resultant model possesses the fundamental property of growth convergence, in the sense that countries with identical parameters … notable tax policy implication of the model is that, even in the absence of externalities, the growth effects of an income tax … are shown to be a priori ambiguous and dependent on the relative magnitudes of the tax rate and the tax elasticity of the …

to examine the long-run PPP hypothesis by pooling the time-series data of several countries. This approach is … countries, the study concludes that the behavior of parallel market exchange rates in Africa is consistent with the long-run PPP …This paper addresses whether parallel market exchange rates in Africa behave in the long run in a manner consistent …

important for financial development in countries with better institutional quality. The findings might be due to a number of …This paper analyzes the links between financial and trade openness and financial development in Sub-Saharan African … and non-stationarity, important econometric problems that are often ignored in the literature. The results do not point to …

Africa will account for 80 percent of the projected 4 billion increase in the global population by 2100. The … of other regions. The dividend will vary across countries, depending on such factors as the initial working age … population as well as the speed and magnitude of demographic transition. It will be critical to ensure that the right supportive …

Africa. The study focuses on seven countries, five of which decisively liberalized their foreign exchange regimes. The study … exchange rate, the exchange regime, and liberalization. We find that in our sample, for the determinants of growth, investment …This study examines the relationship between the foreign exchange regime and macroeconomic performance in Eastern …

We study the role of the exchange rate regime, reserve accumulation, and sterilization policies in the macroeconomics … of aid surges. Absent sterilization, a peg allows for almost full aid absorption — an increase in the current account … deficit net of aid—delivering the same effects as those of a flexible regime but with a necessary increase in inflation …

Do growth spells in Africa end because of bad realizations of the same factors that influence growth spells in the rest … spells in Africa and the rest of the world using Bayesian Mode Averaging techniques for proportional hazards models. We … of the world, or because of different factors altogether? To answer this question, we examine determinants of growth …

This paper undertakes a survey of theoretical considerations and an analysis of the experience of five African … partially affected the level and variability of interest rates. Several factors—macroeconomic instability, oligopolistic … financial markets, the absence of developed capital markets, as well as the sequencing of the liberalization programs and the …

Since the mid-1970s the annual inflation rate in Africa has averaged more than 15 percent, with many countries … experiencing rates of 20 percent or more. Inflation rates of this magnitude have significant adverse effects on the financial … sectors of African countries, particularly in the context of fixed nominal interest rates. Econometric analysis points …

The paper examines the experiences of nine African countries that have introduced floating exchange rate regimes in the … 1980s. The various types of market arrangements are explored, focusing on the roles of market participants. After a review … of exchange rate developments under the regimes, some related concerns with respect to urban income and employment …