Exchange Rate Targeting in Sub-Saharan Africa: Real, Nominal, or Mixed?

Dialogues économiques
JUNE 14, 2022
With little diversification, a great amount of debt, and a high level of dependence, the economies of Sub-Saharan Africa are confronted with many challenges and left vulnerable against external shocks. What exchange rate regimes do central banks choose to protect these countries and help them reach seemingly incompatible macroeconomic aims?

Reference
Al Hajj, Fadia, Gilles Dufrénot, and Benjamin Keddad. 2021. “Exchange Rate Policy and External Vulnerabilities in Sub-Saharan Africa: Nominal, Real or Mixed Targeting?” Applied Economics 53 (3): 380–99.

Latest publications

When France’s Légion d’honneur awards move stock prices: A market signal of political access
Two articles by Stéphane Benveniste (University of Paris 1, CES, AMSE) and Marc Sangnier (Aix-Marseille University, AMSE) published in VoxEU (CEPR) and The Conversation.
The 'Dialogues économiques' magazine No. 6 is online
This issue compiles the 'Dialogues économiques' articles published in 2025.
"Us" Against "Them": Ethnicity in Conflict
Whilst war fractures societies, it can bring about reinforced bonds within the communities it targets. By analysing ethnic conflicts across 36 African countries between 2002 and 2015, economist Matteo Sestito offers an original perspective on the mechanisms that forge identities and strengthen cohesion within the communities it strikes.