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Fiscal and Monetary Determinants of Inflation in Low-Income Countries: Theory and Evidence from Sub-Saharan Africa-super- †

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  • Alfredo Baldini
  • Marcos Poplawski-Ribeiro

Abstract

This paper presents a model of fiscal dominance with borrowing constraints and provides new evidence for a large number of Sub-Saharan African countries on the relative importance of fiscal and monetary determinants of inflation. Based on different empirical tests, results show that half of the twenty-two SSA countries were characterised in 1980–2005 by lack of clear anti-inflationary monetary and fiscal policies. The other half of the sample was characterised by either a fiscal-dominant regime, with weak or no response of primary surpluses to public debt, or by consistent adoption of a monetary-dominant regime. Copyright 2011 , Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/jae/ejr002
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Bibliographic Info

Article provided by Centre for the Study of African Economies (CSAE) in its journal Journal of African Economies.

Volume (Year): 20 (2011)
Issue (Month): 3 (June)
Pages: 419-462

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Handle: RePEc:oup:jafrec:v:20:y:2011:i:3:p:419-462

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Cited by:
  1. Lledó, Victor & Poplawski-Ribeiro, Marcos, 2013. "Fiscal Policy Implementation in Sub-Saharan Africa," World Development, Elsevier, vol. 46(C), pages 79-91.
  2. Marcos Poplawski-Ribeiro & Darlena Tartari & Carlos Caceres, 2011. "Inflation Dynamics in the CEMAC Region," IMF Working Papers 11/232, International Monetary Fund.
  3. Hamid Reza Davoodi & S. V. S. Dixit & Gabor Pinter, 2013. "Monetary Transmission Mechanism in the East African Community: An Empirical Investigation," IMF Working Papers 13/39, International Monetary Fund.
  4. Jaromir Benes & Andrew Berg & Rafael Portillo & Mai Dao & Alfredo Baldini, 2012. "Monetary Policy in Low Income Countries in the Face of the Global Crisis: The Case of Zambia," IMF Working Papers 12/94, International Monetary Fund.

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