Effect Of Exchange Rate Movements On Inflation In Sub Saharan Africa
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Effect Of Exchange Rate Movements On Inflation In Sub Saharan Africa
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Author : Laurent Kemoe
language : en
Publisher: International Monetary Fund
Release Date : 2024-03-15
Effect Of Exchange Rate Movements On Inflation In Sub Saharan Africa written by Laurent Kemoe and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-03-15 with Business & Economics categories.
This paper provides new evidence on the exchange rate passthrough to domestic inflation in Sub-Saharan Africa (SSA) using both bilateral US dollar exchange rate and the nominal effective exchange rate (NEER), and monthly data. We find that depreciations cause sizable increases in domestic inflation. The passthrough in SSA is higher than in other regions and its magnitude depends on the exchange rate regime, type of exchange rate (bilateral versus NEER), natural resource endowment and domestic market competitiveness. The passthrough is found to be disproportionately larger and more persistent for large depreciation shocks, and for exchange rate changes that are more persistent. We also find evidence of asymmetry, with passthrough eight times stronger during depreciations than appreciations. Additional findings suggest that improved monetary policy effectiveness is an important driver of our observed declining estimates of exchange rate passthrough over time, supporting the long-standing view that strengthening monetary policy frameworks and credibility helps mitigate the impact of depreciations on inflation.
Inflation In African Countries
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1989-10-19
Inflation In African Countries written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989-10-19 with Business & Economics categories.
Since the mid-1970s the annual inflation rate in Africa has averaged more than 15 percent, with many countries experiencing rates of 20 percent or more. Inflation rates of this magnitude have significant adverse effects on the financial sectors of African countries, particularly in the context of fixed nominal interest rates. Econometric analysis points strongly to monetary expansion as a major cause of inflation in African countries generally. Exchange rate depreciation is also associated with higher inflation, although in some countries the domestic currency was depreciated to offset the effects of recent inflation, rather than being a cause of inflation.
Africa S Rising Inflation
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Author : Ajay Chhibber
language : en
Publisher: World Bank Publications
Release Date : 1991
Africa S Rising Inflation written by Ajay Chhibber and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Africa categories.
Is there a link between devaluation and high inflation? It depends on accompanying monetary and fiscal policies and the presence of parallel markets. An open capital account would curtail fiscal profligacy and provide price stability without jeopardizing growth.
Macroeconomic Fluctuations In Sub Saharan Africa
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Author : Mr.Alexander W. Hoffmaister
language : en
Publisher: International Monetary Fund
Release Date : 1997-07-01
Macroeconomic Fluctuations In Sub Saharan Africa written by Mr.Alexander W. Hoffmaister and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-07-01 with Business & Economics categories.
The sources of macroeconomic fluctuations in sub–Saharan African are examined by comparing the CFA franc countries with the non–CFA franc countries. External shocks, especially terms of trade shocks, appear to have a greater influence on fluctuations of output and the real exchange rate in CFA franc countries. This result does not appear to be associated with differences in the economic structure but may reflect the fixed exchange rate regime, which does not (partially) buffer these countries from external shocks. Macroeconomic fluctuations in non–CFA franc countries are similar to those in other developing countries, particularly in Latin America.
The Liberalization Of Foreign Exchange Markets And Economic Growth In Sub Saharan Africa
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Author : Nguyuru Haruna Ibrahim Lipumba
language : en
Publisher:
Release Date : 1997
The Liberalization Of Foreign Exchange Markets And Economic Growth In Sub Saharan Africa written by Nguyuru Haruna Ibrahim Lipumba and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Business & Economics categories.
The Liberalization of Foreign Exchange Markets & Economic Growth in Sub-Saharan Africa offers an historical rationale for intervention in foreign exchange markets to promote long-term development. It also reviews exchange rate theory & balance of payments management & their application to African countries. The publication is part of the Research for Action series which discusses policy-oriented research on the main strategic issues of development & international cooperation, as well as on the interaction between domestic & global changes.
Exchange Rate And Foreign Interest Rate Linkages For Sub Saharan Africa Floaters
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Author : Mr.Alun H. Thomas
language : en
Publisher: International Monetary Fund
Release Date : 2012-08-01
Exchange Rate And Foreign Interest Rate Linkages For Sub Saharan Africa Floaters written by Mr.Alun H. Thomas and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-08-01 with Business & Economics categories.
The paper considers the determinants of exchange rate movements among sub-Saharan countries that have flexible exchange rate regimes. The determinants are based on the law of one price and interest parity conditions. Results indicate that the exchange rates have responded significantly to changes in the US Treasury bill rate and to the EMBI spread in recent years. The effects are more important for countries with open capital accounts. On the other hand the paper does not provide any support for the interest rate parity theory because domestic interest rates have no bearing on exchange rate movements.
Impact Of The Global Financial Crisis On Exchange Rates And Policies In Sub Saharan Africa
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Author : Stella Kaendera
language : en
Publisher: International Monetary Fund
Release Date : 2009-12-15
Impact Of The Global Financial Crisis On Exchange Rates And Policies In Sub Saharan Africa written by Stella Kaendera and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12-15 with Business & Economics categories.
This paper studies the evolution of the exchange rates of sub-Saharan African currencies in the context of the global financial crisis. In particular, it analyzes the reasons behind the differences in the magnitude and volatility of the exchange rates among countries. To this end, it takes a sample of seven countries, four members of the East African Community (EAC) (Kenya, Rwanda, Tanzania, and Uganda), and three others, which experienced large exchange rate losses at the onset of the crisis: Ghana, Nigeria, and Zambia. First, it analyzes the movements of the exchange rates with respect to the U.S. dollar and two other major currencies. Second, it tries to link the magnitude of their movements to key factors, relating to the external environment and the countries’ internal policies.
On The Drivers Of Inflation In Sub Saharan Africa
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Author : Anh D. M. Nguyen
language : en
Publisher: International Monetary Fund
Release Date : 2015-08-05
On The Drivers Of Inflation In Sub Saharan Africa written by Anh D. M. Nguyen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-08-05 with Business & Economics categories.
The perception that inflation dynamics in Sub-Saharan Africa (SSA) are driven by supply shocks implies a limited role for monetary policy in influencing inflation in the short run. SSA’s rapid growth, its integration with the global economy, changes in the policy frameworks, among others, in the last decade suggest that the drivers of inflation may have changed. We quantitatively analyze inflation dynamics in SSA using a Global VAR model, which incorporates trade and financial linkages among economies, as well as the role of regional and global demand and inflationary spillovers. We find that in the past 25 years, the main drivers of inflation have been domestic supply shocks and shocks to exchange rate and monetary variables; but that, in recent years, the contribution of these shocks to inflation has fallen. Domestic demand pressures as well as global shocks, and particularly shocks to output, however, have played a larger role in driving inflation over the last decade. We also show that country characteristics matter—the extent of oil and food imports, vulnerability to weather shocks, economic importance of agriculture, trade openness and policy regime, among others, help in explaining the role of shocks.
Monetary Growth And Exchange Rate Depreciation As Causes Of Inflation In African Countries
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Author : Mr.Elie Canetti
language : en
Publisher: International Monetary Fund
Release Date : 1991-07-01
Monetary Growth And Exchange Rate Depreciation As Causes Of Inflation In African Countries written by Mr.Elie Canetti and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-07-01 with Business & Economics categories.
This paper examines the relative importance of monetary growth and exchange rate depreciation as causes of inflation in a sample of 10 Sub-Saharan African countries. Causality tests and impulse response functions derived from vector autoregression (VAR) analysis suggest that both monetary expansion and exchange rate adjustments cause inflation in a number of these countries. However, the failure of the tests to attribute the bulk of the variance in inflation in most of the countries to either variable suggests either a problem with the statistical technique or that some other factor--perhaps structural bottlenecks or a measure of overall macroeconomic policy stance incorporating both monetary and exchange rate policy--may be even more important as a determinant of inflation in African countries.
Black Markets For Foreign Exchange Real Exchange Rates And Inflation
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Author : Brian Pinto
language : en
Publisher: World Bank Publications
Release Date : 1988
Black Markets For Foreign Exchange Real Exchange Rates And Inflation written by Brian Pinto and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Black market categories.
Inflation could rise permanently and substantially as a result of unifying official and black market exchange rates, even if real government spending remains constant.