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Business and Economics > Production and Operations Management

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Cover IMF Staff Country Reports
West African Economic and Monetary Union: Selected Issues
International Monetary Fund. African Dept.
Selected Issues
Keywords:
sovereign bond market stage; deficit ceiling; sovereign bond market development; growth loss; stages of building block development; Securities markets; Debt limits; Securities; Total factor productivity; West Africa; Global; Sub-Saharan Africa; COVID-19
Cover IMF Working Papers
Competition, Competitiveness and Growth in Sub-Saharan Africa
Reda Cherif
,
Sandesh Dhungana
,
Xiangming Fang
,
Mr. Jesus R Gonzalez-Garcia
,
Yuanchen Yang
,
Mustafa Yenice
, and
Jung Eun Yoon
Does greater product market competition improve external competitiveness and growth? This paper examines this question by using country-and firm-level data for a sample of 39 sub-Saharan African countries over 2000–17, as well as other emerging market economies and developing countries, and finds that an improvement in domestic competition is associated with a signficant increase in real GDP per capita growth rate, achieved mainly through an improvement in export competitiveness and productivity growth. Price levels, including of essential items, are also generally lowered with an increase in competition. Moreover, at the firm-level, evidence shows that greater competition—proxied through a decline in corporate market power—is associated with an increase in firm’s investment and the labor’s share in output. These effects are more pronounced in the manufacturing sector and among domestic firms compared to foreign firms.
Keywords:
WP; competition indicator; firm profitability; firm markup; cost minimization problem; firm Dynamics; firm-level indicators; enterprise data; Competition; Emerging and frontier financial markets; Commodity markets; Productivity; Labor share; Sub-Saharan Africa; Global; Africa; Markups; Market Power
Cover IMF Working Papers
Farms, Fertiliser, and Financial Frictions: Yields from a DSGE Model
Mr. Sébastien Walker
This paper develops a Dynamic Stochastic General Equilibrium (DSGE) model with a financial accelerator which captures key features of low-income countries (LICs). The predominance of supply shocks in LICs poses distinct challenges for policymakers, given the negative correlation between inflation and the output gap in the case of supply shocks. Our results suggest that: (1) in the face of a supply-side shock, the most desirable interest rate rule involves simply targeting current inflation and smoothing the policy interest rate; and (2) ignoring financial frictions when evaluating policy rules can be particularly problematic in LICs, where financial frictions loom especially large.
Keywords:
WP; production function; Monetary policy; Africa; financial frictions; foreign capital flows; DSGE models; supply shocks; world fertiliser price shock; Calvo price-stickiness parameter; rate of return; auditing cost; price inflation; factor price; nominal interest rate; price of fertiliser; fertiliser cost; world cost; expected return; Inflation; Output gap; Exchange rates; Sub-Saharan Africa
Cover Finance & Development
Finance and Development, June 2016
International Monetary Fund. External Relations Dept.
Finance and Development, June 2016
Keywords:
FD; F&D; economy; Africa Rising story; banknote paper; paper bill; commodity exporter
Cover Finance & Development
Finances & Développement, juin 2016
International Monetary Fund. External Relations Dept.
Finances & Développement, juin 2016
Keywords:
FD; F&D; economy; Africa Rising story; banknote paper; paper bill; commodity exporter
Cover Finance & Development
Finance and Development, June 2016
International Monetary Fund. External Relations Dept.
Finance and Development, June 2016
Keywords:
FD; F&D; economy; Africa Rising story; banknote paper; paper bill; commodity exporter
Cover Finance & Development
Finance and Development, June 2016
International Monetary Fund. External Relations Dept.
Finance and Development, June 2016
Keywords:
FD; F&D; economy; Africa Rising story; banknote paper; paper bill; commodity exporter
Cover Finance & Development
Finanzas y Desarrollo, junio de 2016
International Monetary Fund. External Relations Dept.
Finanzas y Desarrollo, junio de 2016
Keywords:
FD; F&D; economy; Africa Rising story; banknote paper; paper bill; commodity exporter
Cover Finance & Development
Finance and Development, June 2016
International Monetary Fund. External Relations Dept.
This article profiles iconoclastic economist Dani Rodrik, the Harvard professor whose warnings about the downsides of globalization proved prescient. Rodrik has spent most of his professional life at Ivy League institutions. He has a bachelor’s degree from Harvard and master’s and PhD degrees from Princeton, followed by a teaching career at Harvard and Columbia. Rodrik’s warnings that the benefits of free trade were more apparent to economists than to others were prescient. His skepticism about the benefits of unfettered flows of capital across national boundaries is now conventional wisdom. His successful attack on the so-called Washington Consensus of policies to generate economic growth has made governments and international organizations like the IMF and the World Bank admit that there are many policy recipes that can generate growth. Rodrik’s caution about financial globalization is now widely shared, including at the IMF.
Keywords:
FD; F&D; economy; Africa Rising story; banknote paper; paper bill; commodity exporter; polymer banknote; Ebola outbreak; Capital flows; Capital controls; Virtual currencies; Productivity; Africa; Sub-Saharan Africa; Global; Europe; West Africa
Cover IMF Working Papers
Taylor Visits Africa
Carlos Goncalves
Many low-income countries do not use interest rates as their main monetary policy instrument. In East Africa, for instance, targeting money aggregates has been pretty much the rule rather than the exception. Nevertheless, these targets are seldom met and often readjusted according to the economic environment. This opens up the possibility that central banks are de facto pursuing a strategy more akin to a Taylor Rule. Estimations of small-scale models for Kenya, Uganda and Tanzania suggest that these self-styled "monetary targeters" are respecting the Taylor Principle, that is are on average increasing nominal interest rates more than proportionally to inflation. Nevertheless, steep deviations from the Taylor Rule have taken place in Kenya and Tanzania. In Uganda, these errors are much smaller, in fact similar in size to Taylor Rule deviations found for Brazil. More surprisingly, they are smaller than South Africa’s, the continent’s sole long-term inflation targeter.
Keywords:
WP; inflation deviation; interest rate equation; Neutral interest rates; central bank; inflation target; monetary policy tightness; interest rates instrument; deviations from the Taylor Rule; inflation goal; Inflation; Output gap; Interbank rates; Inflation targeting; Africa