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Productivity-Enhancing Reforms, Private Capital Inflows, and Real Interest Rates in Africa

  • Manoj Atolia

    ()

    (Department of Economics, Florida State University)

The 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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File URL: ftp://econpapers.fsu.edu/RePEc/fsu/wpaper/wp2003_10_02.pdf
File Function: Revised Version, 2008-12
Download Restriction: no

Paper provided by Department of Economics, Florida State University in its series Working Papers with number wp2003_10_02.

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Length: 42
Date of creation: Oct 2003
Date of revision: Dec 2008
Handle: RePEc:fsu:wpaper:wp2003_10_02
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  1. Xavier Sala-i-Martin & Elsa V. Artadi, 2003. "The economic tragedy of the XXth century: Growth in Africa," Discussion Papers 0203-17, Columbia University, Department of Economics.
  2. Reinhart, Carmen & Ogaki, Masao & Ostry, Jonathan, 1996. "Saving Behavior in Low- and Middle-Income Developing Countries: A Comparison," MPRA Paper 6978, University Library of Munich, Germany.
  3. Miguel A. Savastano, 1996. "Dollarization in Latin America; Recent Evidence and Some Policy Issues," IMF Working Papers 96/4, International Monetary Fund.
  4. Alfonso Novales & Emilio Dominguez & Javier J. Perez & Jesus Ruiz, 1998. "Solving Non-linear Rational Expectations Models By Eigenvalue-Eigenvector Decompositions," QM&RBC Codes 124, Quantitative Macroeconomics & Real Business Cycles.
  5. Haltiwanger, John & Singh, Manisha, 1999. "Cross-Country Evidence on Public Sector Retrenchment," World Bank Economic Review, World Bank Group, vol. 13(1), pages 23-66, January.
  6. Manoj Atolia & Edward F. Buffie, 2005. "Solving for the Global Nonlinear Saddlepath: Reverse Shooting vs. Approximation Methods," Computing in Economics and Finance 2005 336, Society for Computational Economics.
  7. Amor Tahari & M. Nowak & Michael T. Hadjimichael & Robert L. Sharer, 1996. "Adjustment for Growth; The African Experience," IMF Occasional Papers 143, International Monetary Fund.
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