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

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 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

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


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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