Back Matter

Back Matter

International Monetary Fund. African Dept.
Published Date:
October 2007
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      Bank for International Settlements, 2007, “Financial Stability and Local Currency Bond Markets” (Basel, June).

      Banque mondiale, 2006, “Local Government Taxation Reform in Tanzania: A Poverty and Social Impact Analysis,” Report on Economic and Social Sector Work, Report No. 34900-TZ (Washington).

      Banque mondiale, 2007a, Doing Business 2008 (Washington: September).

      Banque mondiale, 2007b, Opportunities to Scale up: Delivering on Commitments (Washington: World Bank). Disponible sur Internet à l’adresse:

      Becker, Torbjörn, OlivierJeanne, PaoloMauro, Jonathan D.Ostry, and RomainRancière, 2007, “Country Insurance: The Role of Domestic Policies,” Occasional Paper No. 254 (Washington: International Monetary Fund).

      Berg, Andrew, ShekharAiyar, MumtazHussain, ShaunRoache, TokhirMirzoev, and AmberMahone, 2007, “The Macroeconomics of Scaling Up Aid: Lessons from Recent Experience,” Occasional Paper No. 253 (Washington: International Monetary Fund).

      Berg, Andrew, Jonathan D.Ostry, and JerominZettelmeyer, 2007, “What Makes Growth Sustained?IMF Working Paper (Washington: International Monetary Fund, forthcoming).

      Chu, Ke-young, HamidDavoodi, and SanjeevGupta, 2000, “Income Distribution and Tax, and Government Spending Policies in Developing Countries,” WIDER Working Papers No. 214 (Helsinki: World Institute for Development Economics Research).

      Collier, Paul, and StephenO’Connell, 2006, “Opportunities and Choices,” in Explaining African Economic Growth (Oxford: Center for Study of African Economies).

      Collier, Paul, and BenediktGoderis, 2007, “Commodity Prices, Growth, and the Natural Resource Curse: Reconciling a Conundrum” (Oxford: Department of Economics, University of Oxford, forthcoming).

      Deaton, Angus, 1999, “Commodity Prices and Growth in Africa,” Journal of Economic Perspectives, vol. 13, No. 3, pp. 2340.

      Eifert, Benn, and AlanGelb, 2005, “Improving the Dynamics of Aid: Towards More Predictable Budget Support,” Policy Research Working Paper 3732 (Washington: World Bank).

      Fonds monétaire international, 2005, Perspectives économiques régionales: Afrique subsaharienne, mai (Washington, FMI).

      Fonds monétaire international, 2006, Perspectives économiques régionales: Afrique subsaharienne, septembre (Washington, FMI).

      Fonds monétaire international, 2007a, “Ghana—2007 Article IV Consultation Staff Report,” IMF Country Report 07/210 (Washington).

      Fonds monétaire international, 2007b, Perspectives économiques régionales: Afrique subsaharienne, avril (Washington, F’MI).

      Gupta, Sanjeev, 2003, “Income Distribution and Tax and Government Spending Policies in Developing Countries,” Fiscal Department presentation (Washington: International Monetary Fund).

      Hauner, David, 2005, “A Fiscal Price Tag for International Reserves,” IMF Working Paper 05/81 (Washington: International Monetary Fund).

      Hausmann, Ricardo, LantPritchett, and DaniRodrik, 2004, “Growth Accelerations,” NBER Working Paper 10566 (Cambridge, Massachusetts: National Bureau for Economic Research).

      Heller, Peter, 2005, «Comprendre le concept d’espace budgétaire≫, Document de synthèse du FMI 05/4 (Washington, Fonds monétaire international).

      Janneh, Abdoulie, 2007, “Financing for Development in Africa – From Abuja to Accra: The Journey So Far,” presentation at the Second African Ministerial Conference on Financing for Development, Accra, Ghana, May30, 2007. Available on the Internet at:

      Jeanne, Olivier, and RomainRancière, 2006, “The Optimal Level of International Reserves for Emerging Market Countries: Formulas and Applications,” IMF Working Paper 06/229 (Washington: International Monetary Fund).

      Moore, Mick, and AaronSchneider, 2004, “Taxation, Governance and Poverty: Where Do the Middle Income Countries Fit?IDS Working Paper 230 (Brighton, England: Institute of Development Studies).

      Tanzi, Vito et Howell Zee, 2001, «Une politique fiscale pour les pays en développement≫, Dossiers économiques no 27 (Washington, Fonds monétaire international).

    Publications du Département Afrique du FMI, 2003-07

    Inter-sectoral Linkages and Local Content in Extractive Industries and Beyond—The Case of Sâo Tomé and PrincipeKleuh, Ulrich, Gonzalo Pastor, Alonso Segura, and Walter Zarate
    Competitiveness in the CFA Franc ZoneRamirez, Gustavo, and Charalambos Tsangarides
    What Drives China’s Growing Role in Africa?Wang, Jian-Ye
    Stock Market Development in Sub-Saharan Africa: Critical Issues and ChallengesYartey, Charles Amo, and Charles Komla Adjasi
    Financial Deepening in Sub-Saharan Africa: Empirical Evidence on the Role of Creditor RightsMcDonald, Calvin, and Liliana Schumacher
    Estimation of Equilibrium Exchange Rates in the WAEMU: A Robustness ApproachRoudet, Stephane, Magnus Saxegaard, and Charalambos Tsangarides
    Monetary Policy Rules for Managing Aid Surges in AfricaAdam, Christopher, Stephen O’Connell, Edward Buffie, and Catherine Patillo
    The Common Monetary Area in Southern Africa: Shocks, Adjustment, and Policy ChallengesWang, Jian-Ye, Iyabo Maska, Kazuko Shirono, and Leighton Harris
    Estimation of a Behavioral Equilibrium Exchange Rate Model for GhanaIossifov, Plamen, and Elena Loukoianova
    Measuring the Effect of Foreign Aid on Growth and Poverty Reduction or the Pitfalls of Interaction VariablesPatillo, Catherine, J.J. Polak, and Roy JoyDeep
    Trade Reform in the CEMAC: Developments and OpportunitiesMartijn, Jan-Kees, and Charalambos Tsangarides,
    An Oil and Gas ModelKrichene, Noureddine
    The Role of Domestic Debt Markets in Economic Growth: An Empirical Investigation for Low-Income Countries and Emerging MarketsAbbas, S.M. Ali, and Jakob Christensen,
    Monetary Policy Transparency and Financial Market Forecasts in South AfricaArora, Vivek
    Old Curses, New Approaches? Fiscal Benchmarks for Oil-Producing Countries in Sub-Saharan AfricaOlters, Jan-Peter
    Lessons from High Inflation Episodes for Stabilizing the Economy in ZimbabweCoorey, Sharmini, Jens R. Clausen, Norbert Funke, Sònia Muñoz, and Bakar Ould-Abdallah
    Central Bank Quasi-Fiscal Losses and High Inflation in Zimbabwe: A NoteMuñoz, Sònia
    In Search of Equilibrium: Estimating Equilibrium Real Exchange Rates in Sub-Saharan African CountriesChudik, Alexander, and Joannes Mongardini,
    Do South-South Trade Agreements Increase Trade? Commodity-Level Evidence from COMESAMayda, Anna Maria, and Chad Steinberg
    Impact of Remittances on Poverty and Financial Development in Sub-Saharan AfricaGupta, Sanjeev, Catherine Pattillo, and Smita Wagh
    Fixed Exchange Rates and the Autonomy of Monetary Policy: The Franc Zone CaseVeyrune, Romain
    Sources of Inflation in Sub-Saharan AfricaBarnichon, Régis, and Peiris, Shanaka
    Assessing Competitiveness After Conflict: The Case of the Central African RepublicBakhache, Said, Mark Lewis, Kadima Kalonji, and Jean-Claude Nachega
    A VAR Analysis of Kenya’s Monetary Policy Transmission Mechanism: How Does the Central Bank’s REPO Rate Affect the Economy?Cheng, Kevin C.
    FEER for the CFA FrancAbdih, Yasser, and Charalambos Tsangarides
    Economic Growth and Total Factor Productivity in NigerNachega, Jean-Claude and Thomson Fontaine
    Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy: Lessons from GabonLeigh, Daniel, and Jan-Peter Olters
    Oil and Growth in the Republic of CongoBhattacharya, Rina, and Dhaneshwar Ghura
    Management of Oil Wealth Under the Permanent Income Hypothesis: The Case of Saõ Tomé and PríncipeSegura, Alonso
    An Empirical Investigation of the Exchange Rate Pass-Through to Inflation in TanzaniaMwase, Nkunde
    Exchange Rate Misalignment: An Application of the Behavioral Equilibrium Exchange Rate (BEER) to BotswanaIimi, Atsushi
    Did Botswana Escape from the Resource Curse?Iimi, Atsushi
    Determinants of Emigrant Deposits in Cape VerdeKarpowicz, Izabela
    Excess Liquidity and the Effectiveness of Monetary Policy: Evidence from Sub-Saharan AfricaSaxegaard, Magnus
    Distributional Effects of Oil Price Changes on Household Expenditures: Evidence from MaliKpodar, Kangni
    What Is Fuzzy About Clustering in West Africa?Tsangarides, Charalambos G., and Mahvash Saeed Qureshi
    Adopting Full Dollarization in Postconflict Economies: Would the Gains Compensate for the Losses in Liberia?Honda, Jiro, and Liliana Schumacher
    Stylized Facts on Bilateral Trade and Currency Unions: Implications for AfricaTsangarides, Charalambos G., Pierre Ewenczyk, and Michael Hulej
    Zimbabwe’s Export Performance: The Impact of the Parallel Market and Governance FactorsMuñoz, Sonia
    Implications of Quasi-Fiscal Activities in GhanaChivakul, Mali, and Robert C. York
    Suppressed Inflation and Money Demand in ZimbabweMuñoz, Sonia
    Are Donor Countries Giving More or Less Aid?Gupta, Sanjeev, Catherine Pattillo, and Smita Wagh
    Bank Efficiency and Competition in Low-Income Countries: The Case of UgandaHaunner, David, and Shanaka J. Peiris
    Money Demand and Inflation in MadagascarNassar, Koffie
    Fiscal Dominance and Inflation in the Democratic Republic of the CongoNachega, Jean-Claude
    Sustaining Growth Accelerations and Pro-Poor Growth in AfricaPattillo, Catherine, Sanjeev Gupta, and Kevin Carey
    The Macroeconomic Challenges of Scaling Up Aid to AfricaGupta, Sanjeev, Robert Powell, and Yongzheng Yang
    How Useful Is Monetary Econometrics in Low-Income Countries? The Case of Money Demand and the Multipliers in RwandaHauner, David, and Gabriel Di Bella
    Subordinated Levy Processes and Applications to Crude Oil OptionsKrichene, Noureddine
    Inflation Targeting Lite in Small Open Economies: The Case of MauritiusPorter, Nathan, and James Y. Yao
    Forestry Taxation in Africa: The Case of LiberiaSchwidrowski, Arnim, and Saji Thomas
    Ten Years After the CFA Franc Devaluation: Progress Toward Regional Integration in the WAEMUvan den Boogaerde, Pierre, and Charalambos Tsangarides
    Trade Integration in the East African Community: An Assessment for KenyaMcIntyre, Meredith A.
    The Implications of South African Economic Growth for the Rest of AfricaArora, Vivek B., and Athanasios Vamvakidis
    The Disconcerting Pyramids of Poverty and Inequality of Sub-Saharan AfricaLopes, Paulo Silva
    The Composition of Capital Flows—Is South Africa Different?Ahmed, Faisal, Rabah Arezki, and Norbert Funke
    Regional Trade Arrangements in Africa—Past Performance and the Way ForwardYang, Yongzheng, and Sanjeev Gupta
    Tanzania’s Growth Process and Success in Reducing PovertyTreichel, Volker
    A Simultaneous Equations Model for World Crude Oil and Natural Gas MarketsKrichene, Noureddine
    Growth Empirics Under Model Uncertainty—Is Africa Different?Tsangarides, Charalambos
    Competition and Efficiency in Banking—Behavioral Evidence from GhanaBuchs, Thierry D., and Johan Mathisen
    Currency Crises in Developed and Emerging Market Economies—A Comparative Empirical TreatmentFontaine, Thomson
    Local Financial Development and the Aid-Growth RelationshipNkusu, Mwanza, and Selin Sayek
    Inflation and Monetary Pass-Through in GuineaBlavy, Rodolphe
    Are There Negative Returns to Aid? A CommentNkusu, Mwanza
    Growth and Convergence in WAEMU CountriesWane, Abdoul Aziz
    Deriving Market Expectations for the Euro-Dollar Exchange Rate from Option PricesKrichene, Noureddine
    Can Higher Reserves Help Reduce Exchange Rate Volatility?Hviding, Cetil, Michael Nowak, and Luca Antonio Ricci
    Sources of Growth in Sub-Saharan AfricaTahari, Amor, Dhaneshwar Ghura, Bernardin Akitoby, and Emmanuel Brou Aka
    Microfinance in Africa—Experience and Lessons from Selected African CountriesBasu, Anupam, Rodolphe Blavy, and Murat Yulek
    Financing Uganda’s Poverty Reduction Strategy—Is Aid Causing More Pain Than Gain?Nkusu, Mwanza
    Dimensions of Land Inequality and Economic DevelopmentErickson, Lennart, and Dietrich Vollrath
    Zimbabwe—A Quest for a Nominal AnchorKovanen, Arto
    On Fixed and Variable Fiscal Surplus RulesBasci, Erdem, Fatih M. Ekinci, and Murat Yulek
    Sources of Growth in the Democratic Republic of the Congo—A Cointegration ApproachAkitoby, Bernardin, and Matthias Cinyabuguma
    Angola’s Fragile StabilizationGasha, Jose Giancarlo, and Gonzalo Pastor
    Political Instability and Growth—The Central African RepublicGhura, Dhaneshwar, and Benoit Mercereau
    A Bayesian Approach to Model UncertaintyTsangarides, Charalambos
    Aid and Dutch Disease in Low-Income Countries—Informed Diagnoses for Prudent PrognosesNkusu, Mwanza
    Domestic Debt Markets in Sub-Saharan AfricaChristensen, Jakob
    And Schumpeter Said, “This Is How Thou Shalt Grow”: The Further Quest for Economic Growth in Poor CountriesBeaugrand, Philippe
    Fiscal Sustainability in Heavily Indebted Countries Dependent on Nonrenewable Resources—The Case of GabonNtamatungiro, Joseph
    How Much Do Trading Partners Matter for Economic Growth?Arora, Vivek B., and Athanasios Vamvakidis
    Rational Speculation, Financial Crises, and Optimal Policy ResponsesSurti, Jay
    Fiscal Sustainability—The Case of EritreaYamauchi, Ayumu
    Sources of Nominal Exchange Rate Fluctuations in South AfricaGottschalk, Jan, and Ashok Bhundia
    Mauritius—Unemployment and the Role of InstitutionsMcDonald, Calvin, and James Y. Yao
    Poverty and Social Impact Analysis—A Suggested FrameworkHossain, Shahabuddin M.
    FDI Spillovers, Financial Markets, and Economic DevelopmentAlfaro, Laura, Areendam Chanda, Sebner Kalemli-Ozcan, and Selin Sayek
    Potential Output and Total Factor Productivity Growth in Post-Apartheid South AfricaArora, Vivek B., and Ashok Bhundia
    Debt Relief, Additionality, and Aid Allocation in Low-Income CountriesPowell, Robert
    Diamond Smuggling and Taxation in Sub-Saharan AfricaOomes, Nienke, and Matthias Vocke
    Modeling Stochastic Volatility with Application to Stock ReturnsKrichene, Noureddine
    Welfare Implications of HIV/AIDSCrafts, Nicholas, and Markus Haacker
    Stock Markets and the Real Exchange Rate—An Intertemporal ApproachMercereau, Benoit
    Overshooting and Dollarization in the Democratic Republic of CongoBeaugrand, Philippe
    Estimation of the Equilibrium Real Exchange Rate for MalawiMathisen, Johan
    Regional Impact of Côte d’Ivoire’s 1999-2000 Sociopolitical Crisis—An AssessmentDore, Ousmane, Benoit Anne, and Dorothy Engmann
    Interest Rates, Credit Rationing, and Investment in Developing CountriesNkusu, Mwanza
    Estimation of the Equilibrium Real Exchange Rate for South AfricaMcDonald, Ronald, and Luca Ricci
    Poverty and Social Analysis—Linking Macroeconomic Policies to Poverty Outcomes—Summary of Early ExperiencesRobb, Caroline
    Taxation and Pricing of Petroleum Products in Developing Countries: A Framework for Analysis with Application to NigeriaHussain, Shahabuddin
    The Equilibrium Real Exchange Rate of the Malagasy Franc—Estimation and AssessmentCady, John
    Small African Stock Markets—The Case of the Lusaka Stock ExchangeMarone, Heloisa
    Sub-Saharan Africa: Financial Sector ChallengesGulde, Anne-Marie, Catherine Pattillo, Jakob Christensen, Kevin Carey, and Smita Wagh
    Macroeconomic Challenges of Scaling Up Aid to AfricaGupta, Sanjeev, Robert Powell, and Yongzheng Yang
    Sustaining and Accelerating Pro-Poor Growth in AfricaPattillo, Catherine, Sanjeev Gupta, and Kevin Carey
    Regional Trade Arrangements in AfricaYang, Yongzheng, and Sanjeev Gupta
    “The ICT Sector and the Global Economy: Counting the Gains” in: The Global Information Technology Report 2004/05Haacker, Markus
    Lifting the Oil Curse: Improving Petroleum Revenue Management in Sub-Saharan AfricaBartxch, Ulrich, Milan Cuc, Menachem Katz, and Harinder Malothra
    The Macroeconomics of HIV/AIDSHaacker, Markus
    Mauritius: Challenges to Sustained GrowthSacerdoti, Emilio, Gamal El Masry, Padamia Khandelwal, and Yudong Yao
    Postconflict Economics in Sub-Saharan Africa: Lessons from the Democratic Republic of the CongoClément, Jean A.P.

    En excluant le Zimbabwe, la croissance devrait être de 6,2 % en 2007. Sauf indication contraire, tous les indicateurs et chiffres figurant dans ce chapitre excluent le Zimbabwe.

    L’accélération du rythme des réformes observée ces dernières années, en vue d’améliorer le climat des affaires en Afrique, est présentée dans le rapport de la Banque mondiale intitulé Doing Business 2008 (Banque mondiale, 2007a).

    L’allégement au titre de l’IADM devrait être traité comme don et comme une réduction du service de la dette inscrite à l’échéancier, bien que cela n’apparaisse peut-être pas dans les données sur l’aide figurant au tableau AS20. La nomenclature des comptes budgétaires et extérieurs varie en fonction du système comptable de chaque pays (comptabilité d’engagement ou de caisse) et des modalités de transfert de la contribution du FMI à l’IADM entre la Banque centrale et les comptes budgétaires.

    Cf. FMI, 2007b; encadré 4.1 sur les relations financières entre la Chine et l’Afrique.

    Burundi, Gambie, Guinée, Guinée-Bissau, République Centrafricaine, République du Congo, République démocratique du Congo et Tchad. Cinq autres pays subsahariens (Comores, Côte d’Ivoire, Erythrée, Libéria et Togo) ont satisfait aux critères de revenu et d’endettement de l’initiative PPTE renforcée, sur la base des données de 2004, et pourraient bénéficier de l’allégement de dette.

    On trouvera dans FMI (2007b) une évaluation de la viabilité budgétaire à plus long terme des pays exportateurs de pétrole.

    Comme indiqué à la note 4, les données sur les subventions figurant dans les comptes budgétaires peuvent différer des données du tableau AS20.

    À partir de données d’enquête pour un échantillon de 19 pays à faible revenu, le Rapport de suivi mondial 2007 estime qu’une croissance de 1% du PIB va de pair avec un recul de 1,3% de la pauvreté extrême dans les pays à bas revenu. La pauvreté extrême touche la proportion de la population qui vit avec moins d’un dollar EU par jour.

    La viabilité budgétaire est la capacité permanente de l’État à financer les programmes souhaités, à assurer le service de la dette et à rester solvable.

    Selon Heller (2005), porter la part des prélèvements obligatoires à au moins 15 % du PIB devrait être un objectif minimum dans bien des pays. Mais cet objectif est peut-être ambitieux pour ceux qui sortent d’un conflit ou dont l’économie reste largement dominée par les activités de subsistance.

    Pour une analyse détaillée, voir Berg et al. (2007).

    Catherine Pattillo est l’auteur de cette partie.

    Voir FMI (2007a).

    Stanislaw Maliszewski est l’auteur de cette partie.

    L’exercice budgétaire va de juillet à juin.

    Les auteurs de cette partie sont Stella Kaendera et Wayne Mitchell.

    Les auteurs de cette section sont Robert Sharer et Alejandro Hajdenberg.

    La méthode de comptabilisation des dépenses prioritaires a été modifiée en 2005/06 lors de la mise en place de la MKUKUTA.

    À l’exception de 2005/06, où une grave sécheresse a entraîné un certain nombre de coupures d’électricité.

    L’auteur de cette partie est Dmitry Gershenson.

    Les données historiques de l’EAC–5 comprennent le Rwanda et le Burundi, qui ont adhéré en 2007.

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