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Periodical article | Leiden University catalogue | WorldCat |
Title: | The Micro-Economic Challenges of Adopting a Realistic Exchange Rate Regime for Liberia |
Author: | Ponder (Jr), William F. |
Year: | 1997 |
Periodical: | Liberian Studies Journal |
Volume: | 22 |
Issue: | 2 |
Pages: | 153-191 |
Language: | English |
Geographic term: | Liberia |
Subjects: | exchange rates Economics and Trade |
Abstract: | Proponents of the 'dollar myth' concept in Liberia view the use of the US dollar currency as a panacea to Liberia's monetary and trade problems. Drawing on his professional and personal involvement with this fundamental economic policy question, the author highlights the case for and against fixed and flexible exchange rates within a context that is applicable to Liberia's currency arrangement. Following a survey of the experiences of sub-Saharan Africa with major exchange rate regimes, which illustrates the uniqueness of the Liberian experience, and an outline of the global framework of policy directions that will influence Liberia's future policy recourse, he assesses the country's political and economic environment since 1979 on the basis of its negative impact on the maintenance of the fixed parity between the Liberian and US dollar. He discusses specific aspects of monetary and fiscal policies in order to establish the appropriateness of intervention or nonintervention on exchange rates. Finally, he critically reviews the advantages and disadvantages of maintaining the existing exchange rate structure and provides some options that will be available to policymakers in adopting a more realistic exchange rate regime for Liberia. App., bibliogr., note. |