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Public Policies and Private Savings and Investment in Sub-Saharan Africa; An Empirical Investigation

Listed author(s):
  • Dhaneshwar Ghura
  • Michael T. Hadjimichael
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    This paper assesses empirically the role of public policies in stimulating private savings and investment in sub-Saharan African countries, based on data for the period 1986-92. The main findings of the analysis are as follows: (i) policies effective in stimulating private savings and investment include those that keep the rate of inflation low, reduce macroeconomic uncertainty, promote financial deepening, and lower the external debt burden; (ii) measures that promote structural reforms and reduce the budget deficit (without lowering government investment) help to raise private investment; and (iii) declines in government savings are only partially offset by increases in private savings.

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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 95/19.

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    Length: 48
    Date of creation: 01 Feb 1995
    Handle: RePEc:imf:imfwpa:95/19
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