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How Instability Lowers African Growth ?

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Author Info
Patrick GUILLAUMONT () (Centre d'Etudes et de Recherches sur le Développement International)
Sylviane GUILLAUMONT JEANNENEY () (Centre d'Etudes et de Recherches sur le Développement International)
Jean-François BRUN () (Centre d'Etudes et de Recherches sur le Développement International)

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Abstract

This paper aims to assess the role of instabilities on Africa low rates of growth during the seventies and eighties, using cross-section econometric estimates, on a sample of African and non African countries and two pooled decades. Africa exhibits higher "primary" instabilities (climatic, terms of trade and political instabilities), i.e. instabilities which are structural rather than the result of policy. These "primary" instabilities influence Africa growth, through a lower growth residual more than a lower average rate of investment. They do so by their impact on economic policy, which is evidenced by their influence on two "intermediate" instabilities, the instabilities of the rate of investment and of the real exchange rate, which significantly lower the rate of growth.

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Publisher Info
Paper provided by CERDI in its series Working Papers with number 199712.

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Length: 21
Date of creation: 1997
Date of revision:
Handle: RePEc:cdi:wpaper:56

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  1. Léonce Ndikumana & Mina Baliamoune-Lutz, 2007. "The Growth Effects of Openness to Trade and the Role of Institutions: New Evidence from African Countries," Working Papers 2007-05, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
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  2. Sylviane GUILLAUMONT JEANNENEY & Samuel GUERINEAU, 2007. "Can domestic debt contribute to the financing of the "Millennium Development Goals" ? The case of the West African Economic and Monetary Union (WAEMU)," Working Papers 200720, CERDI. [Downloadable!]
  3. Patrick Guillaumont, 2005. "Pourquoi donner de l'aide ? Commentaires autour de la notion de sélectivité," Revue d’économie du développement, De Boeck Université, vol. 19(2), pages 51-60. [Downloadable!]
  4. Frédéric PUECH, 2002. "Dépenses publiques d’éducation et instabilité politique : une application à la zone franc par un modèle d’Equilibre Général Calculable," Working Papers 200219, CERDI. [Downloadable!]
  5. Maria Abreu & Henri L.F. de Groot & Raymond J.G.M. Florax, 2005. "A Meta-Analysis of Beta-Convergence: The Legendary Two-Percent," Tinbergen Institute Discussion Papers 05-001/3, Tinbergen Institute. [Downloadable!]
  6. Guillaumont, Patrick & Korachais, Catherine & Subervie, Julie, 2008. "How Macroeconomic Instability Lowers Child Survival," Working Papers RP2008/51, World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
    Other versions:
  7. Paresh Narayan & Seema Narayan & Russell Smyth, 2007. "Does Democracy Facilitate Economic Growth Or Does Economic Growth Facilitate Democracy? An Empirical Study Of Sub-Saharan Africa," Monash Economics Working Papers 10/07, Monash University, Department of Economics. [Downloadable!]
  8. W. A. Naudé, 2004. "The effects of policy, institutions and geography on economic growth in Africa: an econometric study based on cross-section and panel data," Journal of International Development, John Wiley & Sons, Ltd., vol. 16(6), pages 821-849. [Downloadable!]
  9. Jean-Louis Arcand & Patrick Guillaumont & Sylviane Guillaumont Jeanneney, 2000. "How to make a tragedy: on the alleged effect of ethnicity on growth," Journal of International Development, John Wiley & Sons, Ltd., vol. 12(7), pages 925-938.
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  10. Gomanee, Karuna & Girma, Sourafel & Morrissey, Oliver, 2005. "Aid and Growth in Sub-Saharan Africa: Accounting for Transmission Mechanisms," Working Papers RP2005/60, World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
    Other versions:
  11. Dehn, Jan, 2000. "The effects on growth of commodity price uncertainty and shocks," Policy Research Working Paper Series 2455, The World Bank. [Downloadable!]
  12. Rune Jansen Hagen, 2002. "Marginalisation in the Context of Globalisation: Why Is Africa so Poor?," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 28, pages 147-179. [Downloadable!]
  13. Diallo , Ibrahima Amadou, 2008. "Exchange Rate Volatility and Investment, A Panel Data Cointegration Approach," MPRA Paper 13130, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  14. Andre, Nyembwe, 2003. "Monetary Policy, Credibility and Asymmetries : Small African Countries and the EMU Advent," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2003011, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES), revised 06 Aug 2002. [Downloadable!]
  15. Jean-Francois Brun & Gérard Chambas & Bertrand Laporte, 2001. "Stabex versus IMF compensatory financing: impact on fiscal policy," Journal of International Development, John Wiley & Sons, Ltd., vol. 13(5), pages 571-581. [Downloadable!]
  16. Patrick GUILLAUMONT & Jean-Louis COMBES, 2000. "Volatilité des prix des produits primaires, vulnérabilité et développement," Working Papers 200014, CERDI. [Downloadable!]
  17. François Bourguignon & Sylvie Lambert & Akiko suwa-Eisenmann, 2004. "Trade exposure and income volatility in cash-crop exporting developing countries," Research Unit Working Papers 0408, Laboratoire d'Economie Appliquee, INRA. [Downloadable!]
    Other versions:
  18. Guillaumont, Patrick, 2008. "An Economic Vulnerability Index: Its Design and Use for International Development Policy," Working Papers RP2008/99, World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
  19. Jean-Louis ARCAND & Patrick GUILLAUMONT & Sylviane GUILLAUMONT JEANNENEY, 1999. "Ethnicity, Communication and Growth," Working Papers 199922, CERDI. [Downloadable!]
    Other versions:
  20. Benoít Anne & Dorothy Engmann & Ousmane Dore, 2003. "Regional Impact of Cote d'Ivoire's Sociopolitical Crisis: An Assessment," IMF Working Papers 03/85, International Monetary Fund. [Downloadable!]
  21. Patrick GUILLAUMONT, 1999. "On The Economic Vulnerability Of Low Income Countries révisé, cf 2000.16," Working Papers 199916, CERDI. [Downloadable!]
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