Back Matter

Back Matter

International Monetary Fund
Published Date:
October 2014
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      Africa Progress Panel, 2013, “Equity in Extractives: Stewarding Africa’s Natural Resources for All,” Africa Progress Report (Switzerland: Geneva).

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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

    • African Department


    • Tanzania: The Story of an African Transition

    • Nord, Roger, Yuri Sobolev, David Dunn, Alejandro Hajdenberg, Niko Hobdari, Samar Maziad, and Stéphane Roudet

    Departmental Papers


    • Mozambique Rising: Building a New Tomorrow

    • Doris C. Ross, Victor Duarte Lledo, Alex Segura-Ubiergo, Yuan Xiao, Iyabo Masha, Alun H. Thomas, and Keiichiro Inui


    • The Mystery of Missing Real Spillovers in Southern Africa: Some Facts and Possible Explanations

    • Olivier Basdevant, Andrew W Jonelis, Borislava Mircheva, and Slavi T. Slavov


    • Issuing International Sovereign Bonds: Opportunities and Challenges for Sub-Saharan Africa

    • Mauro Mecagni, Jorge Iván Canales Kriljenko, Cheikh A. Gueye, Yibin Mu, Masafumi Yabara, and Sebastian Weber


    • 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, and Juan S Corrales


    • Mali: Achieving Strong and Inclusive Growth with Macroeconomic Stability

    • Christian Josz


    • 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

    • Alleyne, Trevor, Mumtaz Hussain


    • 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

    • Zhan, Zaijin


    • 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

    • Klein, Nir


    • 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

    • Masha, Iyabo


    • 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

    • Burgess, Robert


    • 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

    Working Papers


    • A Quality of Growth Index for Developing Countries: A Proposal

    • Mlachila, Montfort, Rene Tapsoba, and Sampawende J.-A. Tapsoba


    • Introducing a Semi-Structural Macroeconomic Model for Rwanda

    • Charry, Luisa, Pranav Gupta, and Vimal Thakoor


    • How Solid is Economic Growth in the East African Community?

    • Gigineishvili, Nikoloz, Paolo Mauro, and Ke Wang


    • Islamic Finance in Sub-Saharan Africa: Status and Prospects

    • Gelbard, Enrique, Mumtaz Hussain, Rodolfo Maino, Yibin Mu, and Etienne B. Yehoue


    • Africa Rising: Harnessing the Demographic Dividend

    • Drummond, Paulo, Vimal Thakoor, and Shu Yu


    • Does Openness Matter for Financial Development in Africa?

    • David, Antonio, Montfort Mlachila, and Ashwin Moheeput


    • Surging Investment and Declining Aid: Evaluating Debt Sustainability in Rwanda

    • Clark, Will, and Birgir Arnason


    • 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, Michal, 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

    • Kireyev, Alexei


    • 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

    • Ahokpossi, Calixte


    • 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

    • Mu, Yibin


    • 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

    • Thomas, Alun


    • 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

    • Klein, Nir


    • 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)

    • Basdevant, Olivier


    • Real Wage, Labor Productivity, and Employment Trends in South Africa: A Closer Look

    • Klein, Nir


    • 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

    • Yabara, Masafumi


    • 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?

    • Kovanen, Arto


    • Does Money Matter for Inflation in Ghana?

    • Kovanen, Arto


    • 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

    • Klein, Nir


    • 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?

    • Gigineishvili, Nikoloz


    • 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?

    • Aydin, Burcu


    • 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

    • Kinda, Tidiane


    • 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

    • Kireyev, Alexei


    • 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

    • Aydin, Burcu


    • Cyclicality of Revenue and Structural Balances in South Africa

    • Aydin, Burcu


    • 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

    • Samaké, Issouf


    • How Do International Financial Flows to Developing Countries Respond to Natural Disasters?

    • David, Antonio


    • Exchange Rate Assessment for Sub-Saharan Economies

    • Aydin, Burcu


    • 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

    • Kablan, Sandrine


    • 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

    • Klein, Nir


    • 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

    • Haacker, Markus


    • 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.


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