hefeker, Carsten, 2003. "Fiscal Reform and Monetary Union in West Africa," HWWA Discussion Papers 224, Hamburg Institute of International Economics (HWWA).
  7. Patrick Honohan & Thorsten Beck, 2007. "Making Finance Work for Africa," World Bank Publications, The World Bank, number 6626, October.
  8. Chantal Dupasquier & Patrick N. Osakwe & Shandre M. Thangavelu, 2005. "Choice of Monetary and Exchange Regimes in ECOWAS: An Optimum Currency Area Analysis," SCAPE Policy Research Working Paper Series 0510, National University of Singapore, Department of Economics, SCAPE.
  9. Arto Kovanen, 2002. "Reserve Requirementson Foreign Currency Deposits in Sub-Saharan Africa," IMF Working Papers 02/65, International Monetary Fund.

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