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Supporting Africa’S Post-Crisis Growth: The Role Of Macroeconomic Policies

  • Zuzana Brixiová

    ()

  • Léonce Ndikumana

    ()

  • Kaouther Abderrahim

    ()

The objective of this paper is to discuss macroeconomic policies that would help African countries, especially the low income countries, reach strong, sustained and shared growth in the post-crisis world. The paper first reviews, with a special focus on LICs, macroeconomic policies in Africa prior to the crisis. It then discusses factors behind ‘the Africa surprise’ that is the continent’s overall good performance during the crisis and relatively fast recovery. It underscores that in the aftermath of the crisis, the emphasis of the macroeconomic policy needs to shift from the objective of very low inflation that predominated prior to the crisis towards growth. Fiscal policy is key in this regard, through public outlays on infrastructure anchored in the medium term expenditure frameworks that would also have a counter-cyclical role. Where conditions allow, frontier market LICs may want to consider adopting flexible inflation targeting frameworks that would provide sufficient room for expansion of credit to the private sector.

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File URL: http://www.wdi.umich.edu/files/Publications/WorkingPapers/wp1008.pdf
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Paper provided by William Davidson Institute at the University of Michigan in its series William Davidson Institute Working Papers Series with number wp1008.

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Length: pages
Date of creation: 01 Jan 2011
Date of revision:
Handle: RePEc:wdi:papers:2011-1008
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  1. Hui Tong & Shang-Jin Wei, 2009. "The Composition Matters; Capital Inflows and Liquidity Crunch During a Global Economic Crisis," IMF Working Papers 09/164, International Monetary Fund.
  2. Reinhart, Carmen M. & Talvi, Ernesto, 1998. "Capital flows and saving in Latin America and Asia: a reinterpretation," Journal of Development Economics, Elsevier, vol. 57(1), pages 45-66, October.
  3. Graciela L. Kaminsky & Carmen M. Reinhart & Carlos A. Vegh, 2004. "When it Rains, it Pours: Procyclical Capital Flows and Macroeconomic Policies," NBER Working Papers 10780, National Bureau of Economic Research, Inc.
  4. Leonce Ndikumana & James Boyce, 2011. "Capital flight from sub-Saharan Africa: linkages with external borrowing and policy options," International Review of Applied Economics, Taylor & Francis Journals, vol. 25(2), pages 149-170.
  5. James Heintz & Léonce Ndikumana, 2010. "Is There a Case for Formal Inflation Targeting in Sub-Saharan Africa?," Working Papers wp218, Political Economy Research Institute, University of Massachusetts at Amherst.
  6. Norman Loayza & Klaus Schmidt-Hebbel & Luis Servén, 2000. "Saving in Developing Countries: An Overview," World Bank Economic Review, World Bank Group, vol. 14(3), pages 393-414, September.
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