Some African economies have experienced increases in the level of their foreign exchange reserves as well as increases in their import volume. Theory suggests that as the level of exchange reserves increases, it may affect the demand for imports since more funds will be available for imports....

Winters [Winters, D. B. (October 2002) Commercial paper: A colossal market. The Federal Reserve Bank of St. Louis-National Economic Trends, Cover Page], shows that the amount of non-financial commercial paper outstanding is positively correlated to the amount of total business inventory. In this...