LEADER 05454oam 22011894 450 001 9910967717603321 005 20250426110505.0 010 $a9786612840753 010 $a9781462371945 010 $a1462371949 010 $a9781452754130 010 $a1452754136 010 $a9781282840751 010 $a1282840754 010 $a9781451869811 010 $a1451869819 035 $a(CKB)3170000000054988 035 $a(EBL)1607784 035 $a(SSID)ssj0000944030 035 $a(PQKBManifestationID)11944104 035 $a(PQKBTitleCode)TC0000944030 035 $a(PQKBWorkID)10995271 035 $a(PQKB)10646819 035 $a(OCoLC)440837373 035 $a(MiAaPQ)EBC1607784 035 $a(IMF)WPIEE2008121 035 $a(IMF)WPIEA2008121 035 $aWPIEA2008121 035 $a(EXLCZ)993170000000054988 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFiscal and Monetary Anchors for Price Stability : $eEvidence from Sub-Saharan Africa 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (39 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/121 300 $aDescription based upon print version of record. 311 08$a9781451914351 311 08$a1451914350 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Inflation, Fiscal Outcomes, and Monetary Aggregates in sub-Saharan Africa: Stylized Facts; III. Fiscal Dominance: Theoretical Background; A. The Model; IV. Econometric Methodology; A. Stochastic Approaches to Identify Fiscal or Monetary Dominance:; V. Results and Interpretation; A. Data; B. Single-Country Analysis; VI. Conclusion; Tables; 1. Sub-Saharan Africa: Selected Economic Indicators, annual averages, 1980-2005; 2. Identification Criteria for Fiscal and Monetary Dominance Regimes; 3. Identification Criteria of Monetary Policy Responsiveness 327 $a4: Sub-Saharan Africa Selected Countries: CCD Approach5. Sub-Saharan Africa Selected Countries: Variance Decomposition on Inflation Variability; 6. Sub-Saharan Africa Selected Countries: VAR Test on Monetary Policy Responsiveness; Figures; 1. Budget Balance and Inflation in Selected Sub-Saharan Countries, 1980-2004; 2. Primary Balances, Seigniorage, and Inflation in Selected Sub-Saharan Countries: 1985-2005; References 330 3 $aThe paper presents a model of fiscal dominance with borrowing constraints, and provides evidence for a large number of sub-Saharan African countries on the relative importance of fiscal and monetary determinants of inflation. Based on the dynamic response of inflation to different shocks, including nominal public debt, results show that a number of SSA countries were characterized throughout the period 1980-2005 either by chronic fiscally dominant regimes, with weak or no response of primary surpluses to public debt; or by a consistent adoption of a monetary dominant regime. However, a number of countries were also characterized by lack of a clear monetary and fiscal policy regime. The study also finds that changes in nominal public debt affect price variability via aggregate demand effects, suggesting that fiscal outcomes could be a direct source of inflation variability, as predicted by the fiscal theory of the price level. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/121 606 $aFiscal policy$zAfrica, Sub-Saharan 606 $aInflation (Finance)$zAfrica, Sub-Saharan 606 $aMonetary policy$zAfrica, Sub-Saharan 606 $aDebt Management$2imf 606 $aDebt$2imf 606 $aDebts, Public$2imf 606 $aDeflation$2imf 606 $aDomestic debt$2imf 606 $aFiscal Policy$2imf 606 $aFiscal policy$2imf 606 $aInflation$2imf 606 $aMacroeconomics$2imf 606 $aMonetary base$2imf 606 $aMonetary economics$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aMoney and Monetary Policy$2imf 606 $aMoney supply$2imf 606 $aPrice Level$2imf 606 $aPrices$2imf 606 $aPublic debt$2imf 606 $aPublic finance & taxation$2imf 606 $aPublic Finance$2imf 606 $aSovereign Debt$2imf 607 $aSierra Leone$2imf 615 0$aFiscal policy 615 0$aInflation (Finance) 615 0$aMonetary policy 615 7$aDebt Management 615 7$aDebt 615 7$aDebts, Public 615 7$aDeflation 615 7$aDomestic debt 615 7$aFiscal Policy 615 7$aFiscal policy 615 7$aInflation 615 7$aMacroeconomics 615 7$aMonetary base 615 7$aMonetary economics 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aMoney and Monetary Policy 615 7$aMoney supply 615 7$aPrice Level 615 7$aPrices 615 7$aPublic debt 615 7$aPublic finance & taxation 615 7$aPublic Finance 615 7$aSovereign Debt 676 $a339.520967 801 0$bDcWaIMF 906 $aBOOK 912 $a9910967717603321 996 $aFiscal and Monetary Anchors for Price Stability$94371752 997 $aUNINA