LEADER 05290oam 22010694 450 001 9910779329403321 005 20230802005636.0 010 $a1-4755-8250-1 010 $a1-4755-3002-1 010 $a1-283-86662-5 010 $a1-4755-2674-1 035 $a(CKB)2550000000709397 035 $a(EBL)1606764 035 $a(SSID)ssj0000952666 035 $a(PQKBManifestationID)11958311 035 $a(PQKBTitleCode)TC0000952666 035 $a(PQKBWorkID)10906180 035 $a(PQKB)11004631 035 $a(MiAaPQ)EBC1606764 035 $a(Au-PeEL)EBL1606764 035 $a(CaPaEBR)ebr10635360 035 $a(CaONFJC)MIL417912 035 $a(OCoLC)794865862 035 $a(IMF)WPIEE2012141 035 $a(IMF)WPIEA2012141 035 $a(EXLCZ)992550000000709397 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aExchange Rate Pass-Through in Sub-Saharan African Economies and its Determinants /$fIvohasina Razafimahefa 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (25 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/12/141 300 $aDescription based upon print version of record. 311 $a1-4755-0398-9 320 $aIncludes bibliographical references. 327 $aCover; 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; Figures 327 $a1. 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; References 330 3 $aThis paper analyzes the exchange rate pass-through to domestic prices and its determinants in sub-Saharan African countries. It finds that the pass-through is incomplete. The pass-through is larger following a depreciation than after an appreciation of the local currency. The average elasticity is estimated at about 0.4. It is lower in countries with more flexible exchange rate regimes and in countries with a higher income. A low inflation environment, a prudent monetary policy, and a sustainable fiscal policy are associated with a lower pass-through. The degree of pass-through has declined in the SSA region since the mid-1990s following marked improvements in macroeconomic and political environments. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/141 606 $aForeign exchange rates$zAfrica, Sub-Saharan 606 $aEconomic policy 606 $aForeign Exchange$2imf 606 $aInflation$2imf 606 $aTime-Series Models$2imf 606 $aDynamic Quantile Regressions$2imf 606 $aDynamic Treatment Effect Models$2imf 606 $aDiffusion Processes$2imf 606 $aState Space Models$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aMacroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aMacroeconomics$2imf 606 $aExchange rate arrangements$2imf 606 $aExchange rate pass-through$2imf 606 $aExchange rate adjustments$2imf 606 $aExchange rates$2imf 606 $aPrices$2imf 607 $aCentral African Republic$2imf 615 0$aForeign exchange rates 615 0$aEconomic policy. 615 7$aForeign Exchange 615 7$aInflation 615 7$aTime-Series Models 615 7$aDynamic Quantile Regressions 615 7$aDynamic Treatment Effect Models 615 7$aDiffusion Processes 615 7$aState Space Models 615 7$aPrice Level 615 7$aDeflation 615 7$aMacroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General 615 7$aCurrency 615 7$aForeign exchange 615 7$aMacroeconomics 615 7$aExchange rate arrangements 615 7$aExchange rate pass-through 615 7$aExchange rate adjustments 615 7$aExchange rates 615 7$aPrices 700 $aRazafimahefa$b Ivohasina$01559501 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910779329403321 996 $aExchange Rate Pass-Through in Sub-Saharan African Economies and its Determinants$93824705 997 $aUNINA