The growing adoption of an inflation targeting framework in emerging market economies has increased the importance of understanding inflation dynamics and forecasting its future path in these countries. The author considers the case of Turkey and investigates the performance of models that have...

The salient characteristics of emerging market economies coupled with the increasing adoption of inflation targeting in these countries has stimulated much debate about the role of the exchange rate in inflation targeting regimes. The authors aim at shedding more light on this issue by...

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...

Nigeria's oil boom has not brought an end to perennial stagnation in the non-oil economy. Is this the unavoidable consequence of the resource boom or have misguided policies contributed? This paper indicates that the extreme volatility of expenditure rather than Dutch Disease effects are behind...

Inflation always has a monetary dimension, but managing inflation is not a simple question of monetary management. Other factors to contend with are the indexation process (including policies on wage and price controls), the level and financial composition of fiscal deficits, and supply...