Drivers of Growth : Evidence from Sub-Saharan African Countries
Electronic Access:
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Summary:
This study examines the drivers of growth in Sub-Saharan African countries, using aggregate data, from the past decade. We correlate recent growth experience to key determinants of growth, including private and public investment, government consumption, the exchange regime and real exchange rate, and current account liberalization, using various econometric methodologies, including fixed and random effects models, with cluster-robust standard errors. We find that, depending on the specification, higher private and public investments boost growth. Some evidence is found that government consumption exerts a drag on growth and that more flexible exchange regimes are beneficial to growth. The real exchange rate and liberalization variables are not significant.
Series:
Working Paper No. 13/236
Subject:
Africa Economic growth Exchange rate regimes Foreign exchange Private investment Public investment Real effective exchange rates Sub-Saharan Africa
English
Publication Date:
November 22, 2013
ISBN/ISSN:
9781475516487/1018-5941
Stock No:
WPIEA2013236
Format:
Paper
Pages:
38
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