UID:
edoccha_9958074014202883
Umfang:
1 online resource (21 p.)
ISBN:
1-4623-9916-9
,
1-4527-4805-5
,
1-283-51227-0
,
1-4519-9530-X
,
9786613824721
Serie:
IMF Working Papers
Inhalt:
In recent years, the decline in inflation in Angola has stalled and further steps may be needed to attain the authorities' medium term goal of meeting the Southern African Development Community (SADC) convergence criteria of a low single digit inflation rate. A Vector Error Correction (VEC) model, which analyzes the factors that affect the inflationary process in Angola, suggests that the inflation path has been largely affected by exchange rate movements. This implies that greater exchange rate flexibility that facilitates a gradual appreciation would be instrumental to moderate price growth through reducing the price of imports and limiting liquidity injection by the National Bank of Angola (BNA). Additionally, the analysis shows that excess liquidity, which is measured by positive deviations of M2 from its equilibrium level, adds to demand pressures, and contributes to inflation with a lag. This underlines the importance of closely monitoring the growth of monetary aggregates as well as improving liquidity management.
Anmerkung:
Description based upon print version of record.
,
Contents; I. Introduction; Figures; 1. Consumer Price Index, 1998-2007; II. Domestic and External Developments; 2. Domestic and External Developments; III. Experiences of Other Oil Exporters; Tables; 1. Oil Exporters: Selected Policy Indicators, Average 2005-07; 3. Oil Exporters, 2005-07: Broad Money Growth and Inflation; 4. Oil Exporters, 2005-07: Average Change in the Nominal Exchange Rate and Inflation; 5. Oil Exporters, 2005-07: Average Change in the Non-Oil Fiscal Deficit and Inflation; IV. Economic Model and Methodology; V. Data and Estimation; 2. Cointegration Tests
,
6. Estimated Long-Run Levels of LnER and LnM2 and the Short-Run Deviations3 Short-Term Dynamics of M2, Nominal GDP, Exchange Rate and CPI; 7. Rolling Regressions and the Changes in the Adjustment Coefficients; 8. Dynamic Simulation, 1997-2007; 9. CPI: Impulse Response to Various Shocks; VI. Conclusions; 4. Single Equation Estimation; References; Annex
,
English
Weitere Ausg.:
ISBN 1-4518-7245-3
Sprache:
Englisch
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