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Current Account Deficits in Africa: Stylized Facts and Basic Determinants

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  • César Calderón
  • Alberto Chong
  • Luisa Zanforlin

Abstract

This article analyzes the behavior of current account deficits in Africa. The findings are that deficits are (i) not very persistent; (ii) positively linked with domestic growth; (iii) strongly linked with public (and private) savings, suggesting that fiscal consolidation in IMF-supported programs may be relatively effective; (iv) linked with aid flows, so as to close the external gap; and (v) linked with currency depreciation and the terms of trade.

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File URL: http://www.journals.uchicago.edu/cgi-bin/resolve?id=doi:10.1086/520557
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Bibliographic Info

Article provided by University of Chicago Press in its journal Economic Development and Cultural Change.

Volume (Year): 56 (2007)
Issue (Month): ()
Pages: 191-221

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Handle: RePEc:ucp:ecdecc:v:56:y:2007:p:191-221

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Web page: http://www.journals.uchicago.edu/EDCC/

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Cited by:
  1. Fuad Hasanov & Rabah Arezki, 2009. "Global Imbalances and Petrodollars," IMF Working Papers 09/89, International Monetary Fund.
  2. Hanan Morsy, 2010. "Current Account Determinants For Oil-Exporting Countries," Working Papers 511, Economic Research Forum, revised Mar 2010.
  3. Milan Nedeljkovic & Branko Uroševic & Emir Zildžovic, 2012. "Jackknife Model Averaging of the Current Account Determinants," Working papers 23, National Bank of Serbia.
  4. Natalya Ketenci, 2010. "Major Determinants of Current Account in Russia," Transition Studies Review, Springer, vol. 17(4), pages 790-806, December.
  5. Foued Chihi & Michel Normandin, 2008. "External and Budget Deficits in Developing Countries," Cahiers de recherche 0819, CIRPEE.

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