Building resilience to global risks: challenges for African central banks

The policy response of many African commodity exporting economies to the slump in commodity prices after mid-2014 has been markedly different from that of commodity exporters elsewhere. First, few African countries allowed their currency to depreciate as much as other EMEs, for instance in Latin Ame...

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Bibliographische Detailangaben
Hauptverfasser: Christensen, Benedicte V. (VerfasserIn), Upper, Christian (VerfasserIn)
Format: Buch
Sprache:English
Veröffentlicht: [Basel] Bank for International Settlements August 2017
Schriftenreihe:BIS papers no 93
Schlagworte:
Online-Zugang:http://www.bis.org/publ/bppdf/bispap93.pdf
Zusammenfassung:The policy response of many African commodity exporting economies to the slump in commodity prices after mid-2014 has been markedly different from that of commodity exporters elsewhere. First, few African countries allowed their currency to depreciate as much as other EMEs, for instance in Latin America. Instead they resorted mainly to administrative controls, despite the high economic costs associated with such measures. Second, many African economies kept their policy rates very low despite considerable exchange rate pressure and rising inflation. Again, this differs from the response of many Latin American commodity exporters, who raised policy rates in order to keep inflation expectations anchored. Finally, many African economies have been less successful than other EMEs in shielding their banks from the fallout of lower commodity prices, sharp depreciation and feeble growth
Beschreibung:Erscheint auch als Online-Ausgabe
Beschreibung:17 pages Diagramme 30 cm
ISBN:9789292590840
9292590847

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