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This paper reviews the reserve requirement arrangements of sub-Saharan Africa, focusing on the differences between reserve requirements on domestic- and foreign-currency deposits. The reserve requirement systems in sub-Saharan Africa are relatively simple and transparent, but in some countries high unremunerated reserve ratios impose a significant implicit tax on the banks. The currency denomination of the foreign-currency reserve deposits raises concern in countries undergoing large macroeconomic changes or experiencing exchange rate volatility.

Banks and Banking --- Money and Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Central Banks and Their Policies --- Monetary economics --- Banking --- Bank deposits --- Reserve requirements --- Currencies --- Monetary base --- Financial services --- Monetary policy --- Money --- Open market operations --- Central banks --- Banks and banking --- Money supply --- São Tomé and Príncipe, Democratic Republic of

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This study examines the appropriateness of alternative intermediate monetary policy targets for Zimbabwe in light of the stability of the demand for money and the information content of financial variables for predicting price level movements. Results of the study indicate that a well-defined long-run demand relation exists for currency in circulation, but not for other monetary aggregates. Currency in circulation has strong information content for predicting future price level movements. The information content of other financial variables, such as the exchange rate and interest rates, is weaker. Statistical relationships break down of the outset of high inflation.

Monetary policy --- Inflation (Finance) --- Demand for money --- Liquidity preference --- Money --- Money supply --- Finance --- Natural rate of unemployment --- Monetary management --- Economic policy --- Currency boards --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Investments: General --- Price Level --- Deflation --- Demand for Money --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Investment --- Capital --- Intangible Capital --- Capacity --- Monetary economics --- Macroeconomics --- Currency --- Foreign exchange --- Currencies --- Exchange rates --- Monetary base --- Prices --- Depreciation --- National accounts --- Saving and investment --- Zimbabwe

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We use cross-section and time-series techniques to analyze pricing behavior in Sierra Leone. In cross-sectional data, we find that inflation volatility and product diversification are the main factors explaining differences in the frequency of price adjustments. We show that variance in the fraction of prices subject to change is a key determinant of inflation volatility in Sierra Leone, indicating that retail prices are sensitive to economic events. We explain variations in this fraction over time with past inflation and monetary growth, which are important policy variables.

Electronic books. -- local. --- Inflation (Finance) -- Sierra Leone -- Econometric models. --- Pricing -- Sierra Leone -- Econometric models. --- Finance --- Business & Economics --- Money --- Inflation (Finance) --- Pricing --- Econometric models. --- Price policy --- Price policy, Industrial --- Retail pricing --- Marketing --- Natural rate of unemployment --- Inflation --- Macroeconomics --- Price Level --- Deflation --- Agriculture: Aggregate Supply and Demand Analysis --- Prices --- Consumer price indexes --- Food prices --- Inflation persistence --- Sticky prices --- Price indexes --- Sierra Leone

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Given the rapidly declining demand for central bank reserves and their gradual replacement in wholesale payments by alternative forms of money—clearinghouse moneyand treasury money—this paper discusses whether the complete extinction of base money could undermine monetary control. It argues that such concerns are misplaced since central banks can target interest rates and inflation even in the absence of base money. The paper explores implications for current and future central banking, including monetary and foreign exchange operations, lender of last resort, coordination between public debt and monetary management, and design of operating rules in currency boards.

Banks and Banking --- Finance: General --- Investments: General --- Money and Monetary Policy --- Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Portfolio Choice --- Investment Decisions --- Banking --- Monetary economics --- Finance --- Investment & securities --- Monetary base --- Treasury bills and bonds --- Payment systems --- Money markets --- Money --- Financial institutions --- Financial markets --- Liquidity --- Asset and liability management --- Banks and banking --- Money supply --- Government securities --- Clearinghouses --- Money market --- Economics --- Canada