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Exchange Rate Pass-Through in Sub-Saharan African Economies and its Determinants

Exchange Rate Pass-Through in Sub-Saharan African Economies and its Determinants by International Monetary Fund
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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.
International Monetary Fund; June 2012
24 pages; ISBN 9781475530025
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Title: Exchange Rate Pass-Through in Sub-Saharan African Economies and its Determinants
Author: International Monetary Fund
 
ISBNs
1475530021
9781475503982
9781475526745
9781475530025