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Although several studies have examined why overall price levels are higher in richer countries, little is known about whether there is a similar relationship at the urban and city level across countries. This paper compares the price levels of cities in Sub-Saharan Africa with those of other regions by analyzing price information collected for the 2011 round of the International Comparison Program. Readjusting the calculated price levels from national to urban levels, the analysis indicates that African cities are relatively more expensive, despite having lower income levels. The price levels of goods and services consumed by households are up to 31percent higher in Sub-Saharan Africa than in other low- and middle-income countries, relative to their income levels. Food and non-alcoholic beverages are especially expensive, with price levels around 35 percent higher than in other countries. The paper also analyzes price information collected by the Economist Intelligence Unit's Worldwide Cost of Living Survey, and obtains a similar result, indicating higher prices of goods and services in African cities.

International Comparison Program --- Price Level --- Purchasing Power Parity --- Urbanization

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Préface. À la demande du ministère des finances du Mali, une mission d'assistance technique a séjourné à Bamako du 12 au 21 août 2013. Son objet était d'identifier les problèmes et solutions à prendre en considération lors de l'adoption d'un mécanisme de tarification automatique des prix des produits pétroliers. La mission était dirigée par M. Mark De Broeck et comprenait également M. Kangni Roland Kpodar (tous les deux du Département des finances publiques du FMI). La mission a rencontré M. Mamadou Traoré, Ministre de l’économie et de l’action humanitaire, M. Abdel Karim Konaté, Ministre des finances, M. Makan Tounkara, Ministre de l’énergie et de l’eau, M. Ibrahima Dansako, Directeur général adjoint de l’ONAP, M. Moumouni Dembélé, Directeur général des douanes, et M. Mahamadou Lamine Samaké, Directeur général adjoint à la Direction générale des impôts au Ministère des finances. La mission a également rencontré les parties concernées par les questions de tarification des produits pétroliers représentées au sein de la commission de suivi des prix des produits pétroliers, y compris des représentants des associations de défenses des consommateurs, des sociétés pétrolières nationales et internationales, des associations de transporteurs et des sociétés minières. Les conclusions de la mission ont fait l’objet de discussions avec les services de la Banque mondiale. La mission remercie tous ses interlocuteurs de leur coopération et des entretiens fructueux. La mission tient également à exprimer ses remerciements sincères pour l’excellence de leur collaboration, de leur soutien et de leur appui logistique, les services de l’ONAP et, en particulier les responsables du Ministère de l’économie et des finances, surtout M. Modibo Diall, Chef du Département des statistiques et de l’administration, et principal interlocuteur de la l’équipe du FMI. En outre, la mission exprime sa profonde gratitude à la représentation résidente du FMI. M. Op de Beke, le représentant résident, et M. Bakary Traoré, l’économiste du bureau, ont contribué de manière exceptionnelle à l’organisation de la mission à brève échéance et ont prodigué de précieux conseils sur le travail de la mission. Mme Nafissatou Koné, l’assistante administrative, a apporté à l’équipe un excellent appui.

Deflation --- Energy: Demand and Supply --- Fuel prices --- Import prices --- Imports --- Inflation --- Macroeconomics --- Price adjustments --- Price Level --- Price structures --- Prices --- Mali

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Although the theoretical relationships are ambiguous, evidence suggestsa strong link between the choice of the exchange rate regime and economicperformance. The paper argues that adopting a pegged exchange rate canlead to lower inflation, but also to slower growth in productivity. Itfinds that on average per capita GDP growth was slightly faster underfloating regimes than under pegged exchange regimes.

Economic growth --- International finance --- Foreign Exchange --- Inflation --- Price Level --- Deflation --- Currency --- Foreign exchange --- Macroeconomics --- Exchange rate arrangements --- Exchange rates --- Floating exchange rates --- Conventional peg --- Prices

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The paper develops a model of exchange rate regime choice centered on the trade-off between internal price stability and external competitiveness and allowing for institutional costs of altering exchange rate arrangements. The main implication of the model is a nonlinear relationship between the rate of inflation and the choice of regime for the next period. The model also suggests that a major inflationary shock-like the one to which all Central and Eastern European economies were subject when they allowed prices to be determined by the market-should give rise to a tightening of the exchange rate regime, followed by a gradual introduction of more flexibility as inflation subsides. A series of regressions on a sample of 13 Central and Eastern European economies yield results consistent with the hypothesis.

Foreign Exchange --- Inflation --- Open Economy Macroeconomics --- Price Level --- Deflation --- Currency --- Foreign exchange --- Macroeconomics --- Exchange rate arrangements --- Exchange rate flexibility --- Conventional peg --- Exchange rates --- Prices --- Bulgaria

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This paper analyzes the consequences of a shift from a floating to a pegged exchange rate regime on the actual and expected inflation rate, in an environment of asymmetric information. Policymaking is endogenous and the public learns rationally. There are two main findings. First, there is a “honeymoon effect” after the regime change, where inflation is lower than in the long run. Second, the asymmetric information outcome converges to that of symmetric information in the long run.

Asymmetric and Private Information --- Currency --- Deflation --- Exchange rate arrangements --- Exchange rates --- Foreign Exchange --- Foreign exchange --- Inflation --- Macroeconomics --- Price Level --- Prices --- Purchasing power parity --- Real exchange rates