Download or read book Macroeconomic Fluctuations in Sub Saharan Africa written by Mr.Alexander W. Hoffmaister and published by International Monetary Fund. This book was released on 1997-07-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sources of macroeconomic fluctuations in sub–Saharan African are examined by comparing the CFA franc countries with the non–CFA franc countries. External shocks, especially terms of trade shocks, appear to have a greater influence on fluctuations of output and the real exchange rate in CFA franc countries. This result does not appear to be associated with differences in the economic structure but may reflect the fixed exchange rate regime, which does not (partially) buffer these countries from external shocks. Macroeconomic fluctuations in non–CFA franc countries are similar to those in other developing countries, particularly in Latin America.
Download or read book Economic Fluctuations in Sub Saharan Africa written by Mr.Giovanni Melina and published by International Monetary Fund. This book was released on 2019-01-22 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: We compare business cycle fluctuations in Sub-Saharan African (SSA) countries vis-à-vis the rest of the world. Our main results are as follows: (i) African economies stand out by their macroeconomic volatility, which is is reflected in the volatility of output and other macro variables; (ii) inflation and output tend to be negatively correlated; (iii) unlike advanced economies and emerging markets (EMs), trade balances and current accounts are acyclical in SSA; (iv) the volatility of consumption and investment relative to GDP is larger than in other countries; (v) the cyclicality of consumption and investment is smaller than in advanced economies and EMs; (vi) there is little comovement between consumption and investment; (vii) consumption and investment are strongly positively correlated with imports.
Download or read book Macroeconomic Fluctuations in Sub Saharan Africa written by and published by . This book was released on 1997 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Exchange Rate System and Macroeconomic Fluctuations in Sub Saharan Africa written by Yaya Sissoko and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we investigate the sources of macroeconomic fluctuations in Sub-Saharan African (SSA) countries with particular attention to the exchange rate system. We use a structural Vector Autoregression (VAR) model with limited capital mobility and long run restrictions to identify the shocks. Supply and terms of trade shocks tend to dominate output movements in the CFA and non-CFA countries alike. However, terms of trade shocks tend to influence the CFA zone to a greater extent and there seems to be a higher influence of demand shocks on output and the real exchange rates in the non-CFA countries.
Download or read book Macroeconomic Shocks and Trade Flows within Sub Saharan Africa written by Mr.Tamim Bayoumi and published by International Monetary Fund. This book was released on 1995-12-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Africa has more countries than any other continent, and hence the largest number of potential monetary and exchange rate arrangements. This paper looks at whether the existing highly fractured monetary arrangements in Sub-Saharan Africa correspond to what might be expected from the theory of optimum currency areas. This is done by analyzing both the size and correlation of real disturbances across countries and the level of intra-regional trade. The results indicate little evidence that Sub-Saharan African countries would benefit in the near future from larger currency unions.
Download or read book Economic Fluctuations in Su Saharan Africa written by Giovanni Melina and published by . This book was released on 2018 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: We compare business cycle fluctuations in Sub-Saharan African (SSA) countries vis-à-vis the rest of the world. Our main results are as follows: (i) African economies stand out by their macroeconomic volatility, which is is reflected in the volatility of output and other macro variables; (ii) inflation and output tend to be negatively correlated; (iii) unlike advanced economies and emerging markets (EMs), trade balances and current accounts are acyclical in SSA; (iv) the volatility of consumption and investment relative to GDP is larger than in other countries; (v) the cyclicality of consumption and investment is smaller than in advanced economies and EMs; (vi) there is little comovement between consumption and investment; (vii)consumption and investment are strongly positively correlated with imports.
Download or read book Stabilization and Structural Adjustment written by Finn Tarp and published by Routledge. This book was released on 2002-09-11 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reveals and examines the relevance of the macroeconomic theory and models behind recommendations for stabilization and structual adjustment. Alternaive analytical approaches are discusses. This is done on the basis of an up-to-date review of developments in sub-saharan Africa during the 1980's and within a common analytical framework.
Download or read book On the Drivers of Inflation in Sub Saharan Africa written by Anh D. M. Nguyen and published by International Monetary Fund. This book was released on 2015-08-05 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The perception that inflation dynamics in Sub-Saharan Africa (SSA) are driven by supply shocks implies a limited role for monetary policy in influencing inflation in the short run. SSA’s rapid growth, its integration with the global economy, changes in the policy frameworks, among others, in the last decade suggest that the drivers of inflation may have changed. We quantitatively analyze inflation dynamics in SSA using a Global VAR model, which incorporates trade and financial linkages among economies, as well as the role of regional and global demand and inflationary spillovers. We find that in the past 25 years, the main drivers of inflation have been domestic supply shocks and shocks to exchange rate and monetary variables; but that, in recent years, the contribution of these shocks to inflation has fallen. Domestic demand pressures as well as global shocks, and particularly shocks to output, however, have played a larger role in driving inflation over the last decade. We also show that country characteristics matter—the extent of oil and food imports, vulnerability to weather shocks, economic importance of agriculture, trade openness and policy regime, among others, help in explaining the role of shocks.
Download or read book Business Cycles macroeconomic Fluctuations Real Exchange Rates and Optimum Currency Areas in Sub Saharan Africa written by Yaya Sissoko and published by . This book was released on 2003 with total page 592 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Effects of Macroeconomic Stabilityon Growth Savings and Investment in Sub Saharan Africa written by Mr.Dhaneshwar Ghura and published by International Monetary Fund. This book was released on 1994-08-01 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: The analysis of this paper indicates that the unsatisfactory overall economic performance of sub-Saharan African countries during 1986–93 was due to inappropriate policies pursued by a number of countries. The countries that have pursued broadly appropriate adjustment policies have performed much better, achieving positive per capita GDP growth. The analysis is supported with an econometric investigation of the effects of macroeconomic policies, structural reforms, and exogenous factors on economic performance. The results indicate that progress in achieving macroeconomic stability and implementing structural reforms have been conducive to better growth, savings, and private investment.
Download or read book Remittances and Macroeconomic Volatility in African Countries written by Ahmat Jidoud and published by International Monetary Fund. This book was released on 2015-03-02 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the channels through which remittances affect macroeconomic volatility in African countries using a dynamic stochastic general equilibrium (DSGE) model augmented with financial frictions. Empirical results indicate that remittances—as a share of GDP—have a significant smoothing impact on output volatility but their impact on consumption volatility is somewhat small. Furthermore, remittances are found to absorb a substantial amount of GDP shocks in these countries. An investigation of the theoretical channels shows that the stabilization impact of remittances essentially hinges on two channels: (i) the size of the negative wealth effect on labor supply induced by remittances and, (ii) the strength of financial frictions and the ability of remittances to alleviate these frictions.
Download or read book Monetary Policy in Sub Saharan Africa written by Andrew Berg and published by Oxford University Press. This book was released on 2018-02-23 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Low-income countries in sub-Saharan Africa present unique monetary policy challenges, from the high share of volatile food in consumption to underdeveloped financial markets; however most academic and policy work on monetary policy is aimed at much richer countries. Can economic models and methods invented for rich countries even be adapted and applied here? How does and should monetary policy work in sub-Saharan African? Monetary Policy in Sub-Saharan Africa answers these questions and provides practical tools and policy guidance to respond to the complex challenges of this region. Most countries in sub-Saharan Africa have made great progress in stabilizing inflation over the past two decades. As they have achieved a degree of basic macroeconomic stability, policymakers are looking to avoid policy misalignments and respond appropriately to shocks in order to achieve stability and growth. Officially, they often have adopted "money targeting" frameworks, a regime that has long disappeared from almost all advanced and even emerging-market discussions. In practice, though, they are in many cases finding current regimes lacking, with opaque and sometimes inconsistent objectives, inadequate transmission of policy to the economy, and difficulties in responding to supply shocks. Monetary Policy in Sub-Saharan Africa takes a new approach by applying dynamic general equilibrium models suitably adapted to reflect key features of low-income countries for the analysis of monetary policy in sub-Saharan African countries. Using a progressive approach derived from the International Monetary Fund's extensive practice and research, Monetary Policy in Sub-Saharan Africa seeks to address what we know about the empirics of monetary transmission in low-income countries, how monetary policy can work in countries characterized by underdeveloped financial markets and opaque policy regimes, and how we can use empirical and theoretical methods largely derived in advanced countries to answer these questions. It then uses these key topics to guide policymakers as they attempt to adjust food price, terms of trade, aid shocks, and the effects of the global financial crisis.
Download or read book The Macroeconomic Impacts of Digitalization in Sub Saharan Africa Evidence from Submarine Cables written by Felix F. Simione and published by International Monetary Fund. This book was released on 2021-04-29 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Macroeconomic Impacts of Digitalization in Sub-Saharan Africa: Evidence from Submarine Cables
Download or read book Growth Breaks and Growth Spells in Sub Saharan Africa written by Francisco Arizala and published by International Monetary Fund. This book was released on 2017-09-08 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the growth performance of sub-Saharan African countries since 1960 through the lens of growth turning points (accelerations and decelerations) and periods of sustained growth (growth spells). Growth accelerations are generally associated with improved external conditions, increased investment and trade openness, declines in inflation, better fiscal balances, and improvements in the institutional environment. Transitioning from growth accelerations to growth spells often requires additional efforts beyond what is needed to trigger an acceleration. Growth spells are sustained by fiscal policy that prevents excessive public debt accumulation, monetary policy geared toward low inflation, outward-oriented trade policies, and structural policies that reduce market distortions, as well as supportive external environment and improvements in democratic institutions. Overall, determinants of growth spells in sub-Saharan Africa are different from those in the rest of the emerging and developing countries.
Download or read book Effect of Exchange Rate Movements on Inflation in Sub Saharan Africa written by Laurent Kemoe and published by International Monetary Fund. This book was released on 2024-03-15 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides new evidence on the exchange rate passthrough to domestic inflation in Sub-Saharan Africa (SSA) using both bilateral US dollar exchange rate and the nominal effective exchange rate (NEER), and monthly data. We find that depreciations cause sizable increases in domestic inflation. The passthrough in SSA is higher than in other regions and its magnitude depends on the exchange rate regime, type of exchange rate (bilateral versus NEER), natural resource endowment and domestic market competitiveness. The passthrough is found to be disproportionately larger and more persistent for large depreciation shocks, and for exchange rate changes that are more persistent. We also find evidence of asymmetry, with passthrough eight times stronger during depreciations than appreciations. Additional findings suggest that improved monetary policy effectiveness is an important driver of our observed declining estimates of exchange rate passthrough over time, supporting the long-standing view that strengthening monetary policy frameworks and credibility helps mitigate the impact of depreciations on inflation.
Download or read book Promoting Growth in Sub Saharan Africa written by Mr.Anupam Basu and published by International Monetary Fund. This book was released on 2000-10-02 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Africa is the world’s poorest continent, but amid all the bad news, there is hope for change. This pamphlet examines the lessons to be learned from some of the more successful economies south of the Sahara, and discusses a policy framework to promote sustainable economic growth and reduce poverty across the region.
Download or read book Effects of Macroeconomic Stability on Growth Savings and Investment in Sub Saharan Africa written by and published by . This book was released on 1994 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt:
