Macroeconomic Fluctuations in Sub-Saharan Africa

IMF Staff Papers, Vol. 45, March 1998

Posted: 22 May 1998

See all articles by Alexander W. Hoffmaister

Alexander W. Hoffmaister

International Monetary Fund (IMF) - Research Department

Jorge E. Roldos

International Monetary Fund (IMF)

Peter Wickham

International Monetary Fund (IMF)

Multiple version iconThere are 2 versions of this paper

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.

JEL Classification: C32, E32, F41

Suggested Citation

Hoffmaister, Alexander W. and Roldos, Jorge E. and Wickham, Peter, Macroeconomic Fluctuations in Sub-Saharan Africa. IMF Staff Papers, Vol. 45, March 1998, Available at SSRN: https://ssrn.com/abstract=91149

Alexander W. Hoffmaister

International Monetary Fund (IMF) - Research Department ( email )

700 19th Street NW
Washington, DC 20431
United States

Jorge E. Roldos

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Peter Wickham (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Abstract Views
751
PlumX Metrics