Patrick Honohan - Contrasting Monetary Regimes in Africa. PDF

PDF The post-independence history of sub-Saharan Africa displays both a wide variety of institutional arrangements for monetary policy and considerable diversity of policy outcomes in terms of average macroeconomic performance and volatility. Some countries have managed to retain a degree of price stability and a financial market relatively undistorted by administrative or quasi-fiscal controls. Others have seen extremely high and volatile inflation alongside heavily rationed credit. Although some of these differences may be attributable to contrasting experience with internal and external macroeconomic shocks, much is also due to choice of monetary institutions and policy structures.

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