Macroeconomic Fluctuations in Sub-Saharan Africa

Hoffmaister, Alexander W.; Roldós, Jorge; Wickham, Peter

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Macroeconomic Fluctuations in Sub-Saharan Africa

IMF Working Paper No. 97/82

30 Pages Posted: 15 Feb 2006

See all articles by Alexander W. Hoffmaister

Alexander W. Hoffmaister

International Monetary Fund (IMF) - Research Department

Peter Wickham

International Monetary Fund (IMF)

There are 2 versions of this paper

Date Written: July 1997

Abstract

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.

Keywords: Macroeconomic fluctuations, exchange arrangements, Sub-Saharan Africa

JEL Classification: C32, E32, F41

Suggested Citation: Suggested Citation

Hoffmaister, Alexander W. and Roldós, Jorge and Wickham, Peter, Macroeconomic Fluctuations in Sub-Saharan Africa (July 1997). IMF Working Paper No. 97/82, Available at SSRN: https://ssrn.com/abstract=882584