Back Matter
  • 1 https://isni.org/isni/0000000404811396, International Monetary Fund
  • 2 https://isni.org/isni/0000000404811396, International Monetary Fund

Appendix

Appendix Table 1.

Sub-Saharan Africa: List of Country Abbreviations

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Appendix Table 2.

Sub-Saharan Africa: Member Countries of Groupings

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Appendix Table 3.

Sub-Saharan Africa: Member Countries of Regional Groupings

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References

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1

The SACU comprises Botswana, Lesotho, Namibia, South Africa, and Swaziland.

2

Informal trade (not captured by official statistics) between Nigeria and its neighbors may be economically important for the smaller countries (Balami, Ogboru, and Talba 2011).

3

Similarly, for 10 countries in the region, their exports to South Africa represent more than 1 percent of their GDP.

4

The SADC comprises Angola, Botswana, Democratic Republic of the Congo, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, Tanzania, Zambia, and Zimbabwe. All SACU member countries are also part of the SADC. The EAC includes Burundi, Kenya, Uganda, Rwanda, South Sudan, and Tanzania.

5

This section focuses on banks that are both headquartered in sub-Saharan Africa (and thus subject to sub-Saharan African banking regulations) and majority owned by sub-Saharan African groups, because of the implications for the home countries in terms of regional spillovers.

6

In the literature (notably IMF 2015c), subregional banks are defined as having a presence in five or more countries. The definition has been expanded in this note to capture important subregional banks that have a presence in fewer countries, particularly those in East Africa.

7

Ecobank in Togo is a special case. Only the holding company Ecobank Transnational Incorporated, is headquartered in Togo, and it has the status and privileges of a nonresident supranational financial institution. The de facto economic headquarters of Ecobank is in Nigeria, where its largest subsidiary is located (IMF 2015c).

8

Mozambique is an outlier owing to public debt misreporting and subsequent default, which increased its spread significantly in recent years, making it substantially out of line with regional spreads.

9

The estimates used in this section are from official sources, which are known to underestimate remittances.

10

Remittance inflows from other sub-Saharan Africa countries increased from 0.6 percent of regional GDP in 2010 to 0.8 percent in 2015.

11

The announcement was made on Sunday, December 13, 2017. Since markets are closed on Sunday, the observed movement in spreads occurred on Monday December 14, 2017, which is when the indicator is identified in Figure 3.1.

12

Exceptions include East African countries whose remittance outflows are generally to India and China and certain francophone countries whose remittance outflows go to France.

13

The correlation between the share of imports and the share of remittance flows across partner countries varies substantially. The median correlation is about 50 percent, but for some countries with correlations close to 1, like Swaziland and Lesotho, trade and remittance partners are almost the same (South Africa, in this case).

14

Inflation correlations between Nigeria and its neighboring countries are also strong, especially in food prices (IMF 2012).

15

See the Internal Displacement Monitoring Centre website at http://www.internal-displacement.org/sub-saharan-africa/summary/.

16

For a detailed discussion of the economic determinants of migration in sub-Saharan Africa, see Gonzalez-Garcia and others (2016).

17

For instance, the United Nations Development Programme estimates the cost of hosting refugees and asylum seekers in Uganda at about US$320 million, or about 1.3 percent of GDP.

Regional Spillovers in Sub-Saharan Africa: Exploring Different Channels
Author: Francisco Arizala, Mr. Matthieu Bellon, Ms. Margaux MacDonald, Mr. Montfort Mlachila, and Mustafa Yenice