Title Explaining episodes of growth accelerations, decelerations, and collapses in Western Africa / prepared by Patrick Imam and Gonzalo Salinas

Published Washington, D.C. : International Monetary Fund, ©2008

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Description 1 online resource (44 pages) : illustrations Series IMF working paper ; WP/08/287. 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 Notes At head of title: African Department "December 2008." Bibliography Includes bibliographical references (pages 34-35) Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL Print version record digitized 2011 HathiTrust Digital Library committed to preserve pda MiAaHDL 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 Wirtschaftswachstum. Westafrika. SUBJECT Africa, West -- Economic conditions -- Econometric models Subject West Africa Form Electronic book Author Salinas, Gonzalo, author. International Monetary Fund. African Department

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