Hidden Bibliographic Details
| Other authors / contributors: | Adam, Christopher, author.
O'Connell, Stephen (Economist), author.
Pattillo, Catherine, author.
International Monetary Fund. Research Department, issuing body.
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| ISBN: | 128351561X
9781283515610
9781451875119
1451875118
9781451919714
1451919719
1462372864
9781462372867
145278938X
9781452789385
9786613828064
6613828068
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| Notes: | Includes bibliographical references (pages 50-53).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | Annotation We focus on the management of highly persistent shocks to aid flows, including PRSP-related increases in net inflows, in three post-stabilization. African economies with de jure flexible exchange rates. Such shocks have beneficent long-run effects, but when currency substitution is high they can produce dramatic macroeconomic management problems in the short run. What is the appropriate mix of money and exchange rate targeting in such cases, and what is the role of temporary sterilization? We analyze these issues in an intertemporal optimizing model that allows a portion of aid to be devoted to reducing the governments seigniorage requirement. This creates a strong link between official aid flows and private capital flows. When the credibility of policymakers commitment to low inflation is firm, some degree of dirty floating, with little or no sterilization of increases in the monetary base, is the most attractive approach in the short run.
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| Other form: | Print version: Exchange rate policy and the management of official and private capital flows in Africa. [Washington, D.C] : International Monetary Fund, Research Dept., 2004
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