Contrasting Monetary Regimes in Africa

Author/Editor:

Patrick Honohan ; Stephen A. O'Connell

Publication Date:

May 1, 1997

Electronic Access:

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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:

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. It focuses on how the alternative institutional arrangements have influenced the performance of monetary policy under fiscal pressure, and concludes that, although the trend appears to be toward more flexible regimes, the transition to greater flexibility can exacerbate problems of credibility and of macroeconomic management.

Series:

Working Paper No. 1997/064

Subject:

Banking Credit Currency boards Foreign exchange Government debt management Inflation Money Price stabilization Prices Public financial management (PFM)

English

Publication Date:

May 1, 1997

ISBN/ISSN:

9781451848526/1018-5941

Stock No:

WPIEA0641997

Pages:

48

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