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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Inflation and Monetary Policy in Selected West and Central African Countries
Author:Savvides, AndreasISNI
Year:1998
Periodical:World Development
Volume:26
Issue:5
Period:May
Pages:809-827
Language:English
Geographic terms:Ivory Coast - Côte d'Ivoire
Ghana
Nigeria
Cameroon
Gabon
Subjects:monetary policy
inflation
Economics and Trade
Politics and Government
External link:https://doi.org/10.1016/S0305-750X(98)00018-7
Abstract:The conduct and performance of monetary policy in developing countries has long been a topic of debate. In recent years some of the attention has focused on the appropriateness of adopting a fixed exchange rate as a means to achieving price stability. This paper studies monetary policy in five West and Central African countries: Cameroon, Côte d'Ivoire, Gabon, Ghana and Nigeria. The first three, being members of the CFA zone, maintain a fixed peg vis-à-vis the French franc. The other two have recently opted for a more flexible exchange rate regime. No general conclusion can be drawn on the monetary policy-exchange rate policy nexus. Estimates of the offset coefficient are significantly different from (negative) one but vector autoregression estimation results on the ability of the monetary authority to pursue an independent inflation target are mixed. The monetary authorities of Ghana and Nigeria sterilize the accumulation of net foreign assets to a limited degree; no such evidence exists for CFA zone members. Bibliogr., notes, ref., sum.
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