03631nam 2200625Ia 450 991045257880332120200520144314.01-4755-8250-11-4755-3002-11-283-86662-51-4755-2674-1(CKB)2550000000709397(EBL)1606764(SSID)ssj0000952666(PQKBManifestationID)11958311(PQKBTitleCode)TC0000952666(PQKBWorkID)10906180(PQKB)11004631(MiAaPQ)EBC1606764(Au-PeEL)EBL1606764(CaPaEBR)ebr10635360(CaONFJC)MIL417912(OCoLC)794865862(EXLCZ)99255000000070939720121231d2012 uy 0engur|n|---|||||txtccrExchange rate pass-through in Sub-Saharan African economies and its determinants[electronic resource] /Ivohasina F. RazafimahefaWashington, D.C. International Monetary Fund20121 online resource (25 p.)IMF working paper ;WP/12/141Description based upon print version of record.1-4755-0398-9 Includes bibliographical references.Cover; Contents; I. Introduction; II. Literature Review; III. Analysis; A. Stylized Facts; B. Zero vs. Complete Pass-Through; C. Estimates of Pass-Through Elasticities; D. Determinants of Pass-Through Elasticities; E. Shift in Pass-Through Elasticities; IV. Conclusions; Tables; 1. Panel Unit Root Test; 2. Panel Cointegration Test; 3. Zero vs. Complete Pass-Through Tests (Panel AR-EC); 4. Appreciation vs. Depreciation Pass-Through; 5. Dynamic Pass-Through Elasticities; 6. Pass-Through Elasticities in Fixed vs. Flexible Regimes; 7. Pass-Through Shift in 1997; Figures1. NEER Developments in SSA (Quarterly)2. NEER Percentage Changes in SSA (Quarterly); 3. CPI Percentage Changes in SSA (Quarterly); 4. NEER and CPI in Fixed Exchange Rate Regimes; 5. NEER and CPI in Flexible Exchange Rate Regimes; 6. Income and Pass-Through Elasticities; 7. Inflation Environment and Pass-Through Elasticities; 8. Broad Money and Pass-Through Elasticities; 9. Fiscal Balance and Pass-Through Elasticities; 10. CPIA Macro and Pass-Through Elasticities; 11. Macroeconomic and Political Developments in SSA; ReferencesThis 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 inIMF Working PapersForeign exchange ratesAfrica, Sub-SaharanEconomic policyElectronic books.Foreign exchange ratesEconomic policy.Razafimahefa Ivohasina F926471International Monetary Fund.MiAaPQMiAaPQMiAaPQBOOK9910452578803321Exchange rate pass-through in Sub-Saharan African economies and its determinants2080458UNINA