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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

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.

Suggested Citation

  • Nils Øyvind Mæhle & Haimanot Teferra & Armine Khachatryan, 2013. "Exchange Rate Liberalization in Selected Sub-Saharan African Countries Successes, Failures, and Lessons," IMF Working Papers 13/32, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:13/32
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    1. Mathias Hoffmann, 2007. "Fixed versus Flexible Exchange Rates: Evidence from Developing Countries," Economica, London School of Economics and Political Science, vol. 74(295), pages 425-449, August.
    2. Thorvaldur Gylfason, 2002. "The Real Exchange Rate Always Floats," Australian Economic Papers, Wiley Blackwell, vol. 41(4), pages 369-381, December.
    3. Kalpana Kochhar & Erik Offerdal & Louis Dicks-Mireaux & Mauro Mecagni & Jianping Zhou & Balázs Horváth & David John Goldsbrough & Sharmini Coorey, 1996. "Reinvigorating Growth in Developing Countries; Lessons from Adjustment Policies in Eight Economies," IMF Occasional Papers 139, International Monetary Fund.
    4. 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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