## Publications of the IMF African Department, 2012–18

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**Canonical URL:** [Publications of the IMF African Department, 2012–18](https://www.imf.org/-/media/files/publications/reo/afr/2018/may/pdf/publications.pdf)

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### BOOKS AND MONOGRAPHS
- 2017 — Women, Work, and Economic Growth: Leveling the Playing Field — Kochhar, Kalpana, Monique Newiak, Sonali Jain-Chandra
- 2016 — Building Integrated Economies in West Africa: Lessons in Managing Growth, Inclusiveness and Volatility — Alexei Kireyev
- 2016 — Africa on the Move: Unlocking the Potential of Small Middle-Income States — Lamin Leigh, Ali M Mansoor
- 2015 — The Quest for Regional Integration in the East African Community — Drummond, Paulo, S.K. Wajid, Oral Williams
- 2014 — The Mystery of Missing Real Spillovers in Southern Africa: Some Facts and Possible Explanations — Basdevant, Olivier, Andrew W. Jonelis, Borislava Mircheva, Slavi T. Slavov
- 2013 — Building a Common Future in Southern Africa — Mongardini, Joannes, Tamon Asonuma, Olivier Basdevant, Alfredo Cuevas, Xavier Debrun, Lars Holger Engstrom, Imelda M. Flores Vazquez, Vitaliy Kramarenko, Lamin Leigh, Paul R. Masson, Geneviève Verdier
- 2012 — Oil Wealth in Central Africa: Policies for Inclusive Growth — Coorey, Sharmini, Bernardin Akitoby

### DEPARTMENTAL PAPERS
- 17/4 — Structural Transformation in Employment and Productivity: What Can Africa Hope For? — Louise Fox, Alun H. Thomas, Cleary Haines
- 17/4 — A Rebalancing Act for China and Africa : The Effects of China’s Rebalancing on Sub-Saharan Africa’s Trade and Growth — Wenjie Chen, Roger Nord
- 16/6 — A Work in Progress: Integrating Markets for Goods, Labor, and Capital in the East African Community — Alper, Emre, Fan Yang, Hervé Joly, Jemma Dridi, Wenjie Chen
- 16/5 — Financial Development in Sub-Saharan Africa: Promoting Inclusive and Sustainable Growth — Montfort Mlachila, Larry Cui, Ahmat Jidoud, Monique Newiak, Bozena Radzewicz-Bak, Misa Takebe, Yanmin Ye, Jiayi Zhang
- 16/4 — Cyclical Behavior of Fiscal Policy among Sub-Saharan African Countries — Tetsuya Konuki, Mauricio Villafuerte
- 16/3 — Walking a Find Line: Public Investment Scaling-Up and Debt Sustainability in Burkina Faso — Lonkeng Ngouana, Constant A., Malangu Kabedi-Mbuyi, Mame Astou Diouf
- 16/2 — Trade Integration and Global Value Chains in Sub-Saharan Africa: In Pursuit of the Missing Link — Allard, Céline, Jorge Iván Canales Kriljenko, Jesus Gonzalez-Garcia, Emmanouil Kitsios, Juan P. Trevino, Wenjie Chen
- 16/1 — Make Investment Scaling-up Work in Benin: A Macro-Fiscal Analysis — Barhoumi, Karim, Larry Cui, Christine Dieterich, Nicolas End, Matteo Ghilardi, Alexander Raabe, Sergio Sola
- 15/10 — Strengthening the West African Economic and Monetary Union: The Role of Fiscal and Market Institutions in Economic Stabilization — Basdevant, Olivier, Patrick A. Imam, Tidiane Kinda, Aleksandra Zdzienicka
- 15/8 — Evolving Banking Trends in Sub-Saharan Africa: Key Features and Challenges — Mecagni, Mauro, Daniela Marchettini, Rodolfo Maino
- 15/7 — Monitoring and Managing Fiscal Risks in the East African Community — Mauro, Paolo, Herve Joly, Ari Aisen, Emre Alper, François Boutin-Dufresne, Jemma Dridi, Nikoloz Gigineishvili, Tom Josephs, Clara Mira, Vimal Thakoor, Alun H. Thomas, Fan Yang
- 15/6 — Toward a Monetary Union in the East African Community: Asymmetric Shocks, Exchange Rates, and Risk-Sharing Mechanisms — Drummond, Paulo, Ari Aisen, C. Emre Alper, Ejona Fuli, Sebastien Walker
- 15/5 — Building Resilience in Sub-Saharan Africa’s Fragile States — Gelbard, Enrique, Corinne Délechat, Ejona Fuly, Mumtaz Hussain, Ulrich Jacoby, Dafina Mulaj, Marco Pani, Gustavo Ramirez, Rui Xu
- 15/4 — Dollarization in Sub-Saharan Africa: Experiences and Lessons — Mecagni, Mauro, Juan S. Corrales, Jemma Dridi, Rodrigo Garcia-Verdu, Patrick A. Imam, Justin Matz, Carla Macario, Rodolfo Maino, Yibin Mu, Ashwin Moheeput, Futoshi Narita, Marco Pani, Manuel Rosales, Sebastian Weber, Etienne B. Yehoue
- 15/3 — Pan-African Banking: Opportunities and Challenges for Cross-Border Oversight — Enoch, Charles, Paul Henri Mathieu, Mauro Mecagni, Jorge Iván Canales Kriljenko
- 15/2 — Sustaining More Inclusive Growth in the Republic of Congo — Hakura, Dalia, Adrian Alter, Matteo Ghilardi, Rodolfo Maino, Cameron McLoughlin, Maximilien Queyranne
- 15/1 — Making Senegal a Hub for West Africa: Reforming the State, Building to the Future — Kireyev, Alexei, Ali M. Mansoor
- 14/4 — Mozambique Rising: Building a New Tomorrow — Ross, Doris C., Victor Duarte Lledo, Alex Segura-Ubiergo, Yuan Xiao, Iyabo Masha, Alun H. Thomas, Keiichiro Inui
- 14/3 — The Mystery of Missing Real Spillovers in Southern Africa: Some Facts and Possible Explanations — Basdevant, Olivier, Andrew W Jonelis, Borislava Mircheva, Slavi T. Slavov
- 14/2 — Issuing International Sovereign Bonds: Opportunities and Challenges for Sub-Saharan Africa — Mecagni, Mauro, Jorge Iván Canales Kriljenko, Cheikh A. Gueye, Yibin Mu, Masafumi Yabara, Sebastian Weber
- 14/1 — Managing Volatile Capital Flows: Experiences and Lessons for Sub-Saharan African Frontier Markets — Gueye, Cheikh A., Javier Arze del Granado, Rodrigo Garcia-Verdu, Mumtaz Hussain, B. Jang, Sebastian Weber, Juan S. Corrales
- 13/8 — Mali: Achieving Strong and Inclusive Growth with Macroeconomic Stability — Josz, Christian
- 13/7 — Responding to Shocks and Maintaining Stability in the West African Economic and Monetary Union — Kolerus, Christina, Aleksandra Zdzienicka, Ermal Hitaj, Douglas J. Shapiro
- 13/6 — West African Economic and Monetary Union: Financial Depth and Macrostability — Imam, Patrick A., Christina Kolerus
- 13/5 — Senegal: Financial Depth and Macrostability — Imam, Patrick A., Christina Kolerus
- 13/4 — Senegal: Achieving High and Inclusive Growth While Preserving Fiscal Sustainability — Kireyev, Alexei, Gaston K. Mpatswe
- 13/3 — Banking in Sub-Saharan Africa: The Macroeconomic Context — Mlachila, Montfort, Seok Gil Park, Masafumi Yabara
- 13/2 — Energy Subsidy Reform in Sub-Saharan Africa: Experiences and Lessons — Alleyne, Trevor, Mumtaz Hussain
- 13/2 — Boom, Bust, or Prosperity? Managing Sub-Saharan Africa’s Natural Resource Wealth — Lundgren, Charlotte J., Alun H. Thomas, Robert C. York
- 13/1 — Restoring Sustainability in a Changing Global Environment: Options for Swaziland — Basdevant, Olivier, Emily Forrest, Borislava Mircheva

### POLICY PAPERS
- 12/14 — Pan-African Banks - Opportunities and Challenges for Cross-Border Oversight — Prepared by a staff team led by Charles Enoch, Paul Mathieu, Mauro Mecagni.

### SPILLOVER NOTES
- 2016/Issue 9 — Sub-Saharan Migration: Patterns and Spillovers — Gonzalez-Garcia, Jesus, Ermal Hitaj, Montfort Mlachila, Arina Viseth, Mustafa Yenice

### STAFF DISCUSSION NOTES
- 15/11 — Is the Glass Half Empty or Half Full? Issues in Managing Water Challenges and Policy Instruments — Kalpana Kochhar, Catherine Pattillo, Yan Sun, Nujin Suphaphiphat, Andrew Swiston, Robert Tchaidze, Benedict Clements, Stefania Fabrizio, Valentina Flamini, Laure Redifer, Harald Finger, and an IMF Staff Team
- 12/13 — Economic Diversification in LICs: Stylized Facts and Macroeconomic Implications — Papageorgiou, Chris, Nicola Spatafora

### WORKING PAPERS
- 17/281 — The Impact of Fiscal Consolidations on Growth in Sub-Saharan Africa — Francisco Arizala, Jesus R Gonzalez-Garcia, Charalambos G Tsangarides, Mustafa Yenice
- 17/243 — Enforcing Public-Private Partnership Contract: How do Fiscal Institutions Matter? — Manabu Nose
- 17/236 — Inequality in Financial Inclusion and Income Inequality — Goksu Aslan, Corinne Deléchat, Monique Newiak, and Fan Yang
- 17/203 — Medium-Term Budget Frameworks in Sub-Saharan African Countries — Richard Allen, Taz Chaponda, Lesley Fisher, and Rohini Ray
- 17/202 — Growth Breaks and Growth Spells in Sub-Saharan Africa — Tsangarides, Charalambos, Francisco Arizala, Jesus Gonzalez-Garcia, Mustafa Yenice
- 17/163 — Financial Resource Curse in Resource-Rich Countries — Mlachila, Montfort, Rasmané Ouedraogo
- 17/156 — The Informal Economy in Sub-Saharan: Size and Determinants — Medina, Leandro, Andew W. Jonelis, Mehmet Cangul
- 17/112 — Farms, Fertiliser, and Financial Frictions: Yields from DSGE Model — Sébastien Walker
- 17/48 — Understanding Inflation in Malawi: A Quantitative Investigation — Wu, Dong Frank
- 17/109 — Evaluating the Impact of Non-Financial IMF Programs Using the Synthetic Control Method — Newiak, Monique, Tim Willems
- 16/247 — Food Inflation in Sub-Saharan Africa: Causes and Policy Implications — Uppal, Ali, Emre Alper, Niko Hobdari
- 16/205 — Surprise, Surprise: What Dirves the Rand/U.S. Dollar Exchange Rate Volatility? — Schimmelpfennig, Axel, Nasha Maveé, Roberto Perrelli
- 16/140 — Gender Equality and Economic Diversification — Kazandjian, Romina, Lisa Kolovich, Kalpana Kochhar, Monique Newiak
- 16/137 — South Africa: Labor Market Dynamics and Inequality — Anand, Rahul, Siddharth Kothari, Naresh Kumar
- 16/120 — Monetary Policy Implementation and Volatility Transmission along the Yield Curve: The Case of Kenya — Alper, Emre, R. Armando Morales, Fan Yang
- 16/118 — Women’s Opportunities and Challenges in Sub-Saharan African Job Markets — Dieterich, Christine, Anni Huang, Alun H. Thomas
- 16/115 — Investing in Electricity, growth, and Debt Sustainability: The Case of Lesotho — Andreolli, Michele, Aidar Abdychev
- 16/113 — The Consequences of Policy Uncertainty: Disconnects and Dilutions in the South African Real Effective Exchange Rate-Export Relationship — Hlatshwayo, Sandile, Magnus Saxegaard
- 16/111 — Inequality, Gender Gaps and Economic Growth: Comparative Evidence for Sub-Saharan Africa — Hakura, Dalia, Mumtaz Hussain, Monique Newiak, Vimal Thakoor, Fan Yang
- 16/24 — South Africa’s Exports Performance: Any Role for Structural Factors? — Anand, Rahul, Roberto Perrelli, Boyang Zhang
- 16/17 — Unintended Consequences: Spillovers from Nigeria’s Fuel Pricing Policies to Its Neighbor — Mlachila, Montfort, Edgardo Ruggiero, David Corvino
- 16/12 — Commodity Price Shocks and Financial Sector Fragility — Kinda, Tidiane, Montfort Mlachila, Rasmané Ouedraogo
- 15/268 — Exiting From Fragility in sub-Saharan Africa: The Role of Fiscal Policies and Fiscal Institutions — Deléchat, Corinne, Ejona Fuli, Dafina Mulaj, Gustavo Ramirez, Rui Xu
- 15/236 — Public Investment in a Developing Country Facing Resource Depletion — Alter, Adrian, Matteo Ghilardi, Dalia Hakura
- 15/235 — Financial Inclusion and Development in the CEMAC — Alter, Adrian, Boriana Yontcheva
- 15/221 — Spillovers from China onto Sub-Saharan Africa: Insights from the Flexible System of Global Models (FSGM) — Anderson, Derek, Jorge Iván Canales Kriljenko, Paulo Drummond, Pedro Espaillat, Dirk Muir
- 15/190 — Systemic Risk Assessment in Lo Income Countries: Balancing Financial Stability and Development — Marchettini, Daniela, Rodolfo Maino
- 15/189 — On the Drivers of Inflation in Sub-Saharan Africa — Nguyen, Anh D. M., Jemma Dridi, D. Filiz Unsal, Oral Williams
- 15/185 — Sub-Saharan Employment Developments: The Important Role of Household Enterprises with an Application to Rwanda — Thomas, Alun H.
- 15/169 — Household Financial Acces and Risk Sharing in Nigeria — Carlson, Stacey, Era Dabla-Norris, Mika Saito, Yu Shi
- 15/149 — Network Effects of International Shocks and Spillovers — Kireyev, Alexei, Andrei Leonidov
- 15/126 — Pension Reforms in Mauritius: Fair and Fast—Balancing Social Protection and Fiscal Sustainability — Soto, Mauricio, Vimal Thakoor, Martin Petri
- 15/99 — How to Improve the Effectiveness of Monetary Policy in the West African Economic and Monetary Union — Kireyev, Alexei
- 15/83 — Do Resource Windfalls Improve the Standard of Living in Sub-Saharan African Countries?: Evidence from a Panel of Countries — Munseob Lee, Cheikh A. Gueye
- 15/49 — Remittances and Macroeconomic Volatility in African Countries — Ahmat Jidoud
- 15/25 — Harnessing Resource Wealth for Inclusive Growth in Fragile States — Delechat, Corinne, Will Clark, Pranav Gupta, Malangu Kabedi-Mbuyi, Mesmin Koulet-Vickot, Carla Macario, Toomas Orav, Manuel Rosales, Rene Tapsoba, Dmitry Zhdankin, Susan Yang
- 15/17 — Fiscal Policy Implications for Labor Market Outcomes in Middle-Income Countries — Stepanyan, Ara, Lamin Leigh
- 15/12 — Revisiting teh Concept of Dollarization: The Global Financial Crisis and Dollarization in Low-Income Countries — Mwase, Nkunde, Francis Y. Kumah
- 14/241 — Global Financial Transmission into Sub-Saharan Africa– A Global Vector Autoregression Analysis — Canales Kriljenko, Jorge Iván, Mehdi Hosseinkouchack, Alexis Meyer-Cirkel
- 14/231 — Safe Debt and Uncertainty in Emerging Markets: An Application to South Africa — Saxegaard, Magnus
- 14/172 — A Quality of Growth Index for Developing Countries: A Proposal — Mlachila, Montfort, Rene Tapsoba, Sampawende J.-A. Tapsoba
- 14/159 — Introducing a Semi-Structural Macroeconomic Model for Rwanda — Charry, Luisa, Pranav Gupta, Vimal Thakoor
- 14/150 — How Solid is Economic Growth in the East African Community? — Gigineishvili, Nikoloz, Paolo Mauro, Ke Wang
- 14/149 — Islamic Finance in Sub-Saharan Africa: Status and Prospects — Gelbard, Enrique, Mumtaz Hussain, Rodolfo Maino, Yibin Mu, Etienne B. Yehoue
- 14/143 — Africa Rising: Harnessing the Demographic Dividend — Drummond, Paulo, Vimal Thakoor, Shu Yu
- 14/94 — Does Openness Matter for Financial Development in Africa? — David, Antonio, Montfort Mlachila, Ashwin Moheeput
- 14/51 — Surging Investment and Declining Aid: Evaluating Debt Sustainability in Rwanda — Clark, Will, Birgir Arnason
- 13/261 — Natural Gas, Public Investment and Debt Sustainability in Mozambique — Melina, Giovanni, Yi Xiong
- 13/250 — Africa’s Rising Exposure to China: How Large Are Spillovers Through Trade? — Drummond, Paulo, Estelle X. Liu
- 13/239 — Money Targeting in a Modern Forecasting and Policy Analysis System: an Application to Kenya — Andrle, Michal, Andrew Berg, Enrico Berkes, Rafael A. Portillo, Jan Vlcek, R. Armando Morales
- 13/237 — The Investment-Financing-Growth Nexus: The Case of Liberia — Clark, Will, Manuel Rosales
- 13/226 — Making Monetary Policy More Effective: The Case of the Democratic Republic of the Congo — Fischer, Felix, Charlotte J. Lundgren, Samir Jahjah
- 13/216 — Fiscal Discipline in WAEMU: Rules, Institutions, and Markets — Hitaj, Ermal, Yasin Kursat Onder
- 13/215 — Inclusive Growth and Inequality in Senegal — Kireyev, Alexei
- 13/201 — Africa’s Got Work to Do: Employment Prospects in the New Century — Fox, Louise, Cleary Haines, Jorge Huerta Muñoz, Thomas, Alun H.
- 13/188 — Resource Dependence and Fiscal Effort in Sub-Saharan Africa — Thomas, Alun H., Juan P. Treviño
- 13/176 — Benchmarking Structural Transformation Across the World — Dabla-Norris, Era, Alun H. Thomas, Rodrigo Garcia-Verdu, Yingyuan Chen
- 13/173 — Tax Administration Reform in the Francophone Countries of Sub-Saharan Africa — Fossat, Patrick, Michel Bua
- 13/161 — Financial Depth in the WAEMU: Benchmarking Against Frontier SSA Countries — Ahokpossi, Calixte, Kareem Ismail, Sudipto Karmakar, Mesmin Koulet-Vickot
- 13/147 — Investing Volatile Oil Revenues in Capital-Scarce Economies: An Application to Angola — Richmond, Christine, Irene Yackovlev, Shu-Chun Yang
- 13/144 — Fiscal Sustainability, Public Investment, and Growth in Natural Resource-Rich, Low-Income Countries: The Case of Cameroon — Samaké, Issouf, Priscilla Muthoora, Bruno Versailles
- 13/139 — Inclusive Growth: An Application of the Social Opportunity Function to Selected African Countries — Adedeji, Olumuyiwa, Huancheng Du, Maxwell Opoku-Afari
- 13/116 — Inclusive Growth and the Incidence of Fiscal Policy in Mauritius — Much Progress, But More Could be Done — David, Antonio, Martin Petri
- 13/53 — The Quality of the Recent High-Growth Episode in Sub-Saharan Africa — Mlachila, Montfort, Marcelo Martinez
- 13/51 — Benchmarking Banking Sector Efficiency Across Regional Blocks in Sub-Saharan Africa: What Room for Policy? — Boutin-Dufresne, Francois, Santiago Peña, Oral Williams, Tomasz A. Zawisza
- 13/39 — Monetary Transmission Mechanism in the East African Community: An Empirical Investigation — Davoodi, Hamid, Shiv Dixit, Gabor Pinter
- 13/34 — Determinants of Bank Interest Margins in Sub-Saharan Africa — Ahokpossi, Calixte
- 13/32 — Exchange Rate Liberalization in Selected Sub-Saharan African Countries: Successes, Failures, and Lessons — Mæhle, Nils, Haimanot Teferra, Armine Khachatryan
- 13/31 — Inward and Outward Spillovers in the SACU Area — Canales-Kriljenko, Jorge Iván, Farayi Gwenhamo, Thomas, Saji
- 13/12 — Bond Markets in Africa — Mu, Yibin, Peter Phelps, Janet Stotsky
- 12/290 — Inequalities and Growth in the Southern African Customs Union (SACU) Region — Basdevant, Olivier, Dalmacio Benicio, Yorbol Yakhshilikov
- 12/280 — Striking an Appropriate Balance Among Public Investment, Growth, and Debt Sustainability in Cape Verde — Mu, Yibin
- 12/272 — The East African Community: Prospects for Sustained Growth — McAuliffe, Catherine, Sweta Saxena, Masafumi Yabara
- 12/249 — Financing Growth in the WAEMU through the Regional Securities Market: Past Successes and Current Challenges — Diouf, Mame Astou, Francois Boutin-Dufresne
- 12/208 — Exchange Rate and Foreign Interest Rate Linkages for Sub-Saharan Africa Floaters — Thomas, Alun H.
- 12/196 — A Financial Conditions Index for South Africa — Gumata, Nombulelo, Nir Klein, Eliphas Ndou
- 12/177 — Estimating the Implicit Inflation Target of the South African Reserve Bank — Klein, Nir
- 12/160 — Monetization in Low- and Middle-Income Countries — McLoughlin, Cameron, Noriaki Kinoshita
- 12/148 — The Relationship between the Foreign Exchange Regime and Macroeconomic Performance in Eastern Africa — Stotsky, Janet Gale, Olumuyiwa Adedeji, Manuk Ghazanchyan, Nils O. Maehle
- 12/141 — Exchange Rate Pass-Through in Sub-Saharan African Economies and its Determinants — Razafimahefa, Ivohasina Fizara
- 12/136 — Welfare Effects of Monetary Integration: The Common Monetary Area and Beyond — Asonuma, Tamon, Xavier Debrun, Paul R. Masson
- 12/127 — As You Sow So Shall You Reap: Public Investment Surges, Growth, and Debt Sustainability in Togo — Andrle, Michal, Antonio David, Raphael A. Espinoza, Marshall Mills, Luis-Felipe Zanna
- 12/119 — Tracking Short-Term Dynamics of Economic Activity in Low-Income Countries in the Absence of High-Frequency GDP Data — Opoku-Afari, Maxwell, Shiv Dixit
- 12/108 — Mobilizing Revenue in Sub-Saharan Africa: Empirical Norms and Key Determinants — Drummond, Paulo, Wendell Daal, Nandini Srivastava, Luiz E. Oliveira
- 12/94 — Monetary Policy in Low-Income Countries in the Face of the Global Crisis: The Case of Zambia — Baldini, Alfredo, Jaromir Benes, Andrew Berg, Mai Dao, Rafael Portillo
- 12/93 — Fiscal Policies and Rules in the Face of Revenue Volatility Within Southern Africa Customs Union Countries (SACU) — Basdevant, Olivier
- 12/92 — Real Wage, Labor Productivity, and Employment Trends in South Africa: A Closer Look — Klein, Nir
- 12/73 — Exchange Rate Volatility Under Peg: Do Trade Patterns Matter? — Lonkeng Ngouana, Constant
- 12/32 — Assessing Bank Competition within the East African Community — Sanya, Sarah, Matthew Gaertner
- 12/20 — Prudential Liquidity Regulation in Developing Countries: A Case Study of Rwanda — Sanya, Sarah, Wayne Mitchell, Angelique Kantengwa
- 12/18 — Capital Market Integration: Progress Ahead of the East African Community Monetary Union — Yabara, Masafumi
- 12/7 — International Reserves in Low-Income Countries: Have They Served as Buffers? — Cripolti, Valerio, George Tsibouris

*Publications of the IMF African Department, 2012–18*

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_Source: https://www.imf.org/-/media/files/publications/reo/afr/2018/may/pdf/publications.pdf_