LEADER 07079oam 22010334 450 001 9910821690303321 005 20240402045223.0 010 $a1-4755-4708-0 010 $a1-4755-3396-9 035 $a(CKB)2550000000107547 035 $a(EBL)1606779 035 $a(SSID)ssj0000941766 035 $a(PQKBManifestationID)11582391 035 $a(PQKBTitleCode)TC0000941766 035 $a(PQKBWorkID)10964279 035 $a(PQKB)10773305 035 $a(MiAaPQ)EBC1606779 035 $a(Au-PeEL)EBL1606779 035 $a(CaPaEBR)ebr10579633 035 $a(OCoLC)794992209 035 $a(IMF)WPIEE2012148 035 $a(EXLCZ)992550000000107547 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe Relationship Between the Foreign Exchange Regime and Macroeconomic Performance in Eastern Africa /$fJanet Stotsky, Manuk Ghazanchyan, Olumuyiwa Adedeji, Nils Maehle 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (55 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4755-1822-6 311 $a1-4755-0417-9 320 $aIncludes bibliographical references. 327 $aCover; Contents; I. Introduction; II. Foreign Exchange Regimes and Economic Growth; A. Introduction; B. Literature Review; C. Data and Descriptive Analysis; D. Empirical Specification; Charts; 1. Real GDP Growth Per Capita and Investment; 2. Real GDP Growth Per Capita and Government Consumption; 3. Real GDP Growth Per Capita and de Jure Exchange Regimes; 4. Real GDP Growth Per Capita and de Facto Exchange Regimes; Tables; 1a. Growth and the Exchange Regime, 1990-2010; 1b. Growth and the Exchange Regime, with Regime Index, 1990-2010 327 $a2a. Non-agricultural Growth and the Exchange Regime, 1990-20102b. Non-agricultural Growth and the Exchange Regime, with Regime Index, 1990-2010; E. Alternative Specification; 3a. Growth and the Exchange Regime, with Fundamental Equilibrium Exchange Rate (FEER) Residual, 1990-2010; 3b. Growth and the Exchange Regime, with FEER Residual and Regime Index, 1990-2010; 4a. Non-agricultural Growth and the Exchange Regime, with FEER Residual, 1990-2010; F. Conclusions and Policy Implications; 4b. Non-agricultural Growth and the Exchange Regime, with FEER Residual and Regime Index, 1990-2010 327 $aIII. Foreign Exchange Regimes, Inflation Performance, and Exchange Rate Pass-ThroughA. Introduction; B. Literature Review; C. Descriptive Analysis; 5. Inflation and Other Key Variables under Different Regimes; 6. Nominal Effective Exchange Rate (Percent Change); 7. Inflation and Key Macroeconomic Indicators; D. Empirical Specification; E. Empirical Results; 5. Inflation and the Exchange Regime, 1990-2010; 6. Inflation and the Exchange Regime, Alternative Specification, 1990-2010; F. Conclusions and Policy Implications; References; Appendix A; Appendix A: Tables 327 $aA1. Countries in the Sample, Definition of Variables, and SourcesA2. Descriptive Statistics for the Full Sample, 1990-2010; A3.1. Selected Variable Means by de Jure Exchange Regime, 1990-2010; A3.2. Selected Variable Means by de Facto Exchange Regime, 1990-2010; Appendix B; Appendix B Tables; B1. The IMF de Jure Regime Classification and our Reclassification Strategy; B2.1. The IMF de Jure Regime Classification; B2.2. The IMF de Jure Regime Classification (continued); B3.1. Reclassified Three Regime de Jure Classification; B3.2. Reclassified Three Regime de Jure Classification (continued) 327 $aB4. Bubula and O?kter-Robe and IMF de Facto Regime Classifications and Our Reclassification StrategyB5.1. Reclassified Three Regime de Facto Classification; B5.2. Reclassified Three Regime de Facto Classification (continued); B6. Distribution of Regimes; B7. Distribution of de Jure Regimes by Country; B8. Distribution of de Facto Regimes by Country; Appendix B Charts; B1. Frequency Distribution of de Jure Exchange Regimes, 1990-2010; B2. Frequency Distribution of de Facto Exchange Regimes, 1990-2010; Appendix C; Appendix C Table; C1. The Exchange Rate Regression 330 3 $aThis study examines the relationship between the foreign exchange regime and macroeconomic performance in Eastern Africa. The study focuses on seven countries, five of which decisively liberalized their foreign exchange regimes. The study assesses the relationship between (i) growth and various determinants, including the exchange regime, the real exchange rate, and current account liberalization; and (ii) inflation and various determinants, including lagged inflation, the nominal exchange rate, the exchange regime, and liberalization. We find that in our sample, for the determinants of growth, investment and the real exchange rate are significant determinants but not the exchange regime or liberalization; and for inflation, the lagged inflation rate, nominal exchange rate, and the de facto regime are significant. Exchange rate pass-through is limited. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/148 606 $aForeign exchange$zAfrica, Eastern 606 $aEconomics$zAfrica, Eastern 606 $aForeign Exchange$2imf 606 $aInflation$2imf 606 $aMacroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General$2imf 606 $aInternational Finance: General$2imf 606 $aOpen Economy Macroeconomics$2imf 606 $aEconomic Growth of Open Economies$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aMacroeconomics$2imf 606 $aExchange rate arrangements$2imf 606 $aExchange rate pass-through$2imf 606 $aExchange rates$2imf 606 $aPrices$2imf 607 $aMozambique, Republic of$2imf 615 0$aForeign exchange 615 0$aEconomics 615 7$aForeign Exchange 615 7$aInflation 615 7$aMacroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General 615 7$aInternational Finance: General 615 7$aOpen Economy Macroeconomics 615 7$aEconomic Growth of Open Economies 615 7$aPrice Level 615 7$aDeflation 615 7$aCurrency 615 7$aForeign exchange 615 7$aMacroeconomics 615 7$aExchange rate arrangements 615 7$aExchange rate pass-through 615 7$aExchange rates 615 7$aPrices 676 $a338.29347 700 $aStotsky$b Janet$01094931 701 $aGhazanchyan$b Manuk$01451862 701 $aAdedeji$b Olumuyiwa$01679570 701 $aMaehle$b Nils$01679571 801 0$bDcWaIMF 906 $aBOOK 912 $a9910821690303321 996 $aThe Relationship Between the Foreign Exchange Regime and Macroeconomic Performance in Eastern Africa$94047923 997 $aUNINA