Dr Montfort Mlachila

—

Discipline

Economics

—

Biography

Dr Montfort Mlachila is the Deputy Director in the African Department of the International Monetary Fund (IMF). Prior to that, he was assistant director in the Monetary and Capital Markets Department. For the period of 2016-2020, Mlachila was the IMF’s senior resident representative in South Africa. He previously served in various capacities in the African Department, including as mission chief, Deputy Chief of the Regional Studies Division, where he was responsible for overseeing the preparation of the department’s flagship publication, the Regional Economic Outlook for Sub-Saharan Africa. Before joining the African Department, Mlachila served in the Strategy, Policy and Review, and the Western Hemisphere Departments. Overall, he has been at the IMF for over 24 years. Prior to joining the IMF, he was an economist at the Reserve Bank of Malawi. Mlachila has worked on a wide range of countries in Africa, Latin America, the Caribbean, the Middle East and Asia, and he has published numerous articles in the areas of public finance, growth, migration, monetary policy, international trade, and financial development. He holds a PhD in economics from CERDI, University of Clermont-Auvergne, France.

Academic Qualifications

BSc, Economics, University of Grenoble
MSc, Econometrics, University of Grenoble
MPhil, Economic Management, CERDI, University of Clermont-Auvergne
PhD, Economics, CERDI, University of Clermont-Auvergne

Research Interests

Public finance,
Growth, migration,
Monetary policy,
International trade,
and Financial development

Publications

Journal Articles

(with Kagni Kpodar, Saad Quayyum and Vigninou Gammadigbe), 2022, “Defying the Odds: Remittances during the COVID-19 Pandemic”, The Journal of Development Studies. (with Ali Compaoré, Rasmané Ouedraogo, and Windemanegda Sandrine Sourouema), 2021, “The Impact of Conflict and Political Instability on Banking Crises in Developing Countries,” The World Economy.
(with Rasmané Ouedraogo), 2020, “Financial Development Curse in Resource-rich Countries: The Role of Commodity Price Shocks,” The Quarterly Review of Economics and Finance, Vol. 76, pp. 84-96.
(with Alain Kabundi), 2018, “The Role of Monetary Policy Credibility in Explaining the Decline in Exchange Rate Pass-Through in South Africa,” Economic Modelling, Vol. 79, pp. 173-185.
(with Tidiane Kinda and Rasmané Ouedraogo), 2018, “Do Commodity Price Shocks Weaken the Financial Sector?” The World Economy, Vol. 41, No. 11.
(with René Tapsoba and Sampawende Tapsoba), 2016, “A Quality of Growth Index: A proposal,” Social Indicators Research, pp. 1-36.
(with Sarah Sanya), 2016, “Post-Crisis Bank Behavior: Lessons from Mercosur,” International Journal of Emerging Markets, Vol. 11, No.4.
(with Antonio David and Ashwin Moheeput), 2015, “Does Openness Matter for Financial Development in Africa?” Applied Economics, Vol. 47, No. 15.
(with Paul Cashin and Cleary Haines), 2013, “Caribbean Bananas: The Macroeconomic Impact of Trade Preference Erosion,” The Journal of International Trade and Development, Vol. 22, No. 1.
(with Misa Takebe), 2012 “FDI from BRICs to LICs: the case of Chinese FDI in Africa” Journal of Asian Business, Vol. 25, No.1.
(with Yohane Khamfula and Ephraim Chirwa), 2007, “Donor Herding and Domestic Debt Crisis,” Applied Economics Letters, Vol. 14, May.
(with Yongzheng Yang), 2007, “The End of Textiles Quotas: A case study of the impact on Bangladesh,” Journal of Development Studies, Vol. 43, No.4.
(with Ephraim Chirwa), 2004, “Financial Reforms and Interest Rate Spreads in the Commercial Bank System in Malawi,” IMF Staff Papers, Vol. 51, No. 1.

IMF Working Papers

(with Kagni Kpodar, Saad Quayyum, and Vigninou Gammadigbe), 2021, “Defying the Odds: Remittances During the COVID-19 Pandemic”, IMF Working Paper 21/186.
(with Ali Compaoré, Rasmané Ouedraogo, and Sandrine Sourouema), 2020, “The Impact of Conflict and Political Instability on Banking Crises in Developing Countries,” IMF Working Paper 20/41.
(with Tlhalefang Moeletsi), 2019, “Struggling to Make the Grade: A Review of the Causes and Consequences of the Weak Outcomes of South Africa’s Education System,” IMF Working Paper 19/47.
(with Alain Kabundi), 2018, “Monetary Policy Credibility and Exchange Rate Pass-Through in South Africa,” IMF Working Paper 18/173.
(with Rasmané Ouedraogo), 2017, “Financial Resource Curse in Resource-Rich Countries,” IMF Working Paper No. 17/163.
(with Edgardo Ruggiero and David Corvino), 2016, “Unintended Consequences: Spillovers from Nigeria’s Fuel Pricing Policies to Its Neighbors,” IMF Working Paper 16/17.
(with Tidiane Kinda and Rasmané Ouedraogo), 2016, “Commodity Price Shocks and Financial Sector Fragility,” IMF Working Paper 16/12.
(with René Tapsoba and Sampawende Tapsoba), 2014, “A Quality of Growth Index: A proposal” IMF Working Paper 14/172.
(with Antonio David and Ashwin Moheeput), 2014, “Does Openness Matter for Financial Development in Africa?” IMF Working Paper 14/94.
(with Marcelo Martínez), 2013, “The Quality of Growth in Sub-Saharan Africa,” IMF Working Paper 13/53.
(with Misa Takebe), 2011 “FDI from BRICs to LICs: Emerging Growth Driver?” IMF Working Paper 11/178.
(with Tidiane Kinda), 2011, “The Quest for Higher Growth in the WAEMU Region,” forthcoming IMF Working Paper 11/174.
(with Sarah Sanya), 2010, “Post-Crisis Bank Behavior: the case of Mercosur” IMF Working Paper 10/1.
(with Paul Cashin and Cleary Haines), 2010, “Caribbean Bananas: The Macroeconomic Impact of Trade Preference Erosion,” IMF Working Paper 10/59.
(with Rupa Duttagupta), 2008, “What is Really Good for Long-Term Growth? Lessons from a Binary Classification Tree,” IMF Working Paper 08/263.
(with Yohane Khamfula and Ephraim Chirwa), 2006, “Donor Herding and Domestic Debt Crisis,” IMF Working Paper 06/109.
(with Yongzheng Yang), 2004, “The End of Textiles Quotas: A case study of the impact on Bangladesh,” IMF Working Paper 04/106).
(with Kadima Kalonji, Boileau Loko, and Raj Nallari), 2003, “The Impact of External Indebtedness on Poverty,” IMF Working Paper 03/61.
(with Boileau Loko and Philippe Beaugrand), 2002, “The Choice between External and Domestic Debt in Financing Budget Deficits: the case of West and Central African Countries,” IMF Working Paper 02/79.
(with Ephraim Chirwa), 2002, “Financial Reforms and Interest Rate Spreads in the Commercial Bank System in Malawi,” Previously IMF Working Paper 02/6).

Monographs

(with Francisco Arizala, Matthieu Bellon, Margaux MacDonald, and Mustafa Yenice), 2018, “Regional Spillovers in Sub-Saharan Africa: Exploring Different Channels,” Spillover Note 18/01, IMF.
(with Jesus Gonzalez-Garcia, Ermal Hitaj, Arina Viseth and Mustafa Yenice), 2016, “Sub-Saharan African Migration: Patterns and Spillovers,” Spillover Note 9, IMF.
(with Larry Cui, Ahmat Jidoud, Monique Newiak, Bozena Radzewicz-Bak, Misa Takebe, Yanmin Ye, and Jiayi Zhang), 2016, “Financial Development in Sub-Saharan Africa: Promoting Inclusive and Sustainable Growth,” African Departmental Paper 16/5, IMF.
(with Seok Gil Park and Masafumi Yabara), 2013, “Banking in Sub-Saharan Africa: the Macroeconomic Context,” African Departmental Paper 13/03, IMF.

Regional Economic Outlook and Book Chapters

(with Seok Gil Park and Masafumi Yabara), 2013, “Banking in Sub-Saharan Africa: the macroeconomic context,” in Banking in Africa: Challenges and Opportunities, European Investment Bank.
(with Juan Treviño and Seok Gil Park), 2013, “Strengthening Fiscal Space” Regional Economic Outlook, Sub-Saharan Africa, Spring.
(with Paulo Drummond, Gonzalo Salinas, Hui Jin, Alexis Meyer-Cirkel and Teresa Trasino), 2011, ”Sub-Saharan Africa’s Engagement with Emerging Partners: Opportunities and Challenges,” Regional Economic Outlook, Sub-Saharan Africa, Fall.
(with Valerie Cerra and Alexis Meyer-Cirkel), 2011, “Capital Inflows to Frontier Markets in Sub-Saharan Africa,” Regional Economic Outlook, Sub-Saharan Africa, Spring.
(with Norbert Funke et al.), 2010, “The Quest for Higher Growth in the WAEMU Region,” Regional Economic Outlook, Sub-Saharan Africa, Fall.
(with Victor Lledó and Irene Yackovlev), 2010, “How Countercyclical and Pro-Poor Has Fiscal Policy Been during the Downturn?” Regional Economic Outlook, Sub-Saharan Africa, Spring. 2009, “Recurrent Financial Crises in Paraguay—Causes, Costs and Consequences,” in A. Santos, Paraguay—The Road from Financial Crisis to Stability and Economic Growth, IMF.
(with Paul Cashin and Judith Gold), 2008, “The Macroeconomic Impact of Trade Preference Erosion,” in Bauer, Cashin, and Panth, The Caribbean—Enhancing Economic Integration, IMF. (with Wendell Samuel and Patrick Njoroge), 2006, “Integration and Growth in the Eastern Caribbean,” in Sahay, Robinson, and Cashin, The Caribbean: From Vulnerability to Sustained Growth, IMF. (Previously IMF Country Report 05/305 (Selected Issues Paper), pp. 126-155).

Other Papers

(with Brieuc Monfort), 2009, “Assessing the Appropriateness of Monetary and Fiscal Policies in an Adverse External Environment”, Paraguay Article IV staff report Selected Issues Paper. 2001, “Papua New Guinea: External Competitiveness and Export Performance,” IMF Selected Issues Paper. 1999, “Cameroon’s Debt Burden: Debt Overhang and Secondary Market Prices,” IMF Selected Issues Paper. 1996, “The Dutch Disease in a War Economy? The case of Angola,” IMF, (mimeo). 1996, “The Main Determinants of Short-Run Inflation in Angola,” IMF, (mimeo).

Other shorter pieces

(with Kagni Kpodar, Saad Quayyum, and Vigninou Gammadigbe), 2021, “Defying the Odds: Remittances Held up During the COVID-19 Pandemic,” https://voxeu.org/article/defying-odds-remittances-held-during-covid-19-pandemic VoxEU.
(with Rasmané Ouedraogo), 2020, “Impact of Conflict and Political Instability on Banking Crises in Developing Economies” Impact of Conflict and Political Instability on Banking Crises in Developing Economies – IMF Blog
(with Martin Cihak and Ratna Sahay), 2020, “Race and Racism in Economics,” Finance and Development https://www.imf.org/external/pubs/ft/fandd/2020/09/race-and-racism-in-economics-IMF.htm
(with Francisco Arizala, Matthieu Bellon, and Margaux MacDonald), 2018, “How Economic Integration is Helping Growth in Africa,” https://www.weforum.org/agenda/2018/08/trade-and-remittances-within-africa
(with Jesus Gonzalez-Garcia), 2016, “A Sea Change: The New Migration from Sub-Saharan Africa”, https://blog-imfdirect.imf.org/2016/11/02/a-sea-change-the-new-migration-from-sub-saharan-africa/ iMFdirect blog.
(with René Tapsoba and Sampawende Tapsoba), “A Quest for Quality,” Finance and Development, June 2015.
(with René Tapsoba and Sampawende Tapsoba), “Benchmarking Growth Performance: Quality Matters,” http://www.voxeu.org/article/growth-quality-new-index; 2015 “Attracting Foreign Direct Investment,” Commonwealth Ministers’ Handbook, 2012. (with Norbert Funke), “West Africa’s Recovery Threatened by Côte d’Ivoire Crisis,” IMF Survey, March 17, 2011. “The Eastern Caribbean Region at a Crossroads,” IMF Survey, February 7, 2005.

Additional information

• Referee for: Economic Systems, International Journal of Emerging Markets, Journal of African Development, Journal of Development Economics, South African Journal of Economics, South African Journal of Economics and Management Sciences, World Development, and The World Economy.

School of Accounting, Economics and Finance