Contrasting Monetary Regimes in Africa

Patrick Honohan and Stephen O'Connell

No 1997/064, IMF Working Papers from International Monetary Fund

Abstract: 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.

Keywords: WP; government; country; exchange rate; regime IV; regimes II; Africa; Monetary Policy; Central Banks; regime II; government credit; monetary management; CFA government; development bank; printing press regime; state enterprise; Inflation; Currency boards; Credit; Price stabilization; Government debt management; Global (search for similar items in EconPapers)
Pages: 48
Date: 1997-05-01
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Citations: View citations in EconPapers (17)

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