This paper examines the relative importance of monetary growth and exchange rate depreciation as causes of inflation in a sample of 10 Sub-Saharan African countries, using quarterly data from 1978 through 1989. Causality tests and impulse response functions derived from vector autoregression...

The massive external debt burden of sub-Saharan Africa has gained widespread attention as a serious policy issue during the past few years. This paper reviews recent trends in the debt levels and economic performance of sub-Saharan countries and assesses a number of proposals for reducing their...

The effects of several policy and other macroeconomic variables on the ratio of private investment to gross domestic product in developing countries during 1975-87 is analyzed. Econometric evidence indicates that the rate of private investment is positively related to real GDP growth, level of...

The export performance of Sub-Saharan Africa has lagged behind that of developing countries in other regions for the past two decades, and total export proceeds have fallen significantly since 1980. Many factors explain this outcome, including continued concentration in slowly-growing non-fuel...

This paper provides updated information on the external debt problem of sub-Saharan Africa. Between 1980 and 1990 the region’s external debt more than tripled, to US$171 billion, while debt service payments and rescheduling rose by more than 150 percent to US$20 billion. In addition, the...

This paper examines the problems in establishing currency convertibility- and the optimal timing- in formerly planned economies making the transition to market-oriented systems.

Real GDP growth and real effective exchange rate (REER) appreciation appear cointegrated with the current and financial accounts of the U.S. balance of payments. On this basis, we estimate reduced form equations showing that expected changes and shocks to real GDP, the REER, energy prices, and...

This paper examines whether capital outflows may have contributed to output declines during the Asian Crisis by reducing the financing available for domestic investment. Panel data regressions suggest a positive, short-term relationship between net capital inflows and investment during the...