Exchange Rate Management for Commodity-Dependent Countries: A Zambian Case Study
Chapter 9 in Commodities, Governance and Economic Development under Globalization, 2010, pp 221-246 from Palgrave Macmillan
Abstract Historical evidence illustrates how the interplay between fiscal, monetary and exchange rate policy has proved essential in overcoming the commodity trap. Commodity-dependent countries that successfully managed to move on a sustained long-term development path — such as Malaysia, Thailand, Indonesia, Chile and Botswana — carried out counter-cyclical macroeconomic policies.1 Yet, at present, further to the implementation of liberalization and privatization reforms in the 1990s, it transpires that the scope for macroeco- nomic management in the developing world is narrower than in the past.
Keywords: Exchange Rate; Monetary Policy; Real Exchange Rate; Commodity Price; Exchange Rate Regime (search for similar items in EconPapers)
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