Currency depreciation and inflationary pressure vis-à-vis monetary intervention: perspectives on growth and policy implications
https://doi.org/10.3326/pse.50.1.7 | Published online: March 18, 2026 Graph 1
Growth performance of Sub-Saharan African countries, 1990-2023 Graph 2
Real effective exchange rates of Sub-Saharan African countries, 1990-2023 2000 = 100 Graph 3
Inflation rates in Sub-Saharan African countries, 1990-2023 Table 1
Descriptive statistics1
1The sample includes 340 annual observations for ten Sub-Saharan countries over 1990-2023. 22010 = 100. 3In percent of total international reserves of central bank. 4In percent of GDP. Source: Authors’ calculations. Table 2
Panel unit root and cointegration test Table 3
DOLS long-run estimation results Endogenous variable: Real GDP growth (EG) Table 4
ECM estimation results Endogenous variable: ΔEG Table 5
Prediction errors Table 6
Pairwise Granger causality tests Graph 1 Growth performance of Sub-Saharan African countries, 1990-2023 DISPLAY Graph Graph 2 Real effective exchange rates of Sub-Saharan African countries, 1990-2023 2000 = 100 DISPLAY Graph Graph 3 Inflation rates in Sub-Saharan African countries, 1990-2023 DISPLAY Graph Table 1 Descriptive statistics1 DISPLAY Table Table 2 Panel unit root and cointegration test DISPLAY Table Table 3 DOLS long-run estimation results Endogenous variable: Real GDP growth (EG) DISPLAY Table Table 4 ECM estimation results Endogenous variable: ΔEG DISPLAY Table Table 5 Prediction errors DISPLAY Table Table 6 Pairwise Granger causality tests DISPLAY Table |
March, 2026 I/2026 |
