WorldCat Identities

International Monetary Fund African Department

Overview
Works: 925 works in 2,062 publications in 1 language and 38,732 library holdings
Roles: Other
Classifications: HG3810, 332.152
Publication Timeline
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Most widely held works by International Monetary Fund
Sources of nominal exchange rate fluctuations in South Africa by Ashok Bhundia( Book )

4 editions published in 2003 in English and held by 22 WorldCat member libraries worldwide

This paper investigates the sources of fluctuations in the rand-U.S. dollar exchange rate in 2001 and 2002 using an empirical exchange rate model which identifies aggregate supply, aggregate demand, and nominal disturbances as possible sources for exchange rate fluctuations. According to our results, nominal disturbances explain by far most of the rand depreciation in the final quarter of 2001. The fact that the nominal effective exchange rate also depreciated sharply suggests the nominal disturbances were domestically generated. From a preliminary examination of the relative movements in policy interest rates in South Africa and the United States, along with growth rates in both narrow and broad monetary aggregates in South Africa, it is difficult to isolate the underlying cause of the nominal disturbances in 2001 and 2002. Clearly, the task remains a challenging one with the empirical tools available
United Republic of Tanzania by International Monetary Fund( Book )

19 editions published between 2005 and 2013 in English and held by 15 WorldCat member libraries worldwide

The Tanzanian economy performed better than expected in the face of adverse shocks owing to supportive fiscal and monetary policies. The government is committed to contain and prioritize public spending. Further strengthening of investment and debt management processes is an urgent priority. Structural reforms will continue to support financial deepening and enhanced public financial management. Over the medium term, maintaining social gains and the growth momentum will require more widening fiscal changes with the objectives of both stepping up domestic revenue mobilization and increasing spe
Why do prices in Sierra Leone change so often? : a case study using micro-level price data by Arto Kovanen( Book )

7 editions published in 2006 in English and held by 13 WorldCat member libraries worldwide

We use cross-section and time-series techniques to analyze pricing behavior in Sierra Leone. In cross-sectional data, we find that inflation volatility and product diversification are the main factors explaining differences in the frequency of price adjustments. We show that variance in the fraction of prices subject to change is a key determinant of inflation volatility in Sierra Leone, indicating that retail prices are sensitive to economic events. We explain variations in this fraction over time with past inflation and monetary growth, which are important policy variables
Local financial development and the aid-growth relationship by Mwanza Nkusu( Book )

5 editions published in 2004 in English and held by 13 WorldCat member libraries worldwide

With official development assistance (ODA) set to rise as countries strive to meet the Millennium Development Goals (MDGs), aid effectiveness remains an important area of development policy. An increasing number of studies support the notion that ODA can contribute to growth in a nonlinear relationship. In this paper, we investigate a new hypothesis regarding this relationship: that deeper financial markets in aid-recipient countries facilitate the management of aid flows, thereby enhancing aid effectiveness. An empirical analysis, using a panel data set, finds robust support for the hypothesis
What is fuzzy about clustering in West Africa? by Charalambos G Tsangarides( Book )

6 editions published in 2006 in English and held by 11 WorldCat member libraries worldwide

Applying techniques of clustering analysis to a set of variables suggested by the convergence criteria and the theory of optimal currency areas, this paper looks for country homogeneities to assess membership in the existing and proposed monetary unions of the broader west African region. Our analysis reveals considerable dissimilarities in the economic characteristics of the countries in west and central Africa. In particular, the West African Monetary Zone (WAMZ) countries do not form a cluster with the West Africa Economic and Monetary Union (WAEMU) countries; and, within the WAMZ, there is a significant lack of homogeneity. Furthermore, when west and central African countries are considered together, we find significant heterogeneities within the CFA franc zone, and some interesting similarities between the Economic and Monetary Community of Central Africa (CEMAC) and WAMZ countries. Overall, our findings raise some questions about the geographical boundaries of several existing and proposed monetary unions
Excess liquidity and effectiveness of monetary policy : evidence from Sub-Saharan Africa by Magnus Saxegaard( Book )

6 editions published in 2006 in English and held by 11 WorldCat member libraries worldwide

This paper examines the pattern of excess liquidity in sub-Saharan Africa and its consequences for the effectiveness of monetary policy. The paper argues that understanding the consequences of excess liquidity requires quantifying the extent to which commercial bank holdings of excess liquidity exceed levels required for precautionary purposes. It proposes a methodology for measuring this quantity and uses it to estimate a nonlinear structural VAR model for the CEMAC region, Nigeria and Uganda. The study suggests that excess liquidity weakens the monetary policy transmission mechanism and thus the ability of monetary authorities to influence demand conditions in the economy
Habit formation and persistence in individual assest portfolio holdings : the case of Italy by Sònia Muñoz( Book )

7 editions published in 2006 in English and held by 11 WorldCat member libraries worldwide

This paper uses six waves of the Bank of Italy Survey of Households Income and Wealth to explore the dynamics of asset portfolio ownership. The household asset portfolio decision is a choice among discrete alternatives, and I model the problem in a multinomial framework. I focus on a particularly important feature of household portfolio behavior: the infrequency of portfolio allocation changes. I find evidence of strong unobserved heterogeneity through time-varying error components, which I interpret as taste persistence in both the risky and safe asset participation decisions. I estimate the model using the method of maximum smoothly simulated likelihood
World crude oil markets : monetary policy and the recent oil shock by Noureddine Krichene( Book )

6 editions published in 2006 in English and held by 11 WorldCat member libraries worldwide

This paper examines the relationship between monetary policy and oil prices within a world oil demand and supply model. Low price and high income elasticities of demand and rigid supply explain high price volatilities and producers' market power. Exchange and interest rates do influence oil market equilibrium. The relationship between oil prices and interest rates is a two-way relationship that depends on the type of oil shock. During a supply shock, rising oil prices caused interest rates to increase; whereas during a demand shock, falling interest rates caused oil prices to rise. Record low interest rates led to high oil price volatility in 2005. Data shows that world economic growth and price stability require stable oil markets and therefore more prudent monetary policies
Economic growth and total factor productivity in Niger by Jean-Claude Nachega( Book )

5 editions published in 2006 in English and held by 10 WorldCat member libraries worldwide

This paper investigates empirically the sources of aggregate output growth and the determinants of total factor productivity (TFP) in Niger between 1963 and 2003. A growth accounting analysis indicates that the erosion in output per capita over the sample period is due to the negative growth of both TFP and physical capital per capita. Sound macroeconomic policies, supported by official development assistance and structural reforms, are found to be key to raising TFP growth
Zimbabwe's export performance : the impact of the parallel market and governance factors by Sònia Muñoz( Book )

7 editions published in 2006 in English and held by 10 WorldCat member libraries worldwide

This paper analyzes Zimbabwe's export performance in recent years and identifies the factors that could improve export performance, from both a quantitative and qualitative perspective. Improving export performance is critical to a turnaround in Zimbabwe's economic situation. The growth rate of total exports declined dramatically in the early 2000s, following a large real appreciation of the currency and the introduction of the fast-track land reform program. An important finding of the paper is that policies that reduce (eliminate) the parallel market premium and lower ethnic tensions would be key to promoting export growth
Adopting full dollarization in postconflict economies : would the gains compensate for the losses in Liberia? by Jiro Honda( Book )

6 editions published in 2006 in English and held by 10 WorldCat member libraries worldwide

This paper discusses whether adopting the U.S. dollar as the sole legal tender could help Liberia, a postconflict economy, to boost growth and strengthen fiscal discipline. In view of the performance of exchange rate regimes in many countries and Liberia's own experience with dollarization, we conclude that Liberia should not adopt full dollarization for the following reasons: (i) the alleged benefits voiced by the proponents of dollarization, in terms of enhanced fiscal discipline and faster economic growth, are not supported by the empirical evidence; (ii) dollarization would increase the Liberian economy's vulnerability to external shocks and Liberia's social fragility; (iii) banks in fully dollarized economies face additional capitalization requirements that Liberian banks cannot meet at present; and (iv) dollarization would be costly in terms of real resources because of the loss of seigniorage
A VAR analysis of Kenya's monetary policy transmission mechanism : how does the central bank's REPO rate affect the economy? by Kevin C Cheng( Book )

4 editions published in 2006 in English and held by 9 WorldCat member libraries worldwide

This paper examines the impact of a monetary policy shock on output, prices, and the nominal effective exchange rate for Kenya using data during 1997-2005. Based on techniques commonly used in the vector autoregression literature, the main results suggest that an exogenous increase in the short-term interest rate tends to be followed by a decline in prices and appreciation in the nominal exchange rate, but has insignificant impact on output. Moreover, the paper finds that variations in the short-term interest rate account for significant fluctuations in the nominal exchange rate and prices, while accounting little for output fluctuations
FEER for the CFA Franc by Y Abdih( Book )

5 editions published in 2006 in English and held by 9 WorldCat member libraries worldwide

We apply the fundamentals equilibrium exchange rate (FEER) approach and the Johansen cointegration methodology to investigate the behavior of the real effective exchange rates of the two monetary unions of the CFA franc zone (CEMAC and WAEMU) vis-à-vis their long-run equilibrium paths. For both CEMAC and WAEMU, our results indicate that: (i) the fundamentals account for most of the fluctuation of the real effective exchange rates, with increases in the terms of trade, government consumption, and productivity improvements causing the exchange rate to appreciate, and increases in investment and openness leading to a depreciation; (ii) at end-2005 both the CEMAC and WAEMU real effective exchange rates were broadly in line with their long-run equilibrium values; and (iii) following a shock, reversion to equilibrium is twice as fast in WAEMU than in CEMAC
Determinants of emigrant deposits in Cape Verde by I Karpowicz( Book )

5 editions published in 2006 in English and held by 9 WorldCat member libraries worldwide

In the last decade Cape Verde has experienced a strong accumulation of emigrant deposits. These deposits have provided much needed foreign exchange to the country, adding support to the exchange rate peg. This paper studies the long-run determinants of emigrant deposits with respect to risk, wealth, and return variables, isolating speculative and altruistic motives underlying the accumulation of flows. The study suggests that the temporary character of recent emigration is responsible for the rise in the share of flows driven by altruism. Finally, the paper discusses policy implications in light of the empirical findings and the recent literature on this topic
Exchange rate misalignment : an application of the behavioral equilibrium exchange rate (BEER) to Botswana by Atsushi Iimi( Book )

6 editions published in 2006 in English and held by 9 WorldCat member libraries worldwide

Botswana's successive currency devaluations and recent move from a fixed to a crawling peg exchange rate regime raise the question of whether the exchange rate might be misaligned with economic fundamentals. This paper, applying the behavioral equilibrium exchange rate (BEER) approach, analyzes the behavior of the real exchange rate for the period 1985-2004. It finds that the pula was undervalued in the later 1980s but overvalued in recent years. Some policy lessons from experiences in other countries with crawling peg arrangements are therefore considered in the context of Botswana
Sub-Saharan Africa's integration in the global financial markets by Corinne Deléchat( Book )

5 editions published in 2009 in English and held by 8 WorldCat member libraries worldwide

The paper uses a unique database covering 44 countries in sub-Saharan Africa (SSA) countries between 2000 and 2007 to study the determinants of the allocation and composition of flows across countries, as well as channels through which private capital flows could affect growth. In our sample, the degree of financial market development is an important determinant of the distribution of capital flows across countries as opposed to property rights institutions. The fairly consistent positive association between net capital flows and growth for SSA countries contrasts with the more pessimistic res
Modeling inflation for Mali by Mame Astou Diouf( Book )

5 editions published in 2007 in English and held by 8 WorldCat member libraries worldwide

This paper investigates how consumer price inflation is determined in Mali for 1979-2006 along three macroeconomic explanations: (1) monetarist theories, emphasizing the impact of excess money supply, (2) the structuralist hypothesis, stressing the impact of supply-side constraints, and (3) external theories, describing the effects of foreign transmission mechanisms on a small open economy. The analysis makes use of cointegration techniques and general-to-specific modeling. Average national rainfall, and to a lesser extent deviations from monetary and external sector equilibrium are found to be the main long-run determinants of inflation. The paper offers policy recommendations for controlling inflation in Mali
Cyclical patterns of government expenditures in Sub-Saharan Africa : facts and factors by Victor Lledo( Book )

6 editions published in 2009 in English and held by 6 WorldCat member libraries worldwide

This paper documents cyclical patterns of government expenditures in sub-Saharan Africa since 1970 and explains variation between countries and over time. Controlling for endogeneity, it finds government expenditures to be slightly more procyclical in sub-Saharan Africa than in other developing countries and some evidence that procyclicality in Africa has declined in recent years after a period of sharp increase through the 1990s. Greater fiscal space, proxied by lower external debt, and better access to concessional financing, proxied by larger aid flows, seem to be important factors in diminishing procyclicality in the region. The role of institutions is less clear cut: change in political institutions have no impact on procyclicality
Republic of Madagascar Poverty Reduction Strategy Paper by International Monetary Fund. African Dept.( Book )

7 editions published between 2007 and 2008 in English and held by 3 WorldCat member libraries worldwide

Annotation
Exchange rate pass-through in Sub-Saharan African economies and its determinants by Ivohasina F Razafimahefa( Book )

2 editions published in 2012 in English and held by 1 WorldCat member library worldwide

This paper analyzes the exchange rate pass-through to domestic prices and its determinants in sub-Saharan African countries. It finds that the pass-through is incomplete. The pass-through is larger following a depreciation than after an appreciation of the local currency. The average elasticity is estimated at about 0.4. It is lower in countries with more flexible exchange rate regimes and in countries with a higher income. A low inflation environment, a prudent monetary policy, and a sustainable fiscal policy are associated with a lower pass-through. The degree of pass-through has declined in the SSA region since the mid-1990s following marked improvements in macroeconomic and political environments
 
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Alternative Names

controlled identityInternational Monetary Fund

International Monetary Fund. African Dept.

Languages
English (123)