Exchange Rate Regimes and Revenue Performance in Sub-Saharan Africa

Christopher Adam (), David L. Bevan () and G. Chambas

No 9, Economics Series Working Papers from University of Oxford, Department of Economics

Abstract: It has been argued that the institutions of the CFA Franc zone may have reduced inflation but that they also induced misalignment of the real exchange rate and that this is the explanation for their dismal revenue performance. This paper uses a panel of 22 countries in sub-Saharan Africa to estimate revenue performance over the period from 1980 to 1996. It finds that the poor cumulative relative revenue performance of the franc zone countries is mainly attributable to differences in environmental and structural factors, and that different responses to changes in the equilibrium real exchange rate, but that the misalignment of the real exchange rate also played a part.

Keywords: revenue productivity; exchange rate regimes; Africa; panel data (search for similar items in EconPapers)
JEL-codes: O11 O23 (search for similar items in EconPapers)
Date: Written 2000
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Related works:
Working Paper: Exchange Rate Regimes and Revenue Performance in Sub-Saharan Africa
Journal Article: Exchange rate regimes and revenue performance in Sub-Saharan Africa (2001)
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