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Public Spending And Real Exchange Rate Instabilities And Growth In Africa: Evidence From Panel Data

  • Oumar Diallo

    ()

    (United Nations)

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    The paper investigates the causes of Africa¡¯s poor growth performance. It therefore focuses on the strand of literature that highlights the role of policy instability and uses the dependent economy model as the main theoretical framework. Results from the empirical work indicate that public spending instability increases real exchange rate instability, which in turn exerts a negative impact on both investment and total factor productivity. Further, the empirical investigation suggests partially that real exchange rate appreciation contributes to the decline of sectors with important positive externalities, thereby leading to persistent productivity losses and weak economic growth.

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    File URL: http://www.jed.or.kr/full-text/32-2/3.pdf
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    Article provided by Chung-Ang Unviersity, Department of Economics in its journal Journal Of Economic Development.

    Volume (Year): 32 (2007)
    Issue (Month): 2 (December)
    Pages: 69-92

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    Handle: RePEc:jed:journl:v:32:y:2007:i:2:p:69-92
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    1. Blundell, R. & Bond, S., 1995. "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models," Economics Papers 104, Economics Group, Nuffield College, University of Oxford.
    2. Jean–paul Azam & Augustin Fosu & Njuguna Ndung’u, 2002. "Explaining Slow Growth in Africa," African Development Review, African Development Bank, vol. 14(2), pages 177-220.
    3. Hnatkovska, Viktoria & Loayza, Norman, 2004. "Volatility and growth," Policy Research Working Paper Series 3184, The World Bank.
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