Exchange rate regimes and revenue performance in Sub-Saharan Africa

• 成果类型: Article
• 署名作者: Adam, CS; Bevan, DL; Chambas, G
• 署名单位: University of Oxford; Universite Clermont Auvergne (UCA)
• 刊物名称: JOURNAL OF DEVELOPMENT ECONOMICS
• ISSN/ISSBN: 0304-3878
• DOI: 10.1016/S0304-3878(00)00129-2
• 发表日期: 2001
• 页码: 173-213
• 关键词: revenue productivity; Exchange rate regimes; AFRICA; panel data

摘要

It has been argued that the institutions of the CFA Franc zone may have reduced inflation but that they also induced misalignment of the real exchange rate and that this is the explanation for their dismal revenue performance. This paper uses a panel of 22 countries in Sub-Saharan Africa to estimate revenue performance over the period from 1980 to 1996. It finds that the poor cumulative relative revenue performance of the Franc zone countries is mainly attributable to differences in environmental and structural factors, and to their different responses to changes in the equilibrium real exchange rate, but that the misalignment of the real exchange rate also played a part. (C) 2001 Elsevier Science B.V. All rights reserved. IEL classification: O11, O23.