Contrasting Monetary Regimes in Africa
IMF Working Papers, May 1, 1997
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- Contrasting Monetary Regimes in Africa
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Bibliographic details
- Authors: Patrick Honohan, Stephen A. O'Connell
- Published: May 1, 1997
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451848526.001
Overview
- Authors: Patrick Honohan, Stephen A. O'Connell
- Publication date: May 1, 1997
- Series: Working Paper No. 1997/064
- Issue: 064
- Volume: 1997
- Pages: 48
- DOI: https://doi.org/10.5089/9781451848526.001
- Stock No: WPIEA0641997
- ISBN: 9781451848526
- ISSN: 1018-5941
Central findings
- In post-independence sub-Saharan Africa, institutional arrangements for monetary policy have taken a variety of forms, although the historical evolution of many African financial systems has been similar.
- The paper identifies five different regimes and examines how they evolved over time.
- Focus of analysis: how the alternative institutional arrangements have influenced the performance of monetary policy under fiscal pressure.
- Main conclusion: although the trend appears to be toward more flexible regimes, the transition to greater flexibility can exacerbate problems of credibility and of macroeconomic management.
Themes and topics covered
- Banking
- Credit
- Currency boards
- Foreign exchange
- Government debt management
- Inflation
- Money
- Price stabilization
- Prices
- Public financial management (PFM)
Keywords (as listed)
- Africa
- Central Banks
- CFA government
- country
- Credit
- Currency boards
- development bank
- exchange rate
- Global
- government
- government credit
- Government debt management
- Inflation
- monetary management
- Monetary Policy
- Price stabilization
- printing press regime
- regime II
- regime IV
- regimes II
- state enterprise
- WP
Implications highlighted
- Transition toward greater flexibility in monetary regimes is observable.
- Transition periods may increase challenges related to credibility and macroeconomic management, especially under fiscal pressure.
- Institutional design of monetary policy matters for performance when fiscal pressures exist.
Contrasting Monetary Regimes in Africa — IMF Working Paper No. 1997/064 (Patrick Honohan and Stephen A. O'Connell, May 1, 1997).
Content in this bundle
- Contrasting Monetary Regimes in Africa - WP/97/64