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

  • Nils Øyvind Mæhle
  • Haimanot Teferra
  • Armine Khachatryan
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    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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    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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    1. Gylfason, Thorvaldur, 2002. "The Real Exchange Rate Always Floats," CEPR Discussion Papers 3376, C.E.P.R. Discussion Papers.
    2. Hoffmann, Mathias, 2003. "Fixed versus Flexible Exchange Rates: Evidence from Developing Countries," Royal Economic Society Annual Conference 2003 109, Royal Economic Society.
    3. 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; 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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