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

Author/Editor:

Dhaneshwar Ghura ; E. Murat Ucer ; Martin Mühleisen ; Michael T. Hadjimichael ; Roger Nord

Publication Date:

August 1, 1994

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

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.

Series:

Working Paper No. 94/98

Subject:

Notes:

Study on economic performance of sub-Saharan African countries during 1986-93.

English

Publication Date:

August 1, 1994

ISBN/ISSN:

9781451852073/1018-5941

Stock No:

WPIEA0981994

Format:

Paper

Pages:

122

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