Exchange Rate Regimes and Revenue Performance in Sub - Saharan Africa
نویسندگان
چکیده
It has been argued that the institutions of the CFA Franc zone may have reduced in°ation 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 ¯nds that the poor cumulative relative revenue performance of the franc zone countries is mainly attributable to di®erences in environmental and structural factors, and to their di®erent responses to changes in the equilibrium real exchange rate, but that the misalignment of the real exchange rate also played a part.
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تاریخ انتشار 2000