Introducing The Euro As Legal Tender Benefits And Costs Of Eurorization For Cape Verde
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Introducing the Euro as Legal Tender - Benefits and Costs of Eurorization for Cape Verde
| Author | : Patrick A. Imam |
| Publisher | : INTERNATIONAL MONETARY FUND |
| Total Pages | : 34 |
| Release | : 2009-07-01 |
| Genre | : |
| ISBN | : 9781451872934 |
In recent years, recommendations for countries to unilaterally dollarize/eurorize have become common, particularly when the countries lack economic credibility. After exploring the characteristics of dollarizing/eurorizing economies, we look at the merits and costs of unilateral eurorization for Cape Verde, a highly tourism based economy that has become increasingly integrated into the euro-zone area and that has a strong macroeconomic track record. We illustrate that neither the benefits nor the costs of unilateral eurorization are large and conclude that there is no compelling case to change the current exchange rate arrangement at this point in time. Econometrically, we assess the characteristics of dollarized economies and demonstrate that few of them apply to Cape Verde, further confirming that Cape Verde does not fit the pattern of most dollarizing countries.
IMF Working Papers
| Author | : Patrick A. Imam |
| Publisher | : |
| Total Pages | : |
| Release | : 2009 |
| Genre | : Electronic books |
| ISBN | : |
Regional Economic Outlook, April 2017, Sub-Saharan Africa
| Author | : Céline Allard |
| Publisher | : International Monetary Fund |
| Total Pages | : 122 |
| Release | : 2017-05-09 |
| Genre | : Business & Economics |
| ISBN | : 1475574932 |
Growth momentum in sub-Saharan Africa remains fragile, marking a break from the rapid expansion witnessed since the turn of the millennium. 2016 was a difficult year for many countries, with regional growth dipping to 1.4 percent—the lowest level of growth in more than two decades. Most oil exporters were in recession, and conditions in other resource-intensive countries remained difficult. Other nonresource-intensive countries however, continued to grow robustly. A modest recovery in growth of about 2.6 percent is expected in 2017, but this falls short of past trends and is too low to put sub-Saharan Africa back on a path of rising living standards. While sub-Saharan Africa remains a region with tremendous growth potential, the deterioration in the overall outlook partly reflects insufficient policy adjustment. In that context, and to reap this potential, strong and sound domestic policy measures are needed to restart the growth engine.
Regional Economic Outlook, April 2012, Sub-Saharan Africa
| Author | : International Monetary Fund. African Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 137 |
| Release | : 2012-05-14 |
| Genre | : Business & Economics |
| ISBN | : 1475578555 |
Sub-Saharan Africa continues to record strong economic growth, despite the weaker global economic environment. Regional output rose by 5 percent in 2011, with growth set to increase slightly in 2012, helped by still-strong commodity prices, new resource exploitation, and the improved domestic conditions that have underpinned several years of solid trend growth in the region's low-income countries. But there is variation in performance across the region, with output in middle-income countries tracking more closely the global slowdown and with some sub-regions adversely affected, at least temporarily, by drought. Threats to the outlook include the risk of intensified financial stresses in the euro area spilling over into a further slowing of the global economy and the possibility of an oil price surge triggered by rising geopolitical tensions.
Exchange Rate Choices of Microstates
| Author | : Patrick A. Imam |
| Publisher | : International Monetary Fund |
| Total Pages | : 48 |
| Release | : 2010-01-01 |
| Genre | : Business & Economics |
| ISBN | : 1451962002 |
In this paper we first explain why most microstates (countries with less than 2 million inhabitants) have gained independence only in the last 30 years. Despite the higher costs and risks microstates face, their ability to better accommodate local preferences combined with a more integrated world economy probably explains why the benefits of independence have risen. We explain why microstates at independence have chosen either dollarization, currency board arrangements, or fixed exchange rates rather than more flexible forms of exchange rate systems. We then, using the Geweke-Hajvassiliou-Keane multivariate normal simulator, model empirically the determinants of each of the different fixed exchange rate regimes in microstates and analyze the policy implications.
Regional Economic Outlook, May 2013, Sub-Saharan Africa
| Author | : International Monetary Fund. African Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 115 |
| Release | : 2013-05-22 |
| Genre | : Business & Economics |
| ISBN | : 1484353943 |
Growth remained strong in the region in 2012, with regional GDP rates increasing in most countries (excluding Nigeria and South Africa). Projections point to a moderate, broad-based acceleration in growth to around 51⁄2 percent in 2013¬14, reflecting a gradually strengthening global economy and robust domestic demand. Investment in export-oriented sectors remains an important economic driver, and an agriculture rebound in drought-affected areas will also help growth. Uncertainties in the global economy are the main risk to the region’s outlook, but plausible adverse shocks would likely not have a large effect on the region’s overall performance.
Regional Economic Outlook, April 2014, Sub-Saharan Africa
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 114 |
| Release | : 2014-04-24 |
| Genre | : Business & Economics |
| ISBN | : 1475517300 |
The five Regional Economic Outlooks published biannually by the IMF cover Asia and Pacific, Europe, the Middle East and Central Asia, Sub-Saharan Africa, and the Western Hemisphere. In each volume, recent economic developments and prospects for the region are discussed as a whole, as well as for specific countries. The reports include key data for countries in the region. Each report focuses on policy developments that have affected economic performance in the region, and discusses key challenges faced by policymakers. The near-term outlook, key risks, and their related policy challenges are analyzed throughout the reports, and current issues are explored, such as when and how to withdraw public interventions in financial systems globally while maintaining a still-fragile economic recovery.These indispensable surveys are the product of comprehensive intradepartmental reviews of economic developments that draw primarily on information the IMF staff gathers through consultation with member countries.
Regional Economic Outlook, April 2011, Sub-Saharan Africa
| Author | : International Monetary Fund. African Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 122 |
| Release | : 2011-05-03 |
| Genre | : Business & Economics |
| ISBN | : 161635061X |
Sub-Saharan Africa's economic recovery is well under way, although among country groups there is variation in the speed of the recovery. In most of the region's low-income countries and among the seven oil exporters growth is almost back to precrisis levels. However, in the region's middle-income countries, including South Africa, the recovery has been more gradual. This Regional Economic Outlook describes the impact of recent economic developments---sharp increases in food and fuel prices will need fiscal interventions targeting the poor, while higher oil prices will be a boon to some countries and adversely affect others. Policy adjustments are needed to move away from the supportive stance of the last few years but should be balanced against the need to alleviate the impact of rising food prices on poor households.
Regional Economic Outlook, October 2017, Sub-Saharan Africa
| Author | : International Monetary Fund. African Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 129 |
| Release | : 2017-11-27 |
| Genre | : Business & Economics |
| ISBN | : 1484312511 |
Growth in sub-Saharan Africa has recovered relative to 2016, but the momentum is weak and per capita incomes are expected to barely increase. Further, vulnerabilities have risen in many countries, adding to the urgency of implementing the fiscal consolidations planned in most countries and with stepped up efforts to strengthen growth.
