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Institutions for Macroeconomic Stability in Africa

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  • Azam, Jean-Paul

Abstract

Before discussing the type of institutions that can be designed for overcoming the credibility problem raised by monetary policy, this paper defines macroeconomic instability, showing that inflation is a crucial factor. The relationships between inflation and macroeconomic instability are analysed using a small Australian-type model, with rational expectations, where a too-high rate of inflation entails a continuum of equilibria, regarded as the root of macroeconomic instability. The credibility issue is then discussed in a simple optimal seignorage framework. Different institutional solutions, ranging from currency board to IMF conditionality, are discussed. Copyright 1999 by Oxford University Press.

Suggested Citation

  • Azam, Jean-Paul, 1999. "Institutions for Macroeconomic Stability in Africa," Journal of African Economies, Centre for the Study of African Economies, vol. 8(0), pages 6-29, December.
    • Handle: RePEc:oup:jafrec:v:8:y:1999:i:0:p:6-29
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    Cited by:

    1. Mete Feridun, 2005. "Impact of Monetary Policy on Economic Instability in Turkey (1983 - 2003)," Prague Economic Papers, Prague University of Economics and Business, vol. 2005(2), pages 171-179.
    2. Hachicha, Ahmed & Lean Hooi Hooi, 2013. "Inflation, inflation uncertainty and output in Tunisia," Economics Discussion Papers 2013-1, Kiel Institute for the World Economy (IfW Kiel).
    3. Ali, Amjad & Ur Rehman, Hafeez, 2015. "Macroeconomic Instability and Its Impact on Gross Domestic Product: An Empirical Analysis of Pakistan," MPRA Paper 82496, University Library of Munich, Germany, revised 2015.
    4. Rabia Haroon & Zainab Jehan, 2022. "Measuring the impact of violence on macroeconomic instability: evidence from developing countries," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 21(1), pages 3-30, January.
    5. Onye, Kenneth U. & Bassey, Godwin E. & Daasi, Gibson L.K., 2012. "Monetary Policy Instability in Nigeria: A Rational Expectation Approach," MPRA Paper 88299, University Library of Munich, Germany.

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