Explaining Episodes of Growth Accelerations, Decelerations, and Collapses in Western Africa.

Explaining Episodes of Growth Accelerations, Decelerations, and Collapses in Western Africa.

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Bibliographic Details
Author / Creator:	Salinas, Gonzalo.
Imprint:	Washington : International Monetary Fund, 2008. ©2008
Description:	1 online resource (46 pages).
Language:	English
Series:	IMF Working Papers, 2227-8885 IMF Working Papers.
Subject:	Business cycles -- Africa, West -- Econometric models. Economic development -- Africa, West -- Econometric models. Financial crises -- Africa, West -- Econometric models. Business cycles -- Econometric models. Economic development -- Econometric models. Economic history. Financial crises -- Econometric models. Africa, West -- Economic conditions -- Econometric models. West Africa.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12506655

Hidden Bibliographic Details
Varying Form of Title:	IMF Working Papers
Other authors / contributors:	Imam, Patrick A.
ISBN:	1451915829 9781451915822 9781451871456 1451871457
Notes:	Print version record.
Summary:	The growth literature has had problems explaining the "sub-Saharan African growth dummy" in cross-country regressions. Instead of taking the usual approach of focusing on long-run growth and assuming that sub-Saharan countries have homogenous parameters in growth regressions, we concentrate our analysis on episodes of growth turnarounds (identifying growth accelerations, decelerations, and collapses) and use only West African countries in our sample. The driving force of growth turnarounds are estimated by analyzing external shocks, political and institutional changes, economic reforms, and.
Standard no.:	10.5089/9781451915822.001

Description
Summary:	The growth literature has had problems explaining the "sub-Saharan African growth dummy" in cross-country regressions. Instead of taking the usual approach of focusing on long-run growth and assuming that sub-Saharan countries have homogenous parameters in growth regressions, we concentrate our analysis on episodes of growth turnarounds (identifying growth accelerations, decelerations, and collapses) and use only West African countries in our sample. The driving force of growth turnarounds are estimated by analyzing external shocks, political and institutional changes, economic reforms, and indicators particularly relevant to the region. Using probits for a group of 22 Western African economies for the period 1960-2006, we find that growth accelerations are most clearly associated with external shocks, economic liberalization, political stability, and closeness to the coast; decelerations occurred during short-lived regimes and when corruption indices weakened; and collapses are linked to external shocks, falling domestic credit, and proximity to the coast. We then identify policy implications.
Physical Description:	1 online resource (46 pages).
ISBN:	1451915829 9781451915822 9781451871456 1451871457
ISSN:	2227-8885