{
  "title": "Contrasting Monetary Regimes in Africa",
  "publication": "IMF Working Papers, May 1, 1997",
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  "summary": "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. This paper identifies five different regimes and examines how they evolved over time.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Authors: Patrick Honohan, Stephen A. O'Connell\n- Publication date: May 1, 1997\n- Series: Working Paper No. 1997/064\n- Issue: 064\n- Volume: 1997\n- Pages: 48\n- DOI: https://doi.org/10.5089/9781451848526.001\n- Stock No: WPIEA0641997\n- ISBN: 9781451848526\n- ISSN: 1018-5941"
    },
    {
      "heading": "Central findings",
      "content": "- 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.\n- The paper identifies five different regimes and examines how they evolved over time.\n- Focus of analysis: how the alternative institutional arrangements have influenced the performance of monetary policy under fiscal pressure.\n- 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."
    },
    {
      "heading": "Themes and topics covered",
      "content": "- Banking\n- Credit\n- Currency boards\n- Foreign exchange\n- Government debt management\n- Inflation\n- Money\n- Price stabilization\n- Prices\n- Public financial management (PFM)"
    },
    {
      "heading": "Keywords (as listed)",
      "content": "- Africa\n- Central Banks\n- CFA government\n- country\n- Credit\n- Currency boards\n- development bank\n- exchange rate\n- Global\n- government\n- government credit\n- Government debt management\n- Inflation\n- monetary management\n- Monetary Policy\n- Price stabilization\n- printing press regime\n- regime II\n- regime IV\n- regimes II\n- state enterprise\n- WP"
    },
    {
      "heading": "Implications highlighted",
      "content": "- Transition toward greater flexibility in monetary regimes is observable.\n- Transition periods may increase challenges related to credibility and macroeconomic management, especially under fiscal pressure.\n- Institutional design of monetary policy matters for performance when fiscal pressures exist.\n\nContrasting Monetary Regimes in Africa — IMF Working Paper No. 1997/064 (Patrick Honohan and Stephen A. O'Connell, May 1, 1997).\n\n---\n\n Content in this bundle\n\n- Contrasting Monetary Regimes in Africa - WP/97/64\n  - Contrasting Monetary Regimes in Africa - WP/97/64 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Contrasting Monetary Regimes in Africa - WP/97/64 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/contrasting-monetary-regimes-in-africa-2236"
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    "Authors: Patrick Honohan, Stephen A. O'Connell",
    "Published: May 1, 1997",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451848526.001",
    "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",
    "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.",
    "Banking",
    "Credit",
    "Currency boards",
    "Foreign exchange",
    "Government debt management",
    "Inflation",
    "Money",
    "Price stabilization",
    "Prices",
    "Public financial management (PFM)",
    "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",
    "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 - WP/97/64**"
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