Effects of Macroeconomic Stability on Growth, Savings, and Investment in Sub-Saharan Africa: An Empirical Investigation

122 Pages Posted: 15 Feb 2006

See all articles by Michael Hadjimichael

Michael Hadjimichael

affiliation not provided to SSRN

Dhaneshwar Ghura

International Monetary Fund (IMF)

Martin Mühleisen

International Monetary Fund (IMF)

Roger Nord

affiliation not provided to SSRN

E. Murat Uçer

affiliation not provided to SSRN

Date Written: August 1994

Abstract

The analysis of this paper indicates that the unsatisfactory overall economic performance of sub-Saharan African countries during 1986-93 was due to inappropriate policies pursued by a number of countries. The countries that have pursued broadly appropriate adjustment policies have performed much better, achieving positive per capita GDP growth. The analysis is supported with an econometric investigation of the effects of macroeconomic policies, structural reforms, and exogenous factors on economic performance. The results indicate that progress in achieving macroeconomic stability and implementing structural reforms have been conducive to better growth, savings, and private investment.

JEL Classification: O11, O55, C13

Suggested Citation

Hadjimichael, Michael and Ghura, Dhaneshwar and Muhleisen, Martin and Nord, Roger and Uçer, E. Murat, Effects of Macroeconomic Stability on Growth, Savings, and Investment in Sub-Saharan Africa: An Empirical Investigation (August 1994). IMF Working Paper No. 94/98, Available at SSRN: https://ssrn.com/abstract=883839

Michael Hadjimichael (Contact Author)

affiliation not provided to SSRN

Dhaneshwar Ghura

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Martin Muhleisen

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Roger Nord

affiliation not provided to SSRN

No Address Available

E. Murat Uçer

affiliation not provided to SSRN

No Address Available

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