Cape Verde: Selected Issues

International Monetary Fund

No 2008/243, IMF Staff Country Reports from International Monetary Fund

Abstract: This Selected Issues paper examines macroeconomic challenges for a highly tourism-based economy such as Cape Verde. The changing structure of Cape Verde’s balance-of-payments financing calls for a closer look at the volatility of remittances and their role as an absorber of economic shocks. The paper finds that compared with other external inflows, remittances continue to be a reliable source of foreign financing, but they are declining in importance. It also shows that this influence seems to be gradually fading, and remittances are becoming increasingly procyclical.

Keywords: ISCR; CR; growth cycle; Cape Verde exchange rate regime; years remittance; portfolio investment motivation; cape Verdean economy; remittances to Cape Verde; GDP in Cape Verde; volatility in Cape Verde; smoothing consumption; openness of Cape Verde's economy; Remittances; Tourism; Conventional peg; Exchange rate arrangements; Europe; Global; Sub-Saharan Africa (search for similar items in EconPapers)
Pages: 25
Date: 2008-07-24
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