Click here for search results
A typology of foreign auction markets in sub-Saharan Africa, Volume 1
 
Author:Aron, Janine; Elbadawi, Ibrahim; Collection Title:Policy, Research working paper ; no. WPS 1395
Country:Uganda; Ghana; Zambia; Nigeria; Date Stored:1994/12/01
Document Date:1994/12/31Document Type:Policy Research Working Paper
Language:EnglishMajor Sector:Finance
Region:AfricaReport Number:WPS1395
Sub Sectors:Capital Markets DevelopmentSubTopics:International Terrorism & Counterterrorism; Economic Theory & Research; Markets and Market Access; Economic Stabilization; Access to Markets
Volume No:1  

Summary: 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 Ghana and Uganda, the exchange rate auctions are judged to have been largely on target in exchange rate unification, exchange rate stabilization, and efficient allocation of foreign exchange. The auctions in Nigeria and Zambia, on the other hand, were subject to frequent policy interventions, resulting in unsustainable auctions, inefficient allocation of foreign exchange (through ad hoc disqualifications), limited unification, and a rather volatile exchange rate. The conclusions reached by the authors are broadly corroborated by a statistical analysis of weekly micro-auction data for all four countries.

Official Documents
Official, scanned versions of documents (may include signatures, etc.)
File TypeDescriptionFile Size (mb)
PDF 40 pagesOfficial version*2.8 (approx.)
TextText version**
How To Order

* The official version is derived from scanning the final, paper copy of the document and is the official,
archived version including all signatures, charts, etc.
** The text version is the OCR text of the final scanned version and is not an accurate representation of the final text.
It is provided solely to benefit users with slow connectivity.



Permanent URL for this page: http://go.worldbank.org/168U6V9FT0