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Exchange Rate Regimes and Revenue Performance in Sub-Saharan Africa

Author

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  • Christopher Adam
  • David Bevan

Abstract

It has been argued that the institutions of the CFA Franc zone may have reduced inflation but that they also induced misalignment of the real exchange rate and that this is the explanation for their dismal revenue performance. This paper uses a panel of 22 countries in sub-Saharan Africa to estimate revenue performance over the period from 1980 to 1996. It finds that the poor cumulative relative revenue performance of the franc zone countries is mainly attributable to differences in environmental and structural factors, and that different responses to changes in the equilibrium real exchange rate, but that the misalignment of the real exchange rate also played a part.

Suggested Citation

  • Christopher Adam & David Bevan, 2000. "Exchange Rate Regimes and Revenue Performance in Sub-Saharan Africa," Economics Series Working Papers 9, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:wpaper:9
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    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development

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