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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Export-Import Responses to Devaluation in Sub-Saharan Africa
Author:Mengisteab, KiganeISNI
Periodical:Africa Development: A Quarterly Journal of CODESRIA (ISSN 0850-3907)
Geographic term:Subsaharan Africa
Economics and Trade
External link:https://www.jstor.org/stable/43657853
Abstract:This study contributes to the debate on the relevance of devaluation in sub-Saharan Africa by examining the responses of exports and imports of goods and non-factor services to devaluations. It tests the hypothesis that in low-income, undiversified economies such as those of sub-Saharan Africa, changes in real exchange rates do not lead to significant changes in exports and imports, rendering devaluation ineffective as a mechanism for correcting external disequilibria. The author also examines the impact of devaluation on inflation, income redistribution, economic growth, and broader structural changes such as the transformation of the subsistence sector into a surplus producing exchange economy, and diversification through selective import substitution. The findings of the study do not justify the importance that devaluation has been given in the structural adjustment programmes prescribed by the IMF and the World Bank. Bibliogr., notes, sum. in French.