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Monetary Policy in Sub-Saharan Africa$
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Andrew Berg and Rafael Portillo

Print publication date: 2018

Print ISBN-13: 9780198785811

Published to Oxford Scholarship Online: April 2018

DOI: 10.1093/oso/9780198785811.001.0001

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Monetary Policy in Sub-Saharan Africa

Monetary Policy in Sub-Saharan Africa

Chapter:
(p.1) Chapter 1 Monetary Policy in Sub-Saharan Africa
Source:
Monetary Policy in Sub-Saharan Africa
Author(s):

Andrew Berg

Rafael Portillo

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198785811.003.0001

Most countries in sub-Saharan Africa have made great progress in stabilizing inflation over the past two decades. In about half, a hard peg provides the nominal anchor. In the rest, which are the focus of this book, policymakers have more recently been asking more of monetary policy—to avoid policy misalignments and respond appropriately to shocks such as export and food price spikes and swings in fiscal policy—in support of overall stability and growth. And they are, in many cases, finding current regimes lacking, with opaque and sometimes inconsistent objectives, inadequate transmission of policy to the economy, and difficulties in responding to supply shocks. This chapter reviews this history and the analytic and policy challenges of modernizing monetary policy regimes in the region. Drawing on the results from the rest of this book, it charts a way forward.

Keywords:   Monetary policy, sub-Saharan Africa, money targeting, inflation targeting, low-income countries, developing countries

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