| 000 -LEADER | |
|---|---|
| fixed length control field | 01437nam a22001337a 4500 |
| 100 ## - MAIN ENTRY--AUTHOR NAME | |
| Personal name | Buffie, E Adam, C O'Connell, S Pattillo, C |
| 245 ## - TITLE STATEMENT | |
| Title | Exchange Rate Policy and the Management of Official and Private Capital Flows in Africa |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) | |
| Place of publication | Washington DC |
| Name of publisher | IMF |
| Year of publication | 2004 |
| 300 ## - PHYSICAL DESCRIPTION | |
| Number of Pages | 54p |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc | The document focuses on the management of highly persistent shocks to aid flows, including PRSPrelated 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? It also analyzes these issues in an intertemporal optimizing model that allows a portion of aid to be devoted to reducing the government’s 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. |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical Term | Aid |
| 856 ## - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | http://iffoadatabase.trustafrica.org/iff/exchange_rate_policy_and_the_management_of_official_and_private.pdf |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) | |
| Koha item type | Computer Files |
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