Back Matter

Back Matter

International Monetary Fund. African Dept.
Published Date:
May 2016
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      International Monetary Fund (IMF). 2015f. “West African Economic and Monetary Union (WAEMU): Common Policies of Member Countries–Staff Report.IMF Country Report 15/100, Washington.

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    Publications of the IMF African Department, 2009–16

    Books and Monographs


    • Africa on the Move: Unlocking the Potential of Small Middle-Income States

    • Lamin Leigh, Ali M Mansoor


    • The Quest for Regional Integration in the East African Community:

    • Drummond, Paulo, S.K. Wajid, Oral Williams


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

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


    • 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, 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, Stéphane Roudet

    Departmental Papers


    • Trade Integration and Global Value Chains in Sub-Saharan Africa: In Pursuit of the Missing Link

    • Céline Allard, Jorge Iván Canales Kriljenko, Jesus Gonzalez-Garcia, Emmanouil Kitsios, Juan P. Trevino, Wenjie Chen


    • Make Investment Scaling-up Work in Benin: A Macro-Fiscal Analysis

    • Barhoumi, Karim, Larry Cui, Christine Dieterich, Nicolas End, Matteo Ghilardi, Alexander Raabe, Sergio Sola


    • Strengthening the West African Economic and Monetary Union: The Role of Fiscal and Market Institutions in Economic Stabilization

    • Basdevant, Olivier, Patrick A. Imam, Tidiane Kinda, Aleksandra Zdzienicka


    • Evolving Banking Trends in Sub-Saharan Africa: Key Features and Challenges

    • Mecagni, Mauro, Daniela Marchettini, Rodolfo Maino


    • Monitoring and Managing Fiscal Risks in the East African Community

    • Mauro, Paolo, Herve Joly, Ari Aisen, Emre Alper, François Boutin-Dufresne, Jemma Dridi, Nikoloz Gigineishvili, Tom Josephs, Clara Mira, Vimal V Thakoor, Alun H. Thomas, Fan Yang


    • Toward a Monetary Union in the East African Community: Asymmetric Shocks, Exchange Rates, and Risk-Sharing Mechanisms

    • Drummond, Paulo, Ari Aisen, C. Emre Alper, Ejona Fuli, and Sebastien Walker


    • Building Resilience in Sub-Saharan Africa’s Fragile States

    • Gelbard, Enrique, Corinne Délechat, Ejona Fuly, Mumtaz Hussain, Ulrich Jacoby, Dafina Mulaj, Marco Pani, Gustavo Ramirez, Rui Xu


    • Dollarization in Sub-Saharan Africa: Experiences and Lessons

    • Mecagni, Mauro, Juan S Corrales, Jemma Dridi, Rodrigo Garcia-Verdu, Patrick A. Imam, Justin Matz, Carla Macario, Rodolfo Maino, Yibin Mu, Ashwin Moheeput, Futoshi Narita, Marco Pani, Manuel Rosales, Sebastian Weber, Etienne B. Yehoue


    • Pan-African Banking: Opportunities and Challenges for Cross-Border Oversight

    • Enoch, Charles, Paul Henri Mathieu, Mauro Mecagni, Jorge Iván Canales Kriljenko


    • Sustaining More Inclusive Growth in the Republic of Congo

    • Hakura, Dalia, Adrian Alter, Matteo Ghilardi, Rodolfo Maino, Cameron McLoughlin, Maximilien Queyranne


    • Making Senegal a Hub for West Africa: Reforming the State, Building to the Future

    • Kireyev, Alexei, Ali M. Mansoor


    • Mozambique Rising: Building a New Tomorrow

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


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

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


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

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


    • Managing Volatile Capital Flows: Experiences and Lessons for Sub-Saharan African Frontier Markets

    • Gueye, Cheikh A., 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

    • Josz, Christian


    • Responding to Shocks and Maintaining Stability in the West African Economic and Monetary Union

    • Kolerus, Christina, Aleksandra Zdzienicka, Ermal Hitaj, 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, Masafumi Yabara


    • Energy Subsidy Reform in Sub-Saharan Africa: Experiences and Lessons

    • Alleyne, Trevor, and Mumtaz Hussain


    • Boom, Bust, or Prosperity? Managing Sub-Saharan Africa’s Natural Resource Wealth

    • Lundgren, Charlotte J., Alun H. Thomas, 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, 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, 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, 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, Mika Saito

    Policy Papers


    • Pan-African Banks - Opportunities and Challenges for Cross-Border Oversight

    • Prepared by a staff team led by Charles Enoch, Paul Mathieu, Mauro Mecagni.

    Staff Discussion Notes


    • Is the Glass Half Empty or Half Full? Issues in Managing Water Challenges and Policy Instruments

    • Kalpana Kochhar, Catherine Pattillo, Yan Sun, Nujin Suphaphiphat, Andrew Swiston, Robert Tchaidze, Benedict Clements, Stefania Fabrizio, Valentina Flamini, Laure Redifer, Harald Finger, and an IMF Staff Team


    • 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, Dimitre Milkov


    • The Global Financial Crisis: Impact on WAEMU Member Countries and Policy Options

    • Mueller, Johannes, Irene Yackovlev, 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, Irene Yackovlev

    Working Papers


    • Unintended Consequences: Spillovers from Nigeria’s Fuel Pricing Policies to Its Neighbor

    • Mlachila, Montfort, Edgardo Ruggiero, David Corvino


    • Commodity Price Shocks and Financial Sector Fragility

    • Kinda, Tidiane, Montfort Mlachila, Rasmané Ouedraogo


    • Exiting From Fragility in sub-Saharan Africa: The Role of Fiscal Policies and Fiscal Institutions

    • Deléchat, Corinne, Ejona Fuli, Dafina Mulaj, Gustavo Ramirez, Rui Xu


    • Public Investment in a Developing Country Facing Resource Depletion

    • Alter, Adrian, Matteo Ghilardi, Dalia Hakura


    • Financial Inclusion and Development in the CEMAC

    • Alter, Adrian, Boriana Yontcheva


    • Spillovers from China onto Sub-Saharan Africa: Insights from the Flexible System of Global Models (FSGM)

    • Anderson, Derek, Jorge Iván Canales Kriljenko, Paulo Drummond, Pedro Espaillat, Dirk Muir


    • Systemic Risk Assessment in Lo Income Countries: Balancing Financial Stability and Development

    • Marchettini, Daniela, Rodolfo Maino


    • On the Drivers of Inflation in Sub-Saharan Africa

    • Nguyen, Anh D. M., Jemma Dridi, D. Filiz Unsal, Oral Williams


    • Sub-Saharan Employment Developments: The Important Role of Household Enterprises with an Application to Rwanda

    • Alun H. Thomas


    • Household Financial Acces and Risk Sharing in Nigeria

    • Carlson, Stacey, Era Dabla-Norris, Mika Saito, Yu Shi


    • Network Effects of International Shocks and Spillovers

    • Kireyev, Alexei and Andrei Leonidov


    • Pension Reforms in Mauritius: Fair and Fast—Balancing Social Protection and Fiscal Sustainability

    • Soto, Mauricio, Vimal Thakoor, Martin Petri


    • How to Improve the Effectiveness of Monetary Policy int he West African Economic and Monetary Union

    • Kireyev, Alexei


    • Do Resource Windfalls Improve the Standard of Living in Sub-Saharan African Countries?: Evidence from a Panel of Countries

    • Munseob Lee, and Cheikh A. Gueye


    • Remittances and Macroeconomic Volatility in African Countries

    • Ahmat Jidoud


    • Harnessing Resource Wealth for Inclusive Growth in Fragile States

    • Delechat, Corinne, Will Clark, Pranav Gupta, Malangu Kabedi-Mbuyi, Mesmin Koulet-Vickot, Carla Macario, Toomas Orav, Manuel Rosales, Renee Tapsoba, Dmitry Zhdankin, Susan Yang


    • Fiscal Policy Implications for Labor Market Outcomes in Middle-Income Countries

    • Stepanyan, Ara, and Lamin Leigh


    • Revisiting teh Concept of Dollarization: The Global Financial Crisis and Dollarization in Low-Income Countries

    • Mwase, Nkunde, and Francis Y. Kumah


    • Global Financial Transmission into Sub-Saharan Africa– A Global Vector Autoregression Analysis

    • Canales Kriljenko, Jorge Iván, Mehdi Hosseinkouchack, Alexis Meyer-Cirkel


    • Safe Debt and Uncertainty in Emerging Markets: An Application to South Africa

    • Saxegaard, Magnus


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

    • Mlachila, Montfort, Rene Tapsoba, 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, Ke Wang


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

    • Gelbard, Enrique, Mumtaz Hussain, Rodolfo Maino, Yibin Mu, 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

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    • Natural Gas, Public Investment and Debt Sustainability in Mozambique

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    • 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, 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, Samir Jahjah


    • Fiscal Discipline in WAEMU: Rules, Institutions, and Markets

    • Hitaj, Ermal, and Yasin Kursat Onder


    • Inclusive Growth and Inequality in Senegal

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    • Africa’s Got Work to Do: Employment Prospects in the New Century

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    • Resource Dependence and Fiscal Effort in Sub-Saharan Africa

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    • Benchmarking Structural Transformation Across the World

    • Dabla-Norris, Era, Alun H. Thomas, Rodrigo Garcia-Verdu, 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, Mesmin Koulet-Vickot


    • Investing Volatile Oil Revenues in Capital-Scarce Economies: An Application to Angola

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    • Fiscal Sustainability, Public Investment, and Growth in Natural Resource-Rich, Low-Income Countries: The Case of Cameroon

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    • Inclusive Growth: An Application of the Social Opportunity Function to Selected African Countries

    • Adedeji, Olumuyiwa, Huancheng Du, Maxwell Opoku-Afari


    • Inclusive Growth and the Incidence of Fiscal Policy in Mauritius—Much Progress, But More Could be Done

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    • 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, 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, Armine Khachatryan


    • Inward and Outward Spillovers in the SACU Area

    • Canales-Kriljenko, Jorge Iván, Farayi Gwenhamo, 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, 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, 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, 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, Olumuyiwa Adedeji, Manuk Ghazanchyan, 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?

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    • Effectiveness of Capital Controls in Selected Emerging Markets in the 2000s

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    • Kovanen, Arto


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    • Kovanen, Arto


    • On the Stability of Monetary Demand in Ghana: A Bounds Testing Approach

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    • The Design of Fiscal Adjustment Strategies in Botswana, Lesotho, Namibia, and Swaziland

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    • External Sustainability of Oil-Producing Sub-Saharan African Countries

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    • 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

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    • Financial Deepening, Property Rights and Poverty: Evidence from Sub-Saharan Africa

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    • FDI from BRICs to LICs: Emerging Growth Driver?

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    • Fiscal Policy Implementation in Sub-Saharan Africa

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    • 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

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

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    • ICT, Financial Inclusion, and Growth Evidence from African Countries

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    • 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

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    • Inflation Uncertainty and Relative Price Variability in WAEMU

    • Fernandez Valdovinos, Carlos, and Kerstin Gerling


    • Modeling Inflation in Chad

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    • 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

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    • What Can International Cricket Teach Us About the Role of Luck in Labor Markets?

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    • Performance of Fiscal Accounts in South Africa in a Cross-Country Setting

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    • 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

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    • 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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