Back Matter

Back Matter

International Monetary Fund. African Dept.
Published Date:
October 2012
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    Publications of the IMF African Department, 2009–12

    Books and Monographs


    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


    Macroeconomic Vulnerabilities Stemming from the Global Economic Crisis: The Case of Switzerland

    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 Position Notes


    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


    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

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    Mobilizing Revenue in Sub-Saharan Africa: Empirical Norms and Key Determinants

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    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

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    Exchange Rate Volatility Under Peg: Do Trade Patterns Matter?

    Lonkeng Ngouana, Constant


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    Mohaddes, Kamiar and Oral Williams


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    How Costly Are Debt Crises?

    Furceri, Davide and Aleksandra Zdzienicka


    Monetary Policy Transmission in Ghana: Does the Interest Rate Channel Work?

    Kovanen, Arto


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    Kovanen, Arto


    On the Stability of Monety 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

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    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


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    Lledo, Victor Duarte, and Marcos Poplawski Ribeiro


    Post-Conflict Recovery: Institutions, Aid, or Luck?

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    Ghana: Will It Be Gifted, or Will It Be Cursed?

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    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


    Feeling the Elephant’s Weight: The Impact of Côte d’Ivoire’s Crisis on WAEMU Trade

    Egoumé-Bossogo, Philippe, and Nayo Ankouvi


    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


    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.


    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

    Farhan, Nisreen


    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

    Miao, Yanliang


    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

    Eyraud, Luc


    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

    Eyraud, Luc


    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

    Chen, Chuling


    How Can Burundi Raise Its Growth Rate? The Impact of Civil Conflicts and State Intervention on Burundi’s Growth Performance

    Basdevant, Olivier

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