WorldCat Identities

International Monetary Fund African Department

Works: 899 works in 1,872 publications in 1 language and 27,188 library holdings
Genres: History 
Classifications: HG3810, 332.042096
Publication Timeline
Most widely held works by International Monetary Fund
Exchange rate pass-through in Sub-Saharan African economies and its determinants by Ivohasina F Razafimahefa( )
2 editions published in 2012 in English and held by 308 WorldCat member libraries worldwide
This paper analyzes the exchange rate pass-through to domestic prices and its determinants in sub-Saharan African countries. It finds that the pass-through is incomplete. The pass-through is larger following a depreciation than after an appreciation of the local currency. The average elasticity is estimated at about 0.4. It is lower in countries with more flexible exchange rate regimes and in countries with a higher income. A low inflation environment, a prudent monetary policy, and a sustainable fiscal policy are associated with a lower pass-through. The degree of pass-through has declined in the SSA region since the mid-1990s following marked improvements in macroeconomic and political environments
Cyclical patterns of government expenditures in Sub-Saharan Africa facts and factors by Victor Lledo( )
6 editions published in 2009 in English and held by 269 WorldCat member libraries worldwide
This paper documents cyclical patterns of government expenditures in sub-Saharan Africa since 1970 and explains variation between countries and over time. Controlling for endogeneity, it finds government expenditures to be slightly more procyclical in sub-Saharan Africa than in other developing countries and some evidence that procyclicality in Africa has declined in recent years after a period of sharp increase through the 1990s. Greater fiscal space, proxied by lower external debt, and better access to concessional financing, proxied by larger aid flows, seem to be important factors in diminishing procyclicality in the region. The role of institutions is less clear cut: change in political institutions have no impact on procyclicality
Sub-Saharan Africa's integration in the global financial markets by Corinne Deléchat( )
6 editions published in 2009 in English and held by 266 WorldCat member libraries worldwide
The paper uses a unique database covering 44 countries in sub-Saharan Africa (SSA) countries between 2000 and 2007 to study the determinants of the allocation and composition of flows across countries, as well as channels through which private capital flows could affect growth. In our sample, the degree of financial market development is an important determinant of the distribution of capital flows across countries as opposed to property rights institutions. The fairly consistent positive association between net capital flows and growth for SSA countries contrasts with the more pessimistic res
Bank efficiency in Sub-Saharan African middle-income countries by Chuling Chen( )
3 editions published in 2009 in English and held by 261 WorldCat member libraries worldwide
We use bank level data to study the efficiency of banks in Sub-Saharan African middle-income countries and provide possible explanations for the difference in the efficiency levels of banks. We find that banks, on average, could save 20-30 percent of their total costs if they were operating efficiently, and that foreign banks are more efficient than public banks and domestic private banks. Among the factors that could affect the efficiency levels are macroeconomic stability, depth of financial development, the degree of market competition, strong legal rights and contract laws, and better governance, including political stability and government effectiveness. Our findings point to the importance of policies that aim to build stronger institutions, promote more competition, and improve governance
What is fuzzy about clustering in West Africa? by Charalambos G Tsangarides( )
6 editions published in 2006 in English and held by 260 WorldCat member libraries worldwide
Applying techniques of clustering analysis to a set of variables suggested by the convergence criteria and the theory of optimal currency areas, this paper looks for country homogeneities to assess membership in the existing and proposed monetary unions of the broader west African region. Our analysis reveals considerable dissimilarities in the economic characteristics of the countries in west and central Africa. In particular, the West African Monetary Zone (WAMZ) countries do not form a cluster with the West Africa Economic and Monetary Union (WAEMU) countries; and, within the WAMZ, there is a significant lack of homogeneity. Furthermore, when west and central African countries are considered together, we find significant heterogeneities within the CFA franc zone, and some interesting similarities between the Economic and Monetary Community of Central Africa (CEMAC) and WAMZ countries. Overall, our findings raise some questions about the geographical boundaries of several existing and proposed monetary unions
Economic growth and total factor productivity in Niger by Jean-Claude Nachega( )
4 editions published in 2006 in English and held by 260 WorldCat member libraries worldwide
This paper investigates empirically the sources of aggregate output growth and the determinants of total factor productivity (TFP) in Niger between 1963 and 2003. A growth accounting analysis indicates that the erosion in output per capita over the sample period is due to the negative growth of both TFP and physical capital per capita. Sound macroeconomic policies, supported by official development assistance and structural reforms, are found to be key to raising TFP growth
FEER for the CFA Franc by Y Abdih( )
4 editions published in 2006 in English and held by 260 WorldCat member libraries worldwide
We apply the fundamentals equilibrium exchange rate (FEER) approach and the Johansen cointegration methodology to investigate the behavior of the real effective exchange rates of the two monetary unions of the CFA franc zone (CEMAC and WAEMU) vis-à-vis their long-run equilibrium paths. For both CEMAC and WAEMU, our results indicate that: (i) the fundamentals account for most of the fluctuation of the real effective exchange rates, with increases in the terms of trade, government consumption, and productivity improvements causing the exchange rate to appreciate, and increases in investment and openness leading to a depreciation; (ii) at end-2005 both the CEMAC and WAEMU real effective exchange rates were broadly in line with their long-run equilibrium values; and (iii) following a shock, reversion to equilibrium is twice as fast in WAEMU than in CEMAC
How can Burundi raise its growth rate? the impact of civil conflicts and state intervention on Burundi's growth performance by Olivier Basdevant( )
3 editions published in 2009 in English and held by 260 WorldCat member libraries worldwide
Over the last thirty years Burundi's low economic growth has led to a significant decline in per capita GDP. The purpose of this paper is to shed light on supply-side constraints that prevented Burundi's economy from growing faster. Lack of investment, civil conflict, economic inefficiencies, state intervention in the economy, and regulatory restrictions explain a large part of the weak growth performance for the last thirty years
World crude oil markets monetary policy and the recent oil shock by Noureddine Krichene( )
5 editions published in 2006 in English and held by 259 WorldCat member libraries worldwide
This paper examines the relationship between monetary policy and oil prices within a world oil demand and supply model. Low price and high income elasticities of demand and rigid supply explain high price volatilities and producers' market power. Exchange and interest rates do influence oil market equilibrium. The relationship between oil prices and interest rates is a two-way relationship that depends on the type of oil shock. During a supply shock, rising oil prices caused interest rates to increase; whereas during a demand shock, falling interest rates caused oil prices to rise. Record low interest rates led to high oil price volatility in 2005. Data shows that world economic growth and price stability require stable oil markets and therefore more prudent monetary policies
Wealth effects in Europe a tale of two countries (Italy and the United Kingdom) by Sònia Muñoz( )
7 editions published in 2006 in English and held by 258 WorldCat member libraries worldwide
This paper investigates the increasing exposure of European households to risky financial assets and the consequent impact on the economy. I analyze household data for Italy and the United Kingdom, countries that differ dramatically in their financial structure and capital markets. I estimate an endogenous switching model with bivariate switching to overcome two important obstacles in this line of research, namely, the consumption Capital Asset Pricing Model Puzzle and the excess sensitivity puzzle. The results show that there are wealth effects in both countries. I find some evidence of liquidity constraints only in Italy and habit formation exclusively in the United Kingdom
Adopting full dollarization in postconflict economies would the gains compensate for the losses in Liberia? by Jiro Honda( )
5 editions published in 2006 in English and held by 258 WorldCat member libraries worldwide
This paper discusses whether adopting the U.S. dollar as the sole legal tender could help Liberia, a postconflict economy, to boost growth and strengthen fiscal discipline. In view of the performance of exchange rate regimes in many countries and Liberia's own experience with dollarization, we conclude that Liberia should not adopt full dollarization for the following reasons: (i) the alleged benefits voiced by the proponents of dollarization, in terms of enhanced fiscal discipline and faster economic growth, are not supported by the empirical evidence; (ii) dollarization would increase the Liberian economy's vulnerability to external shocks and Liberia's social fragility; (iii) banks in fully dollarized economies face additional capitalization requirements that Liberian banks cannot meet at present; and (iv) dollarization would be costly in terms of real resources because of the loss of seigniorage
Exchange rate misalignment an application of the behavioral equilibrium exchange rate (BEER) to Botswana by Atsushi Iimi( )
5 editions published in 2006 in English and held by 257 WorldCat member libraries worldwide
Botswana's successive currency devaluations and recent move from a fixed to a crawling peg exchange rate regime raise the question of whether the exchange rate might be misaligned with economic fundamentals. This paper, applying the behavioral equilibrium exchange rate (BEER) approach, analyzes the behavior of the real exchange rate for the period 1985-2004. It finds that the pula was undervalued in the later 1980s but overvalued in recent years. Some policy lessons from experiences in other countries with crawling peg arrangements are therefore considered in the context of Botswana
Improving surveillance across the CEMAC region by Plamen Iossifov( )
6 editions published in 2009 in English and held by 257 WorldCat member libraries worldwide
In this paper, we consider the design of the surveillance, and, in particular, the fiscal criteria in the Central African Economic and Monetary Community (CEMAC) with the view to ensuring they are consistent with internal and external sustainability. This consistency is important within a monetary union because fiscal policy is the primary instrument through which national governments can influence macroeconomic performance. We comment on how surveillance might be improved by broadening the region's current criteria through alternative fiscal indicators, some focus on the scope and nature of external shocks, and attention to the consistency of policies in assuring the viability of the union and its fixed exchange rate regime
Spillovers from the rest of the world into Sub-Saharan African countries by Paulo Flavio Nacif Drummond( )
4 editions published in 2009 in English and held by 257 WorldCat member libraries worldwide
This paper investigates the impact of a global slowdown on individual African countries using a series of dynamic panel regressions for countries in the region, relating real growth in domestic output to world growth in trade weighted by partner countries and several control variables: oil prices, non-oil prices, financial variables, and country fixed effects. Estimates are then applied to prepare country-specific simulations. The model, which is shown to estimate well out-of-sample spillover effects in the region, shows that countries in the region are significantly affected by lower external
Why do prices in Sierra Leone change so often? a case study using micro-level price data by Arto Kovanen( )
6 editions published in 2006 in English and held by 257 WorldCat member libraries worldwide
We use cross-section and time-series techniques to analyze pricing behavior in Sierra Leone. In cross-sectional data, we find that inflation volatility and product diversification are the main factors explaining differences in the frequency of price adjustments. We show that variance in the fraction of prices subject to change is a key determinant of inflation volatility in Sierra Leone, indicating that retail prices are sensitive to economic events. We explain variations in this fraction over time with past inflation and monetary growth, which are important policy variables
Zimbabwe's export performance the impact of the parallel market and governance factors by Sònia Muñoz( )
6 editions published in 2006 in English and held by 256 WorldCat member libraries worldwide
This paper analyzes Zimbabwe's export performance in recent years and identifies the factors that could improve export performance, from both a quantitative and qualitative perspective. Improving export performance is critical to a turnaround in Zimbabwe's economic situation. The growth rate of total exports declined dramatically in the early 2000s, following a large real appreciation of the currency and the introduction of the fast-track land reform program. An important finding of the paper is that policies that reduce (eliminate) the parallel market premium and lower ethnic tensions would be key to promoting export growth
Understanding the growth of African financial markets by Mihasonirina Andrianaivo( )
4 editions published in 2009 in English and held by 256 WorldCat member libraries worldwide
Examines empirically the determinants of financial market development in Africa with an emphasis on banking systems and stock markets
Did Botswana escape from the resource curse? by Atsushi Iimi( )
4 editions published in 2006 in English and held by 256 WorldCat member libraries worldwide
Botswana is typical of the countries that are endowed with abundant natural resources. Although it is commonly accepted that resource-rich economies tend to fail in accelerating growth, Botswana has experienced the most remarkable economic performance in the region. Using the latest cross-country data, this study empirically readdresses the question of whether resource abundance can contribute to growth. It finds that governance determines the extent to which the growth effects of resource wealth can materialize. In developing countries in particular, the quality of regulation, such as the predictability of changes of regulations, and anticorruption policies, such as transparency and accountability in the public sector, are most important for effective natural resource management and growth
Excess liquidity and effectiveness of monetary policy evidence from Sub-Saharan Africa by Magnus Saxegaard( )
5 editions published in 2006 in English and held by 256 WorldCat member libraries worldwide
This paper examines the pattern of excess liquidity in sub-Saharan Africa and its consequences for the effectiveness of monetary policy. The paper argues that understanding the consequences of excess liquidity requires quantifying the extent to which commercial bank holdings of excess liquidity exceed levels required for precautionary purposes. It proposes a methodology for measuring this quantity and uses it to estimate a nonlinear structural VAR model for the CEMAC region, Nigeria and Uganda. The study suggests that excess liquidity weakens the monetary policy transmission mechanism and thus the ability of monetary authorities to influence demand conditions in the economy
Determinants of emigrant deposits in Cape Verde by I Karpowicz( )
4 editions published in 2006 in English and held by 254 WorldCat member libraries worldwide
In the last decade Cape Verde has experienced a strong accumulation of emigrant deposits. These deposits have provided much needed foreign exchange to the country, adding support to the exchange rate peg. This paper studies the long-run determinants of emigrant deposits with respect to risk, wealth, and return variables, isolating speculative and altruistic motives underlying the accumulation of flows. The study suggests that the temporary character of recent emigration is responsible for the rise in the share of flows driven by altruism. Finally, the paper discusses policy implications in light of the empirical findings and the recent literature on this topic
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Alternative Names

controlled identity International Monetary Fund

International Monetary Fund. African Dept.
English (95)