{
  "title": "Drivers of Growth: Evidence from Sub-Saharan African Countries",
  "publication": "IMF Working Papers, November 22, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/drivers-of-growth-evidence-from-sub-saharan-african-countries-41064",
  "canonical": "https://www.imf.org/en/publications/wp/issues/2016/12/31/drivers-of-growth-evidence-from-sub-saharan-african-countries-41064",
  "overlayPath": "/en/publications/wp/issues/2016/12/31/drivers-of-growth-evidence-from-sub-saharan-african-countries-41064/index.md",
  "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, an",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Study examines drivers of growth in Sub-Saharan African countries using aggregate data from the past decade.\n- Correlates recent growth experience to key determinants: private and public investment, government consumption, the exchange regime and real exchange rate, and current account liberalization.\n- Uses various econometric methodologies, including fixed and random effects models, with cluster-robust standard errors."
    },
    {
      "heading": "Methodology",
      "content": "- Econometric approaches: fixed effects models, random effects models.\n- Standard errors: cluster-robust standard errors.\n- Key variables analyzed:\n  - Private investment\n  - Public investment\n  - Government consumption\n  - Exchange regime (exchange regime variable / regime dummy)\n  - Real exchange rate / Real effective exchange rates\n  - Current account liberalization"
    },
    {
      "heading": "Key Findings",
      "content": "- Depending on the specification, higher private and public investments boost growth.\n- Some evidence that government consumption exerts a drag on growth.\n- More flexible exchange regimes are beneficial to growth.\n- The real exchange rate and liberalization variables are not significant."
    },
    {
      "heading": "Subjects and Keywords",
      "content": "- Subject: Exchange rate arrangements, Foreign exchange, National accounts, Private investment, Real effective exchange rates, Real exchange rates\n- Keywords: exchange rate, Exchange rate arrangements, exchange rate regime, exchange rate regimes, exchange regime classification, exchange regime variable, foreign exchange regime, government consumption, growth, Private investment, Real effective exchange rates, real exchange rate, Real exchange rates, regime, regime dummy, Sub-Saharan Africa, WP\n\n---\n\n Content in this bundle\n\n- wp13236\n  - wp13236 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp13236 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/drivers-of-growth-evidence-from-sub-saharan-african-countries-41064"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/wp/issues/2016/12/31/drivers-of-growth-evidence-from-sub-saharan-african-countries-41064/index.md)",
    "[Structured JSON version](/en/publications/wp/issues/2016/12/31/drivers-of-growth-evidence-from-sub-saharan-african-countries-41064/index.json)",
    "[Bundle manifest](/en/publications/wp/issues/2016/12/31/drivers-of-growth-evidence-from-sub-saharan-african-countries-41064/bundle-manifest.json)",
    "Authors: Manuk Ghazanchyan, Janet Gale Stotsky",
    "Published: November 22, 2013",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781475516487.001",
    "Study examines drivers of growth in Sub-Saharan African countries using aggregate data from the past decade.",
    "Correlates recent growth experience to key determinants: private and public investment, government consumption, the exchange regime and real exchange rate, and current account liberalization.",
    "Uses various econometric methodologies, including fixed and random effects models, with cluster-robust standard errors.",
    "Econometric approaches: fixed effects models, random effects models.",
    "Standard errors: cluster-robust standard errors.",
    "Key variables analyzed:",
    "Depending on the specification, higher private and public investments boost growth.",
    "Some evidence that government consumption exerts a drag on growth.",
    "More flexible exchange regimes are beneficial to growth.",
    "The real exchange rate and liberalization variables are not significant.",
    "Subject: Exchange rate arrangements, Foreign exchange, National accounts, Private investment, Real effective exchange rates, Real exchange rates",
    "Keywords: exchange rate, Exchange rate arrangements, exchange rate regime, exchange rate regimes, exchange regime classification, exchange regime variable, foreign exchange regime, government consumption, growth, Private investment, Real effective exchange rates, real exchange rate, Real exchange rates, regime, regime dummy, Sub-Saharan Africa, WP",
    "**_wp13236**"
  ],
  "related": [
    {
      "title": "_wp13236",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2013/_wp13236.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2013/_wp13236.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2013/_wp13236.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/wp/issues/2016/12/31/drivers-of-growth-evidence-from-sub-saharan-african-countries-41064/index.md",
    "json": "/en/publications/wp/issues/2016/12/31/drivers-of-growth-evidence-from-sub-saharan-african-countries-41064/index.json",
    "bundleManifest": "/en/publications/wp/issues/2016/12/31/drivers-of-growth-evidence-from-sub-saharan-african-countries-41064/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-17T12:29:04.919Z"
}