IMF paper studies impact of US interest rates on sub-Saharan Africa


A working paper published by the International Monetary Fund in August identifies differing effects of interest rate changes in the US on exchange rates in sub-Saharan Africa.

The author, Alun Thomas, analyses exchange rate data from 12 sub-Saharan African countries with floating exchange rates from 2003–10. The paper finds exchange rates respond "significantly" to an increase in US interest rates. Countries with relatively open capital accounts experience an appreciation, while those with more

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