This paper analyzes the determinants of credit cyclicality. It constructs a financial development index and studies whether it affects the amplitude of impulse responses to shocks to output, terms of trade, global liquidity, and global risk appetite. The paper uses both country-specific VARs for...

This paper studies the prospects for sustainable growth and economic development in Gabon in the face of a severe decline in its main source of income and growth i.e. oil. A simple Computable General Equilibrium model is used to simulate the development of the non-oil economy under various...

Mauritius’s economic performance has been called “the Mauritian miracle†and the “success of Africa†(Romer, 1992; Frankel, 2010; Stiglitz, 2011), despite difficult initial conditions that led a Nobel Prize Winner in economics to predict stagnation (Meade, 1961). We use growth...

Using data from three household surveys, we review whether growth in Mauritius was inclusive and discuss the incidence of public expenditures and taxes. Generally, Mauritius enjoys an even income distribution and low rates of poverty. Nevertheless, over the 2000s, despite overall progress, the...

A decade into the transition, many successor states of the Former Soviet Union (FSU) continue to use pervasive energy sector quasi-fiscal activities, especially low energy prices and the toleration of payment arrears, to provide large implicit and untargeted subsidies to households and...