Determinants of Non-oil Growth in the CFA-Zone Oil Producing Countries : How do they Differ?
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Summary:
Non-oil growth in the CFA oil exporting countries has been lackluster despite their great natural resource wealth. In this paper we study the key determinants of non-oil growth and explore to what extent these countries differ from countries with comparable levels of development that do not depend on nonrenewable resources. Using a panel of 38 countries comprising LICs and CFA zone oil exporters, we find that while real exchange rate appreciation negatively impacted growth in all countries over the period 1985-2008, what distinguishes the oil producers of the CFA zone is the failure of public and private investment to spur non-oil growth.
Series:
Working Paper No. 11/233
Subject:
Cross country analysis Economic growth Economic models Foreign exchange Low-income developing countries Nonoil sector Oil exporting countries Oil exports Private investment Public investment
English
Publication Date:
October 1, 2011
ISBN/ISSN:
9781463921996/1018-5941
Stock No:
WPIEA2011233
Format:
Paper
Pages:
20
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