Macroeconomic Fluctuations in Sub-Saharan Africa

Author/Editor:

Willy A Hoffmaister

Publication Date:

July 1, 1997

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

The sources of macroeconomic fluctuations in sub–Saharan African are examined by comparing the CFA franc countries with the non–CFA franc countries. External shocks, especially terms of trade shocks, appear to have a greater influence on fluctuations of output and the real exchange rate in CFA franc countries. This result does not appear to be associated with differences in the economic structure but may reflect the fixed exchange rate regime, which does not (partially) buffer these countries from external shocks. Macroeconomic fluctuations in non–CFA franc countries are similar to those in other developing countries, particularly in Latin America.

Series:

Working Paper No. 1997/082

Subject:

Exchange rate arrangements Foreign exchange Inflation International trade Prices Real exchange rates Terms of trade Trade balance

Notes:

Also published in Staff Papers, Vol. 45, No. 1, March 1998.

English

Publication Date:

July 1, 1997

ISBN/ISSN:

9781451954746/1018-5941

Stock No:

WPIEA0821997

Pages:

30

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