Productivity-Enhancing Reforms, Private Capital Inflows, and Real Interest Rates in Africa
AbstractThe rise in economic growth in some countries of Africa over past two decades, powered mainly by productivity boom, has been associated with large private capital in.ows despite poor integration of the African countries with the world capital markets. While these countries lack access to world capital markets, they are nonetheless highly dollarized and allowing for this fact can explain large private capital in.ows and other stylized macroeconomic facts associated with the productivity-enhancing reforms in Africa. With a number of African economies poised to reap gains in productivity, as they return to stable and sound political and economic environment, the paper suggests the framework that can be used to understand the macroeconomic implications of and suggest appropriate policy responses to such gains in productivity.
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Bibliographic InfoPaper provided by Department of Economics, Florida State University in its series Working Papers with number wp2003_10_02.
Date of creation: Oct 2003
Date of revision: Dec 2008
Find related papers by JEL classification:
- F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
- O55 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Africa
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-04-01 (All new papers)
- NEP-DEV-2006-04-01 (Development)
- NEP-FMK-2006-04-01 (Financial Markets)
- NEP-IFN-2006-04-01 (International Finance)
- NEP-MAC-2006-04-01 (Macroeconomics)
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