The Macroeconomic Policy Framework

Carolyn Jenkins and Lynne Thomas

Chapter 2 in Gaining from Trade in Southern Africa, 2000, pp 24-57 from Palgrave Macmillan

Abstract: Abstract International experience shows that inconsistencies between the macroeconomic policy package and the trade regime tend to undermine trade liberalisation, whether regional or unilateral. In spite of a proliferation of regional trade agreements in Africa, intra-African trade appears to be a smaller proportion of total African trade in the 1990s than it was in the 1970s (Foroutan, 1993). Studies have shown that an inhospitable macroeconomic environment, overvalued exchange rates and currency inconvertibility have been among the most important constraints on the expansion of African trade (Berg, 1988; O’Connell, 1997).

Keywords: Exchange Rate; Monetary Policy; Real Exchange Rate; Trade Liberalisation; Macroeconomic Policy (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-52346-3_2

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DOI: 10.1057/9780230523463_2

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