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Real overvaluation, terms of trade shocks, and the cost to agriculture in sub-Saharan Africa

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Author Info
Elbadawi, Ibrahim A.
Abstract

Starting from the premise that agriculture should be pivotal in the structural transformation and economic development of sub - Saharan Africa, the author addresses two related issues. First, the extent to which policy induced distortions influence the structure of incentives for agriculture (with direct distortions induced by policies aimed directly at agriculture distinguished from indirect policies aimed at the economy's macroeconomic management). The second issue is how these distortions affect agriculture's growth, given other growth fundamentals. Preliminary analysis of evidence in sub - Saharan Africa links the observed declines in agriculture and the general worsening of economic conditions to economic distortions. A more rigorous analysis, using data from the Sudan, an African country with a sizable agricultural economy, strongly supports the predictions of an endogenous growth model, which states the deleterious effects of economic distortions on growth.

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Paper provided by The World Bank in its series Policy Research Working Paper Series with number 831.

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Date of creation: 31 Jan 1992
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Handle: RePEc:wbk:wbrwps:831

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Keywords: Environmental Economics&Policies; Economic Stabilization; Achieving Shared Growth; Macroeconomic Management; Economic Theory&Research;

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March. [Downloadable!] (restricted)
  2. Neary, J Peter, 1987. "Determinants of the Equilibrium Real Exchange Rate," CEPR Discussion Papers 209, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  3. Tshibaka, Tshikala B., 1986. "The effects of trade and exchange rate policies on agriculture in Zaire:," Research reports 56, International Food Policy Research Institute (IFPRI). [Downloadable!]
  4. Krueger, Anne O & Schiff, Maurice & Valdes, Alberto, 1988. "Agricultural Incentives in Developing Countries: Measuring the Effect of Sectoral and Economywide Policies," World Bank Economic Review, Oxford University Press, vol. 2(3), pages 255-71, September.
  5. Cuddington, John T. & Winters, L. Alan, 1987. "The Beveridge-Nelson decomposition of economic time series : A quick computational method," Journal of Monetary Economics, Elsevier, vol. 19(1), pages 125-127, January. [Downloadable!] (restricted)
  6. Lizondo, Jose Saul, 1989. "Overvalued and undervalued exchange rates in an equilibrium optimizing model," Policy Research Working Paper Series 223, The World Bank. [Downloadable!]
  7. Elbadawi, I.A., 1989. "Terms Of Trade, Commercial Policy, And The Black Market For Foreign Exchange: An Empirical Model Of Real Exchange Rate Determination," Papers 570, Yale - Economic Growth Center.
  8. Cochrane, John H, 1988. "How Big Is the Random Walk in GNP?," Journal of Political Economy, University of Chicago Press, vol. 96(5), pages 893-920, October. [Downloadable!] (restricted)
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  1. Elbadawi, Ibrahim A. & Ghura, Dhaneshwar & Uwujaren, Gilbert, 1992. "World Bank adjustment lending and economic performance in sub-Saharan Africa in the 1980s : a comparison with other low income countries," Policy Research Working Paper Series 1000, The World Bank. [Downloadable!]
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