Macroeconomic Shocks and Trade Flows within Sub-Saharan Africa

Macroeconomic Shocks and Trade Flows within Sub-Saharan Africa

Author: Mr.Tamim Bayoumi

Publisher: International Monetary Fund

Published: 1995-12-01

Total Pages: 34

ISBN-13: 1451927495

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Africa has more countries than any other continent, and hence the largest number of potential monetary and exchange rate arrangements. This paper looks at whether the existing highly fractured monetary arrangements in Sub-Saharan Africa correspond to what might be expected from the theory of optimum currency areas. This is done by analyzing both the size and correlation of real disturbances across countries and the level of intra-regional trade. The results indicate little evidence that Sub-Saharan African countries would benefit in the near future from larger currency unions.


Book Synopsis Macroeconomic Shocks and Trade Flows within Sub-Saharan Africa by : Mr.Tamim Bayoumi

Download or read book Macroeconomic Shocks and Trade Flows within Sub-Saharan Africa written by Mr.Tamim Bayoumi and published by International Monetary Fund. This book was released on 1995-12-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Africa has more countries than any other continent, and hence the largest number of potential monetary and exchange rate arrangements. This paper looks at whether the existing highly fractured monetary arrangements in Sub-Saharan Africa correspond to what might be expected from the theory of optimum currency areas. This is done by analyzing both the size and correlation of real disturbances across countries and the level of intra-regional trade. The results indicate little evidence that Sub-Saharan African countries would benefit in the near future from larger currency unions.

Macroeconomic Shocks and Trade Flows within Sub-Saharan Africa

Macroeconomic Shocks and Trade Flows within Sub-Saharan Africa

Author: Tamim Bayoumi

Publisher:

Published: 2006

Total Pages: 34

ISBN-13:

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Africa has more countries than any other continent, and hence the largest number of potential monetary and exchange rate arrangements. This paper looks at whether the existing highly fractured monetary arrangements in Sub-Saharan Africa correspond to what might be expected from the theory of optimum currency areas. This is done by analyzing both the size and correlation of real disturbances across countries and the level of intra-regional trade. The results indicate little evidence that Sub-Saharan African countries would benefit in the near future from larger currency unions.


Book Synopsis Macroeconomic Shocks and Trade Flows within Sub-Saharan Africa by : Tamim Bayoumi

Download or read book Macroeconomic Shocks and Trade Flows within Sub-Saharan Africa written by Tamim Bayoumi and published by . This book was released on 2006 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Africa has more countries than any other continent, and hence the largest number of potential monetary and exchange rate arrangements. This paper looks at whether the existing highly fractured monetary arrangements in Sub-Saharan Africa correspond to what might be expected from the theory of optimum currency areas. This is done by analyzing both the size and correlation of real disturbances across countries and the level of intra-regional trade. The results indicate little evidence that Sub-Saharan African countries would benefit in the near future from larger currency unions.

Macroeconomic Shocks and Trade Flows Within Sub-Saharan Africa

Macroeconomic Shocks and Trade Flows Within Sub-Saharan Africa

Author: Tamim A. Bayoumi

Publisher:

Published: 1995

Total Pages: 0

ISBN-13:

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Book Synopsis Macroeconomic Shocks and Trade Flows Within Sub-Saharan Africa by : Tamim A. Bayoumi

Download or read book Macroeconomic Shocks and Trade Flows Within Sub-Saharan Africa written by Tamim A. Bayoumi and published by . This book was released on 1995 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Macroeconomic Shocks and Trade Flows Within Sub-Saharan Africa

Macroeconomic Shocks and Trade Flows Within Sub-Saharan Africa

Author: Tamim A. Bayoumi

Publisher:

Published: 1995

Total Pages: 0

ISBN-13:

DOWNLOAD EBOOK


Book Synopsis Macroeconomic Shocks and Trade Flows Within Sub-Saharan Africa by : Tamim A. Bayoumi

Download or read book Macroeconomic Shocks and Trade Flows Within Sub-Saharan Africa written by Tamim A. Bayoumi and published by . This book was released on 1995 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Macroeconomic Fluctuations in Sub-Saharan Africa

Macroeconomic Fluctuations in Sub-Saharan Africa

Author: Mr.Alexander W. Hoffmaister

Publisher: International Monetary Fund

Published: 1997-07-01

Total Pages: 31

ISBN-13: 1451954743

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The sources of macroeconomic fluctuations in sub–Saharan African are examined by comparing the CFA franc countries with the non–CFA franc countries. External shocks, especially terms of trade shocks, appear to have a greater influence on fluctuations of output and the real exchange rate in CFA franc countries. This result does not appear to be associated with differences in the economic structure but may reflect the fixed exchange rate regime, which does not (partially) buffer these countries from external shocks. Macroeconomic fluctuations in non–CFA franc countries are similar to those in other developing countries, particularly in Latin America.


Book Synopsis Macroeconomic Fluctuations in Sub-Saharan Africa by : Mr.Alexander W. Hoffmaister

Download or read book Macroeconomic Fluctuations in Sub-Saharan Africa written by Mr.Alexander W. Hoffmaister and published by International Monetary Fund. This book was released on 1997-07-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sources of macroeconomic fluctuations in sub–Saharan African are examined by comparing the CFA franc countries with the non–CFA franc countries. External shocks, especially terms of trade shocks, appear to have a greater influence on fluctuations of output and the real exchange rate in CFA franc countries. This result does not appear to be associated with differences in the economic structure but may reflect the fixed exchange rate regime, which does not (partially) buffer these countries from external shocks. Macroeconomic fluctuations in non–CFA franc countries are similar to those in other developing countries, particularly in Latin America.

Economic Fluctuations in Sub-Saharan Africa

Economic Fluctuations in Sub-Saharan Africa

Author: Mr.Giovanni Melina

Publisher: International Monetary Fund

Published: 2019-01-22

Total Pages: 32

ISBN-13: 1484394534

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We compare business cycle fluctuations in Sub-Saharan African (SSA) countries vis-à-vis the rest of the world. Our main results are as follows: (i) African economies stand out by their macroeconomic volatility, which is is reflected in the volatility of output and other macro variables; (ii) inflation and output tend to be negatively correlated; (iii) unlike advanced economies and emerging markets (EMs), trade balances and current accounts are acyclical in SSA; (iv) the volatility of consumption and investment relative to GDP is larger than in other countries; (v) the cyclicality of consumption and investment is smaller than in advanced economies and EMs; (vi) there is little comovement between consumption and investment; (vii) consumption and investment are strongly positively correlated with imports.


Book Synopsis Economic Fluctuations in Sub-Saharan Africa by : Mr.Giovanni Melina

Download or read book Economic Fluctuations in Sub-Saharan Africa written by Mr.Giovanni Melina and published by International Monetary Fund. This book was released on 2019-01-22 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: We compare business cycle fluctuations in Sub-Saharan African (SSA) countries vis-à-vis the rest of the world. Our main results are as follows: (i) African economies stand out by their macroeconomic volatility, which is is reflected in the volatility of output and other macro variables; (ii) inflation and output tend to be negatively correlated; (iii) unlike advanced economies and emerging markets (EMs), trade balances and current accounts are acyclical in SSA; (iv) the volatility of consumption and investment relative to GDP is larger than in other countries; (v) the cyclicality of consumption and investment is smaller than in advanced economies and EMs; (vi) there is little comovement between consumption and investment; (vii) consumption and investment are strongly positively correlated with imports.

Trade Integration and Global Value Chains in Sub-Saharan Africa

Trade Integration and Global Value Chains in Sub-Saharan Africa

Author: Céline Allard

Publisher: International Monetary Fund

Published: 2016-03-25

Total Pages: 43

ISBN-13: 1498349900

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This analysis of the extent of trade integration of sub-Saharan African (SSA) countries in the global economy as well as within the region over the 1995–2013 period focuses on four key concepts: (1) trade openness, captured by import and export flows; (2) the centrality in the global and regional trade network, a measure that takes into account not only the size of trade but also the number of trade partners and the respective weight of these trade partners in global trade; (3) gravity model estimates that account for country- and region-specific determinants of bilateral trade flows; and (4) global value chain (GVC) integration. Using both existing data and a newly available dataset based on multiregion input and output tables, this analysis led to several findings: (1) trade openness has increased strongly; (2) integration in the global economy has made the region more vulnerable to external shocks; (3) levels of trade flows emanating from sub-Saharan Africa are still only half the magnitude of those experienced elsewhere in the world; (4) the region still has ways to go to better integrate in GVCs; and (5) it is more critical than ever to make progress in filling the infrastructure gap by lowering tariff and nontariff barriers, improving the business climate and access to credit, and continuing to enhance education outcomes.


Book Synopsis Trade Integration and Global Value Chains in Sub-Saharan Africa by : Céline Allard

Download or read book Trade Integration and Global Value Chains in Sub-Saharan Africa written by Céline Allard and published by International Monetary Fund. This book was released on 2016-03-25 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This analysis of the extent of trade integration of sub-Saharan African (SSA) countries in the global economy as well as within the region over the 1995–2013 period focuses on four key concepts: (1) trade openness, captured by import and export flows; (2) the centrality in the global and regional trade network, a measure that takes into account not only the size of trade but also the number of trade partners and the respective weight of these trade partners in global trade; (3) gravity model estimates that account for country- and region-specific determinants of bilateral trade flows; and (4) global value chain (GVC) integration. Using both existing data and a newly available dataset based on multiregion input and output tables, this analysis led to several findings: (1) trade openness has increased strongly; (2) integration in the global economy has made the region more vulnerable to external shocks; (3) levels of trade flows emanating from sub-Saharan Africa are still only half the magnitude of those experienced elsewhere in the world; (4) the region still has ways to go to better integrate in GVCs; and (5) it is more critical than ever to make progress in filling the infrastructure gap by lowering tariff and nontariff barriers, improving the business climate and access to credit, and continuing to enhance education outcomes.

Real Overvaluation, Terms of Trade Shocks, and the Cost to Agriculture in Sub-Saharan Africa

Real Overvaluation, Terms of Trade Shocks, and the Cost to Agriculture in Sub-Saharan Africa

Author: Ibrahim Elbadawi

Publisher: World Bank Publications

Published: 1992

Total Pages: 72

ISBN-13:

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The observed decline of agriculture and the general worsening of economic conditions in Sub-Saharan Africa are linked to economic distortions, which limit growth.


Book Synopsis Real Overvaluation, Terms of Trade Shocks, and the Cost to Agriculture in Sub-Saharan Africa by : Ibrahim Elbadawi

Download or read book Real Overvaluation, Terms of Trade Shocks, and the Cost to Agriculture in Sub-Saharan Africa written by Ibrahim Elbadawi and published by World Bank Publications. This book was released on 1992 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: The observed decline of agriculture and the general worsening of economic conditions in Sub-Saharan Africa are linked to economic distortions, which limit growth.

On the Drivers of Inflation in Sub-Saharan Africa

On the Drivers of Inflation in Sub-Saharan Africa

Author: Anh D. M. Nguyen

Publisher: International Monetary Fund

Published: 2015-08-05

Total Pages: 28

ISBN-13: 1513524801

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The perception that inflation dynamics in Sub-Saharan Africa (SSA) are driven by supply shocks implies a limited role for monetary policy in influencing inflation in the short run. SSA’s rapid growth, its integration with the global economy, changes in the policy frameworks, among others, in the last decade suggest that the drivers of inflation may have changed. We quantitatively analyze inflation dynamics in SSA using a Global VAR model, which incorporates trade and financial linkages among economies, as well as the role of regional and global demand and inflationary spillovers. We find that in the past 25 years, the main drivers of inflation have been domestic supply shocks and shocks to exchange rate and monetary variables; but that, in recent years, the contribution of these shocks to inflation has fallen. Domestic demand pressures as well as global shocks, and particularly shocks to output, however, have played a larger role in driving inflation over the last decade. We also show that country characteristics matter—the extent of oil and food imports, vulnerability to weather shocks, economic importance of agriculture, trade openness and policy regime, among others, help in explaining the role of shocks.


Book Synopsis On the Drivers of Inflation in Sub-Saharan Africa by : Anh D. M. Nguyen

Download or read book On the Drivers of Inflation in Sub-Saharan Africa written by Anh D. M. Nguyen and published by International Monetary Fund. This book was released on 2015-08-05 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The perception that inflation dynamics in Sub-Saharan Africa (SSA) are driven by supply shocks implies a limited role for monetary policy in influencing inflation in the short run. SSA’s rapid growth, its integration with the global economy, changes in the policy frameworks, among others, in the last decade suggest that the drivers of inflation may have changed. We quantitatively analyze inflation dynamics in SSA using a Global VAR model, which incorporates trade and financial linkages among economies, as well as the role of regional and global demand and inflationary spillovers. We find that in the past 25 years, the main drivers of inflation have been domestic supply shocks and shocks to exchange rate and monetary variables; but that, in recent years, the contribution of these shocks to inflation has fallen. Domestic demand pressures as well as global shocks, and particularly shocks to output, however, have played a larger role in driving inflation over the last decade. We also show that country characteristics matter—the extent of oil and food imports, vulnerability to weather shocks, economic importance of agriculture, trade openness and policy regime, among others, help in explaining the role of shocks.

Stabilization and Structural Adjustment

Stabilization and Structural Adjustment

Author: Finn Tarp

Publisher: Routledge

Published: 2002-09-11

Total Pages: 233

ISBN-13: 1134891989

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This book reveals and examines the relevance of the macroeconomic theory and models behind recommendations for stabilization and structual adjustment. Alternaive analytical approaches are discusses. This is done on the basis of an up-to-date review of developments in sub-saharan Africa during the 1980's and within a common analytical framework.


Book Synopsis Stabilization and Structural Adjustment by : Finn Tarp

Download or read book Stabilization and Structural Adjustment written by Finn Tarp and published by Routledge. This book was released on 2002-09-11 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reveals and examines the relevance of the macroeconomic theory and models behind recommendations for stabilization and structual adjustment. Alternaive analytical approaches are discusses. This is done on the basis of an up-to-date review of developments in sub-saharan Africa during the 1980's and within a common analytical framework.