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

Author/Editor: Nils Øyvind Mæhle ; Haimanot Teferra ; Armine Khachatryan
Publication Date: January 31, 2013
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
Summary: 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.
Series: Working Paper No. 13/32
Subject(s): Exchange rate regimes | Sub-Saharan Africa | Exchange system liberalization | Economic growth | Cross country analysis

Publication Date: January 31, 2013
ISBN/ISSN: 9781557756695/1018-5941 Format: Paper
Stock No: WPIEA2013032 Pages: 71
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