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Functioning of the Economy under the Different Regimes
Impact on Growth and Volatility
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African central banks African countries African monetary assets availability of credit average banking system Botswana capacity growth cash budgets Central Bank Independence central bank lending CFA franc CFA franc zone colonial commercial banks controlled economy Cote d'lvoire credit ceilings Crowding-out and Inflation Despite devaluation different regimes discretionary central banking economic performance effect Figure financial markets fiscal deficits fiscal pressures fixed exchange rate foreign exchange market Franc Zone funds Ghana Government Credit government deficit Guinea high inflation impact important increase inflation rate inflation tax institutional arrangements investment Kenya long-run low inflation macroeconomic Malawi market-clearing market-oriented maximal growth monetary authority monetary expansion monetary financing Monetary Policy Regimes monetary system money demand nominal number of African parallel market political post-independence potential price stability public enterprises pure currency board rate of inflation rationed regime relationship reserve requirements response to shocks rules-based system rv i rv seigniorage Tanzania Treasury bill Zaire Zambia Zimbabwe