05334oam 22010934 450 991081652100332120240402045158.01-4755-8250-11-4755-3002-11-283-86662-51-4755-2674-1(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(IMF)WPIEE2012141(IMF)WPIEA2012141(EXLCZ)99255000000070939720020129d2012 uf 0engur|n|---|||||txtccrExchange Rate Pass-Through in Sub-Saharan African Economies and its Determinants /Ivohasina Razafimahefa1st ed.Washington, D.C. :International Monetary Fund,2012.1 online resource (25 p.)IMF Working PapersIMF 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 in the SSA region since the mid-1990s following marked improvements in macroeconomic and political environments.IMF Working Papers; Working Paper ;No. 2012/141Foreign exchange ratesAfrica, Sub-SaharanEconomic policyForeign ExchangeimfInflationimfTime-Series ModelsimfDynamic Quantile RegressionsimfDynamic Treatment Effect ModelsimfDiffusion ProcessesimfState Space ModelsimfPrice LevelimfDeflationimfMacroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: GeneralimfCurrencyimfForeign exchangeimfMacroeconomicsimfExchange rate arrangementsimfExchange rate pass-throughimfExchange rate adjustmentsimfExchange ratesimfPricesimfCentral African RepublicimfForeign exchange ratesEconomic policy.Foreign ExchangeInflationTime-Series ModelsDynamic Quantile RegressionsDynamic Treatment Effect ModelsDiffusion ProcessesState Space ModelsPrice LevelDeflationMacroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: GeneralCurrencyForeign exchangeMacroeconomicsExchange rate arrangementsExchange rate pass-throughExchange rate adjustmentsExchange ratesPrices336.370Razafimahefa Ivohasina1670271International Monetary Fund.DcWaIMFBOOK9910816521003321Exchange Rate Pass-Through in Sub-Saharan African Economies and its Determinants4032026UNINA