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Staff Papers Logo    March 1998
Volume 45, Number 1
Macroeconomic Fluctuations in Sub-Saharan Africa
By Alexander W. Hoffmaister, Jorge E. Roldos, and Peter Wickham

Full Text of This Article (PDF 1,860 K)

Abstract: The sources of macroeconomic fluctuations in sub-Saharan Africa are examined by comparing the CFA franc countries with the non-CFA franc countries. External shocks, especially in terms of trade shocks, appear to have a greater influence on fluctuations of output and the real exchange rate in CFA franc countries. This result does not appear to be associated with differences in the economic structure, but may reflect the fixed exchange rate regime, which does not (particularly) buffer these countries from external shocks. Macroeconomic fluctuations in non-CFA franc countries are similar to those in other developing countries, particularly Latin America. [JEL C32,E32,F41]

1998 International Monetary Fund