The authors compare and contrast the design and outcomes of different foreign exchange auctions in four countries in sub-Saharan Africa and present a typology of such auctions. They identify two distinct sets of countries in terms of the auctions'features, policy interventions, and outcomes. In...

In countries where the black market premium on foreign exchange is exceptionally high, often more than 100 percent, lowering the black market rate to a level close to the market determined official rate will improve the balance of payments and increase exports. Floating the currency to...

Administrative exchange allocation has been common in developing countries, especially in sub-Saharan Africa. Steps to dismantle or modify these control mechanisms have been carried out through traditional schemes. The authors draw lessons from sub-Saharan Africa's historical experience useful...

Import prices in the U.S. have not responded as expected to large fluctuations in the exchange rate. This paper analyzes the response of Japanese and U.S. steel prices to changes in the yen-dollar exchange rate (the exchange rate pass-through, or percentage change in import prices as a result of...

Structural adjustment programs in sub-Saharan African countries in the 1980s removed trade restrictions, price controls, and export taxes and abolished state-owned commodity marketing bodies. The authors studied the effects of these policy changes on the coca sector, using a global econometric...

The author develops, and applies a macroeconomic framework to ascertain the influence of domestic disequilibria, and external shocks on inflation dynamics in Uzbekistan. Using quarterly data for the period 1994:01 to 2000:03, he estimates several"long-run"relationships for the goods, money, and...

Bulgaria's shaky macroeconomic situation is a serious obstacle for a smooth transition from central planning to markets. It has to correct large current account deficits with the convertible currencyarea. It has to eliminate inflationary pressures and large price distortions, and get into a path...

The author analyzes the macroeconomic effects of inflation in the nontradables sector of a small open economy to suggest how different macroeconomic policies would facilitate structural adjustment after price liberalization in a transition economy. She uses a Mundell-Fleming rational...

Malaysia's sustained growth in the 1970s was boosted by windfall gains during two oil price hikes plus a commodity boom. Oil and commodity prices fell in the 1980s and Malaysia, an oil exporter, bungled into a rather severe depression in 1985-86. But it recovered quickly, to the surprise of some...

The authors provide various estimates of the government net capital stocks for a panel of 26 developing countries over the period 1970-2001. Two kinds of internationally comparable series of public capital stocks are presented. The first estimates are based on the standard perpetual inventory...