Monetary Growth And Exchange Rate Depreciation As Causes Of Inflation In African Countries
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Monetary Growth and Exchange Rate Depreciation As Causes of Inflation in African Countries
Author | : Mr.Elie Canetti |
Publisher | : International Monetary Fund |
Total Pages | : 49 |
Release | : 1991-07-01 |
Genre | : Business & Economics |
ISBN | : 1451848838 |
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This paper examines the relative importance of monetary growth and exchange rate depreciation as causes of inflation in a sample of 10 Sub-Saharan African countries. Causality tests and impulse response functions derived from vector autoregression (VAR) analysis suggest that both monetary expansion and exchange rate adjustments cause inflation in a number of these countries. However, the failure of the tests to attribute the bulk of the variance in inflation in most of the countries to either variable suggests either a problem with the statistical technique or that some other factor--perhaps structural bottlenecks or a measure of overall macroeconomic policy stance incorporating both monetary and exchange rate policy--may be even more important as a determinant of inflation in African countries.
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