- International Monetary Fund
- Published Date:
- April 2014
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Berg, Andew, Louisa F.Charry, Rafael A.Portillo, and JanVlcek,2013, “The Monetary Transmission Mechanism in the Tropics: A Narrative Approach,” IMF Working Paper 13/197 (Washington: International Monetary Fund).
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Publications of the IMF African Department, 2009–14
Books and Monographs
Building a Common Future in Southern Africa
Mongardini, Joannes, Tamon Asonuma, Olivier Basdevant, Alfredo Cuevas, Xavier Debrun, Lars Holger Engstrom, Imelda M. Flores Vazquez, Vitaliy Kramarenko, Lamin Leigh, Paul R. Masson, and Geneviève Verdier
Oil Wealth in Central Africa: Policies for Inclusive Growth
Coorey, Sharmini, and Bernardin Akitoby
The Impact of the Global Financial Crisis on Sub-Saharan Africa
Tanzania: The Story of an African Transition
Nord, Roger, Yuri Sobolev, David Dunn, Alejandro Hajdenberg, Niko Hobdari, Samar Maziad, and Stéphane Roudet
Managing Volatile Capital Flows: Experiences and Lessons for Sub-Saharan African Frontier Markets
Cheikh A. Gueye, Javier Arze del Granado, Rodrigo Garcia-Verdu, Mumtaz Hussain, B. Jang, Sebastian Weber, Juan S Corrales
Mali: Achieving Strong and Inclusive Growth with Macroeconomic Stability
Responding to Shocks and Maintaining Stability in the West African Economic and Monetary Union
Kolerus, Christina, Aleksandra Zdzienicka, Ermal Hitaj, and Douglas J. Shapiro
West African Economic and Monetary Union: Financial Depth and Macrostability
Imam, Patrick A., and Christina Kolerus
Senegal: Financial Depth and Macrostability
Imam, Patrick A., and Christina Kolerus
Senegal: Achieving High and Inclusive Growth While Preserving Fiscal Sustainability
Kireyev, Alexei, and Gaston K. Mpatswe
Banking in Sub-Saharan Africa: The Macroeconomic Context
Mlachila, Montfort, Seok Gil Park, and Masafumi Yabara
Energy Subsidy Reform in Sub-Saharan Africa: Experiences and Lessons
Boom, Bust, or Prosperity? Managing Sub-Saharan Africa’s Natural Resource Wealth
Lundgren, Charlotte J., Alun H. Thomas, and Robert C. York
Restoring Sustainability in a Changing Global Environment: Options for Swaziland
Basdevant, Olivier, Emily Forrest, and Borislava Mircheva
Macroeconomic Vulnerabilities Stemming from the Global Economic Crisis: The Case of Swaziland
Basdevant, Olivier, Chikako Baba, and Borislava Mircheva
What Do Fast Job Creators Look Like? Some Stylized Facts and Perspectives on South Africa
South Africa: Macro Policy Mix and Its Effects on Growth and the Real Exchange Rate—Empirical Evidence and GIMF Simulations
Canales-Kriljenko, Jorge Iván
Measuring the Potential Output of South Africa
In the Wake of the Global Economic Crisis: Adjusting to Lower Revenue of the Southern African Customs Union in Botswana, Lesotho, Namibia, and Swaziland
Mongardini, Joannes, Dalmacio Benicio, Thomson Fontaine, Gonzalo C. Pastor, and Geneviève Verdier
Zimbabwe: Challenges and Policy Options after Hyperinflation
Kramarenko, Vitaliy, Lars H. Engstrom, Geneviève Verdier, Gilda Fernandez, Stefan E. Oppers, Richard Hughes, James McHugh, and Warren L. Coats
Expenditure Composition and Economic Developments in Benin
Pani, Marco, and Mohamed El Harrak
Wage Policy and Fiscal Sustainability in Benin
Lundgren, Charlotte J.
The Global Financial Crisis and Adjustments to Shocks in Kenya, Tanzania, and Uganda: A Balance Sheet Analysis Perspective
Impact of the Global Financial Crisis on Exchange Rates and Policies in Sub-Saharan Africa
Ben Ltaifa, Nabil, Stella Kaendera, and Shiv Dixit
Spillover Effects and the East African Community: Explaining the Slowdown and the Recovery
Drummond, Paulo, and Gustavo Ramirez
Foreign Exchange Reserve Adequacy in East African Community Countries
Drummond, Paulo, Aristide Mrema, Stéphane Roudet, and Mika Saito
Staff Discussion Notes
Economic Diversification in LICs: Stylized Facts and Macroeconomic Implications
Papageorgiou, Chris, and Nicola Spatafora
The International Financial Crisis and Global Recession: Impact on the CEMAC Region and Policy Considerations
Wakeman-Linn, John, Rafael A. Portillo, Plamen Iossifov, and Dimitre Milkov
The Global Financial Crisis: Impact on WAEMU Member Countries and Policy Options
Mueller, Johannes, Irene Yackovlev, and Hans Weisfeld
The Southern African Development Community’s Macroeconomic Convergence Program: Initial Performance
Fiscal Policy in Sub-Saharan Africa in Response to the Impact of the Global Crisis
Berg, Andrew, Norbert Funke, Alejandro Hajdenberg, Victor Duarte Lledo, Rolando Ossowski, Martin Schindler, Antonio Spilimbergo, Shamsuddin Tareq, and Irene Yackovlev
Natural Gas, Public Investment and Debt Sustainability in Mozambique
Melina, Giovanni, and Yi Xiong
Africa’s Rising Exposure to China: How Large Are Spillovers Through Trade?
Drummond, Paulo, and Estelle X. Liu
Money Targeting in a Modern Forecasting and Policy Analysis System: an Application to Kenya
Andrle, Michael, Andrew Berg, Enrico Berkes, Rafael A Portillo, Jan Vlcek, and R. Armando Morales
The Investment-Financing-Growth Nexus: The Case of Liberia
Clark, Will, and Manuel Rosales
Making Monetary Policy More Effective: The Case of the Democratic Republic of the Congo
Fischer, Felix, Charlotte J. Lundgren, and Samir Jahjah
Fiscal Discipline in WAEMU: Rules, Institutions, and Markets
Hitaj, Ermal, and Yasin Kursat Onder
Inclusive Growth and Inequality in Senegal
Money Targeting in a Modern Forecasting and Policy Analysis System: An Application to Kenya
Michal Andrle, Andrew Berg, Enrico Berkes, Rafael A. Portillo, Jan Vlcek, and R. Armando Morales
Africa’s Got Work to Do: Employment Prospects in the New Century
Fox, Louise, Cleary Haines, Jorge Huerta Muñoz, and Alun Thomas
Resource Dependence and Fiscal Effort in Sub-Saharan Africa
Thomas, Alun, and Juan P. Treviño
Benchmarking Structural Transformation Across the World
Dabla-Norris, Era, Alun H. Thomas, Rodrigo Garcia-Verdu, and Yingyuan Chen
Tax Administration Reform in the Francophone Countries of Sub-Saharan Africa
Fossat, Patrick, and Michel Bua
Financial Depth in the WAEMU: Benchmarking Against Frontier SSA Countries
Ahokpossi, Calixte, Kareem Ismail, Sudipto Karmakar, and Mesmin Koulet-Vickot
Investing Volatile Oil Revenues in Capital-Scarce Economies: An Application to Angola
Richmond, Christine, Irene Yackovlev, and Shu-Chun Yang
Fiscal Sustainability, Public Investment, and Growth in Natural Resource-Rich, Low-Income Countries: The Case of Cameroon
Samaké, Issouf, Priscilla Muthoora, and Bruno Versailles
Inclusive Growth: An Application of the Social Opportunity Function to Selected African Countries
Adedeji, Olumuyiwa, Huancheng Du, and Maxwell Opoku-Afari
Inclusive Growth and the Incidence of Fiscal Policy in Mauritius—Much Progress, But More Could be Done
David, Antonio, and Martin Petri
The Quality of the Recent High-Growth Episode in Sub-Saharan Africa
Mlachila, Montfort, and Marcelo Martinez
Benchmarking Banking Sector Efficiency Across Regional Blocks in Sub-Saharan Africa: What Room for Policy?
Boutin-Dufresne, Francois, Santiago Peña, Oral Williams, and Tomasz A. Zawisza
Monetary Transmission Mechanism in the East African Community: An Empirical Investigation
Davoodi, Hamid, Shiv Dixit, and Gabor Pinter
Determinants of Bank Interest Margins in Sub-Saharan Africa
Exchange Rate Liberalization in Selected Sub-Saharan African Countries: Successes, Failures, and Lessons
Mæhle, Nils, Haimanot Teferra, and Armine Khachatryan
Inward and Outward Spillovers in the SACU Area
Canales-Kriljenko, Jorge Iván, Farayi Gwenhamo, and Saji Thomas
Bond Markets in Africa
Mu, Yibin, Peter Phelps, and Janet Stotsky
Inequalities and Growth in the Southern African Customs Union (SACU) Region
Basdevant, Olivier, Dalmacio Benicio, and Yorbol Yakhshilikov
Striking an Appropriate Balance Among Public Investment, Growth, and Debt Sustainability in Cape Verde
The East African Community: Prospects for Sustained Growth
McAuliffe, Catherine, Sweta Saxena, and Masafumi Yabara
Financing Growth in the WAEMU through the Regional Securities Market: Past Successes and Current Challenges
Diouf, Mame Astou, and Francois Boutin-Dufresne
Exchange Rate and Foreign Interest Rate Linkages for Sub-Saharan Africa Floaters
A Financial Conditions Index for South Africa
Gumata, Nombulelo, Nir Klein, and Eliphas Ndou
Estimating the Implicit Inflation Target of the South African Reserve Bank
Monetization in Low- and Middle-Income Countries
McLoughlin, Cameron, and Noriaki Kinoshita
The Relationship between the Foreign Exchange Regime and Macroeconomic Performance in Eastern Africa
Stotsky, Janet Gale, Manuk Ghazanchyan, Olumuyiwa Adedeji, and Nils O. Maehle
Exchange Rate Pass-Through in Sub-Saharan African Economies and its Determinants
Razafimahefa, Ivohasina Fizara
Welfare Effects of Monetary Integration: The Common Monetary Area and Beyond
Asonuma, Tamon, Xavier Debrun, and Paul R. Masson
As You Sow So Shall You Reap: Public Investment Surges, Growth, and Debt Sustainability in Togo
Andrle, Michal, Antonio David, Raphael A. Espinoza, Marshall Mills, and Luis-Felipe Zanna
Tracking Short-Term Dynamics of Economic Activity in Low-Income Countries in the Absence of High-Frequency GDP Data
Opoku-Afari, Maxwell, and Shiv Dixit
Mobilizing Revenue in Sub-Saharan Africa: Empirical Norms and Key Determinants
Drummond, Paulo, Wendell Daal, Nandini Srivastava, and Luiz E. Oliveira
Monetary Policy in Low-Income Countries in the Face of the Global Crisis: The Case of Zambia
Baldini, Alfredo, Jaromir Benes, Andrew Berg, Mai Dao, and Rafael Portillo
Fiscal Policies and Rules in the Face of Revenue Volatility Within Southern Africa Customs Union Countries (SACU)
Real Wage, Labor Productivity, and Employment Trends in South Africa: A Closer Look
Exchange Rate Volatility Under Peg: Do Trade Patterns Matter?
Lonkeng Ngouana, Constant
Assessing Bank Competition within the East African Community
Sanya, Sarah, and Matthew Gaertner
Prudential Liquidity Regulation in Developing Countries: A Case Study of Rwanda
Sanya, Sarah, Wayne Mitchell, and Angelique Kantengwa
Capital Market Integration: Progress Ahead of the East African Community Monetary Union
International Reserves in Low-Income Countries: Have They Served as Buffers?
Cripolti, Valerio, and George Tsibouris
Inflation Differentials in the GCC: Does the Oil Cycle Matter?
Mohaddes, Kamiar, and Oral Williams
Effectiveness of Capital Controls in Selected Emerging Markets in the 2000s
Baba, Chikako, and Annamaria Kokenyne
How Costly Are Debt Crises?
Furceri, Davide, and Aleksandra Zdzienicka
Monetary Policy Transmission in Ghana: Does the Interest Rate Channel Work?
Does Money Matter for Inflation in Ghana?
On the Stability of Monetary Demand in Ghana: A Bounds Testing Approach
Dagher, Jihad, and Arto Kovanen
Oil-Price Boom and Real Exchange Rate Appreciation: Is There Dutch Disease in the CEMAC?
Treviño, Juan Pedro
The Design of Fiscal Adjustment Strategies in Botswana, Lesotho, Namibia, and Swaziland
Basdevant, Olivier, Dalmacio Benicio, Borislava Mircheva, Joannes Mongardini, Geneviève Verdier, Susan Yang, and Luis-Felipe Zanna
Do Remittances Reduce Aid Dependency?
Kpodar, Kangni, and Maelan Le Goff
Determinants of Non-oil Growth in the CFA-Zone Oil Producing Countries: How Do They Differ?
Tabova, Alexandra, and Carol L. Baker
Inflation Dynamics in the CEMAC Region
Caceres, Carlos, Marcos Poplawski-Ribeiro, and Darlena Tartari
External Sustainability of Oil-Producing Sub-Saharan African Countries
Takebe, Misa, and Robert C. York
The Cyclicality of Fiscal Policies in the CEMAC Region
Mpatswe, Gaston K., Sampawende J. Tapsoba, and Robert C. York
South Africa: The Cyclical Behavior of the Markups and Its Implications for Monetary Policy
Burkina Faso—Policies to Protect the Poor from the Impact of Food and Energy Price Increases
Arze del Granado, Javier, and Isabell Adenauer
De Jure versus De Facto Exchange Rate Regimes in Sub-Saharan Africa
Slavov, Slavi T.
Financial Deepening, Property Rights and Poverty: Evidence from Sub-Saharan Africa
Singh, Raju Jan, and Yifei Huang
FDI from BRICs to LICs: Emerging Growth Driver?
Mlachila, Montfort, and Misa Takebe
Determinants of Interest Rate Pass-Through: Do Macroeconomic Conditions and Financial Market Structure Matter?
The Quest for Higher Growth in the WAEMU Region: The Role of Accelerations and Decelerations
Kinda, Tidiane, and Montfort Mlachila
Fiscal Policy Implementation in Sub-Saharan Africa
Lledo, Victor Duarte, and Marcos Poplawski Ribeiro
Post-Conflict Recovery: Institutions, Aid, or Luck?
David, Antonio, Fabiano Rodrigues Bastos, and Marshall Mills
Ghana: Will It Be Gifted, or Will It Be Cursed?
Oil Spill(over)s: Linkages in Petroleum Product Pricing Policies in West African Countries
David, Antonio, Mohamed El Harrak, Marshall Mills, and Lorraine Ocampos
Feeling the Elephant’s Weight: The Impact of Côte d’Ivoire’s Crisis on WAEMU Trade
Egoumé-Bossogo, Philippe, and Ankouvi Nayo
ICT, Financial Inclusion, and Growth Evidence from African Countries
Andrianaivo, Mihasonirina, and Kangni Kpodar
Fiscal Sustainability and the Fiscal Reaction Function for South Africa
Burger, Philippe, Alfredo Cuevas, Ian Stuart, and Charl Jooste
Reviving the Competitive Storage Model: A Holistic Approach to Food Commodity Prices
Miao, Yanliang, Weifeng Wu, and Norbert Funke
Inflation Uncertainty and Relative Price Variability in WAEMU
Fernandez Valdovinos, Carlos, and Kerstin Gerling
Modeling Inflation in Chad
Fiscal Expectations under the Stability and Growth Pact: Evidence from Survey Data
Poplawski-Ribeiro, Marcos, and Jan-Christoph Rulke
Growth in Africa under Peace and Market Reforms
Korbut, Olessia, Gonzalo Salinas, and Cheikh A. Gueye
Feeling the Elephant’s Weight: The Impact of Côte d’Ivoire’s Crisis on WAEMU Trade
Egoumé-Bossogo, Philippe, and Nayo Ankouvi
Capital Flows, Exchange Rate Flexibility, and the Real Exchange Rate
Kinda, Tidiane, Jean-Louis Combes, and Patrick Plane
Weathering the Global Storm: The Benefits of Monetary Policy Reform in the LA5 Countries
Canales-Kriljenko, Jorge Iván, Luis Ignacio Jácome, Ali Alichi, and Ivan Luis de Oliveira Lima
Export Tax and Pricing Power: Two Hypotheses on the Cocoa Market in Côte d’Ivoire
What Can International Cricket Teach Us About the Role of Luck in Labor Markets?
Aiyar, Shekhar, and Rodney Ramcharan
Performance of Fiscal Accounts in South Africa in a Cross-Country Setting
Cyclicality of Revenue and Structural Balances in South Africa
Mother, Can I Trust the Government? Sustained Financial Deepening—A Political Institutions View
Quintyn, Marc, and Geneviève Verdier
Islamic Banking: How Has It Diffused?
Imam, Patrick A., and Kangni Kpodar
A Macro Model of the Credit Channel in a Currency Union Member: The Case of Benin
How Do International Financial Flows to Developing Countries Respond to Natural Disasters?
Exchange Rate Assessment for Sub-Saharan Economies
Balance Sheet Vulnerabilities of Mauritius during a Decade of Shocks
Imam, Patrick A., and Rainer Koehler
Beyond Aid: How Much Should African Countries Pay to Borrow?
Gueye, Cheikh A., and Amadou N.R. Sy
Banking Efficiency and Financial Development in Sub-Saharan Africa
FDI Flows to Low-Income Countries: Global Drivers and Growth Implications
Dabla-Norris, Era, Jiro Honda, Amina Lahrèche-Révil, and Geneviève Verdier
The Linkage between the Oil and Nonoil Sectors—A Panel VAR Approach
Short- versus Long-Term Credit and Economic Performance: Evidence from the WAEMU
Kpodar, Kangni, and Kodzo Gbenyo
Budget Institutions and Fiscal Performance in Low-Income Countries
Dabla-Norris, Era, Richard Allen, Luis-Felipe Zanna, Tej Prakash, Eteri Kvintradze, Victor Duarte Lledo, Irene Yackovlev, and Sophia Gollwitzer
ICT Equipment Investment and Growth in Low- and Lower-Middle-Income Countries
The Real Exchange Rate and Growth Revisited: The Washington Consensus Strikes Back?
Berg, Andrew, and Yanliang Miao
Firm Productivity, Innovation, and Financial Development
Dabla-Norris, Era, Eramus Kersting, and Geneviève Verdier
Cyclical Patterns of Government Expenditures in Sub-Saharan Africa: Facts and Factors
Lledo, Victor, Irene Yackovlev, and Lucie Gadenne
A Framework to Assess the Effectiveness of IMF Technical Assistance in National Accounts
Pastor, Gonzalo C.
Improving Surveillance Across the CEMAC Region
Iossifov, Plamen, Noriaki Kinoshita, Misa Takebe, Robert C. York, and Zaijin Zhan
A Rule Based Medium-Term Fiscal Policy Framework for Tanzania
Kim, Daehaeng, and Mika Saito
Analyzing Fiscal Space Using the MAMS Model: An Application to Burkina Faso
Gottschalk, Jan, Vu Manh Le, Hans Lofgren, and Kofi Nouve
Determinants and Macroeconomic Impact of Remittances in Sub-Saharan Africa
Singh, Raju Jan, Markus Haacker, and Kyung-woo Lee
São Tomé and Príncipe: Domestic Tax System and Tax Revenue Potential
The Gambia: Demand for Broad Money and Implications for Monetary Policy Conduct
Sriram, Subramanian S.
Understanding the Growth of African Markets
Yartey, Charles Amo, and Mihasonirina Andrianaivo
Credit Growth in Sub-Saharan Africa—Sources, Risks, and Policy Responses
Iossifov, Plamen, and May Y. Khamis
Spillovers from the Rest of the World into Sub-Saharan African Countries
Drummond, Paulo, Flavio Nacif, and Gustavo Ramirez
In Search of Successful Inflation Targeting: Evidence from an Inflation Targeting Index
Introducing the Euro as Legal Tender—Benefits and Costs of Eurorization for Cape Verde
Imam, Patrick A.
The Macroeconomics of Scaling Up Aid: The Gleneagles Initiative for Benin
Mongardini, Joannes, and Issouf Samaké
Sub-Saharan Africa’s Integration in the Global Financial Markets
Deléchat, Corinne, Gustavo Ramirez, Smita Wagh, and John Wakeman-Linn
Financial Deepening in the CFA Franc Zone: The Role of Institutions
Singh, Raju, Kangni Kpodar, and Dhaneshwar Ghura
Madagascar: A Competitiveness and Exchange Rate Assessment
Understanding Inflation Inertia in Angola
Klein, Nir, and Alexander Kyei
Grants, Remittances, and the Equilibrium Real Exchange Rate in Sub-Saharan African Countries
Mongardini, Joannes, and Brett Rayner
Dedollarization in Liberia—Lessons from Cross-Country Experience
Erasmus, Lodewyk, Jules Leichter, and Jeta Menkulasi
The Macroeconomic Impact of Scaled-Up Aid: The Case of Niger
Farah, Abdikarim, Emilio Sacerdoti, and Gonzalo Salinas
The Value of Institutions for Financial Markets: Evidence from Emerging Markets
Akitoby, Bernardin, and Thomas Stratmann
Why Isn’t South Africa Growing Faster? A Comparative Approach
The Determinants of Commercial Bank Profitability in Sub-Saharan Africa
Flamini, Valentina, Calvin A. McDonald, and Liliane Schumacher
Bank Efficiency in Sub-Saharan African Middle-Income Countries
How Can Burundi Raise its Growth Rate? The Impact of Civil Conflicts and State Intervention on Burundi’s Growth Performance