## Contrasting Monetary Regimes in Africa

_IMF Working Papers, May 1, 1997_

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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

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### 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)._

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_Source: https://www.imf.org/en/publications/wp/issues/2016/12/30/contrasting-monetary-regimes-in-africa-2236_