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Macroeconomic Fluctuations in Sub-Saharan Africa

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Author Info
Alexander W. Hoffmaister (International Monetary Fund)
Jorge E. Roldos (International Monetary Fund)
Peter Wickham (International Monetary Fund)

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Abstract

The sources of macroeconomic fluctuations in sub-Saharan Africa are examined by comparing the CFA franc countries with the non-CFA franc countries. External shocks, especially in 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 (particularly) buffer these countries from external shocks. Macroeconomic fluctuations in non-CFA franc countries are similar to those in other developing countries, particularly Latin America. Copyright 1998, International Monetary Fund

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Publisher Info
Article provided by Palgrave Macmillan Journals in its journal IMF Staff Papers.

Volume (Year): 45 (1998)
Issue (Month): 1 ()
Pages: 5
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Handle: RePEc:pal:imfstp:v:45:y:1998:i:1:p:5

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Find related papers by JEL classification:
C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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  1. Brigitte Desroches, 2004. "The Transmission of World Shocks to Emerging-Market Countries: An Empirical Analysis," Working Papers 04-44, Bank of Canada. [Downloadable!]
  2. Thomas Lubik & Wing Leong Teo, 2005. "Do Terms of Trade Shocks Drive Business Cycles? Some Evidence from Structural Estimation," Computing in Economics and Finance 2005 377, Society for Computational Economics. [Downloadable!]
  3. Balogun, Emmanuel Dele, 2008. "An alternative reconsideration of macroeconomic convergence criteria for West African Monetary Zone," MPRA Paper 11367, University Library of Munich, Germany. [Downloadable!]
  4. Chantal Dupasquier & Patrick N. Osakwe, 2006. "Trade Regimes, Liberalization and Macroeconomic Instability in Africa," SCAPE Policy Research Working Paper Series 0604, National University of Singapore, Department of Economics, SCAPE. [Downloadable!]
  5. AndrŽ, NYEMBWE & Konstantin, KHOLODILIN, 2005. "North-South Asymmetric Relationships : Does the EMU Business Affect Small African Economies ?," Discussion Papers (ECON - Département des Sciences Economiques) 2005032, Université catholique de Louvain, Département des Sciences Economiques. [Downloadable!]
  6. Steven Morling, 2002. "Output Adjustment in Developing Countries: a Structural Var Approach," Discussion Papers Series 307, School of Economics, University of Queensland, Australia. [Downloadable!]
  7. Liu, Xuan, 2007. "Trade Openness and the Cost of Sudden Stops: The Role of Financial Frictions," MPRA Paper 18260, University Library of Munich, Germany, revised 26 Oct 2009. [Downloadable!]
  8. Olivier Darne & Laetitia Ripoll-Bresson, 2004. "Exchange rate regime classification and real performances: new empirical evidence," Money Macro and Finance (MMF) Research Group Conference 2003 21, Money Macro and Finance Research Group. [Downloadable!]
  9. Thomas Lubik & Wing Teo, 2005. "Do World Shocks Drive Domestic Business Cycles? Some Evidence from Structural Estimation," Economics Working Paper Archive 522, The Johns Hopkins University,Department of Economics. [Downloadable!]
  10. Loayza, Norman & Olaberria, Eduardo & Rigolini, Jamele & Christiaensen, Luc, 2009. "Natural disasters and growth - going beyond the averages," Policy Research Working Paper Series 4980, The World Bank. [Downloadable!]
  11. Loayza, Norman V. & Raddatz, Claudio, 2006. "The structural determinants of external vulnerability," Policy Research Working Paper Series 4089, The World Bank. [Downloadable!]
    Other versions:
  12. Christian Broda, 2002. "Terms of trade and exchange rate regimes in developing countries," Staff Reports 148, Federal Reserve Bank of New York. [Downloadable!]
  13. Pacheco Jim�Nez, J.F., 2001. "Business cycles in small open economies: the case of Costa Rica," Working Papers - General Series 330, Institute of Social Studies. [Downloadable!]
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