Front Matter Page
African Department
Authorized for distribution by Vitaliy Kramarenko
Contents
I. Introduction
II. Data
III. Methodology and Results
A. Macroeconomic Balance Approach
B. Equilibrium Real Exchange Rate Approach
C. External Sustainability Approach
D. Purchasing Power Parity Approach
IV. Potential for Bias in Results
V. Conclusion
Reference
Appendix
I. Unit Root Test Results
Tables
1. Summary Statistics Across Geographic and Economic Regions, 1973–2008
2. Macroeconomic Balance Estimation Results (Dependent Variable: CAB/GDP)
3. Macroeconomic Balance Assessment of Sub-Saharan Africa
4. Macroeconomic Balance Estimation Results with Nonoverlapping Four-year-Averages
5. Equilibrium Real Exchange Rate Estimation Results
6. Equilibrium Real Exchange Rate Estimation Results Controlling for Armed Conflict and Oil Production
7. External Sustainability Assessment of Sub-Saharan Africa
8. Purchasing Power Parity Estimation Results
9. Panel Unit Root Test Result for Real Exchange Rate
10. Panel Unit Root Test Results for Current Account Balance
11. Panel Unit Root Test Result for Relative Income per Capita
12. Panel Unit Root Test Results for Relative Fiscal Balance
13. Panel Unit Root Test Result for Relative Population Growth
14. Panel Unit Root Test Result for Relative Economic Growth
15. Panel Unit Root Test Result for Initial Net Foreign Assets
16. Panel Unit Root Test Result for Terms of Trade
17. Panel Unit Root Test Result for Oil Trade Balance
18. Panel Unit Root Test Result for Relative Dependency Ratio
19. Panel Unit Root Test Result for Aid
20. Panel Unit Root Test Result for Remittance