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The paper analyzes the dynamics of inflation in Madagascar in the period 1971-2000, applying cointegration analysis and error correction modeling. The empirical results, based on quarterly data, confirm that there exists a stable money demand relationship, as well as a purchasing power relationship in the long run. The former enters the short-run dynamics of inflation and money growth, while the latter affects the short-run dynamics of the exchange rate only. We also find that an appreciation has a direct negative impact on inflation and that inflation inertia is important. In addition, we conduct FIML estimation of the system and trace the impulse responses to various shocks.
Foreign Exchange --- Inflation --- Money and Monetary Policy --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- Price Level --- Deflation --- Economywide Country Studies: Africa --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Demand for Money --- Macroeconomics --- Currency --- Foreign exchange --- Monetary economics --- Exchange rates --- Monetary base --- Demand for money --- Exchange rate adjustments --- Prices --- Money --- Money supply --- Madagascar, Republic of
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Poverty has remained widespread in Mozambique, mostly on account of the prevalent war situation. This paper provides a profile of the lowest income groups in Mozambique and examines how they were affected by the economic recovery program of 1986–90. The results, indicate that despite large price adjustments, in real terms minimum and low wages improved over the 1986–90 period. Agricultural production increased in response to better incentives, and small farmers in safe areas improved their relative income position. However, in the presence of a large refugee population and war-related destruction, there continues to be a pressing need for extended emergency aid.
Aggregate Factor Income Distribution --- Agricultural commodities --- Agriculture: General --- Commodities --- Demographic Economics: General --- Demography --- Economic Development: Human Resources --- Farm produce --- Government Policy --- Human Development --- Income Distribution --- Income economics --- Income --- Incomes Policy --- Investment & securities --- Investments: Commodities --- Labor --- Labour --- Macroeconomics --- Measurement and Analysis of Poverty --- Migration --- National accounts --- Personal income --- Personal Income, Wealth, and Their Distributions --- Population & demography --- Population and demographics --- Population --- Price Policy --- Provision and Effects of Welfare Program --- Wages --- Wages, Compensation, and Labor Costs: General --- Mozambique, Republic of
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This study discusses issues of access to bank credit in Sub-Saharan Africa, and examines measures that could help facilitate access by the private sector to bank credit. It reviews in particular obstacles to credit small- and medium-scale enterprises and agriculture, and examines progress in the design and implementation of reform measures that are needed to create an institutional environment more supportive of credit activity. It also reviews bank interest rate spreads and profit margins, and their determinants, and compares such spreads with those prevailing in other regions of the world.
Bank loans -- Africa, Sub-Saharan. --- Banks and banking -- Africa, Sub-Saharan. --- Credit -- Africa, Sub-Saharan. --- Electronic books. -- local. --- Banks and Banking --- Finance: General --- Money and Monetary Policy --- Industries: Financial Services --- Financial Markets and the Macroeconomy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Fiscal and Monetary Policy in Development --- Economywide Country Studies: Africa --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary economics --- Banking --- Finance --- Credit --- Bank credit --- Credit bureaus --- Commercial banks --- Money --- Financial markets --- Loans --- Financial institutions --- Banks and banking --- Credit ratings --- Senegal --- Bank loans
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This paper analyzes the impact of human capital on growth, on the basis of refined calculations of human capital, and with a focus on West Africa. Using a growth-accounting methodology, it distinguishes the sources of growth between the accumulation of factors of production and changes in production intensity or efficiency. Private capital is found to be particularly important to growth, but human capital appears not to be significant. The paper also identifies the terms of trade, trade openness, the government deficit, and the share of government investment in total investment as key policy variables affecting growth.
Investments: General --- Investments: Stocks --- Labor --- Production and Operations Management --- Economic Development: Human Resources --- Human Development --- Income Distribution --- Migration --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Economywide Country Studies: Africa --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Education: General --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Investment --- Capital --- Intangible Capital --- Labour --- income economics --- Macroeconomics --- Education --- Investment & securities --- Human capital --- Total factor productivity --- Stocks --- Capital accumulation --- Financial institutions --- National accounts --- Industrial productivity --- Saving and investment --- Burkina Faso --- Income economics
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Mauritius has achieved remarkable success since its independence in 1968. It has one of the highest per capita GDPs in Africa, the economy has diversified from complete dependence on the sugar crop, into textiles, then tourism, and recently information and communication services. This paper examines the factors that have contributed to this impressive growth, including macroeconomic stability, a solid institutional framework, political stability, an efficient administration, a favorable regulatory framework, and a well-developed financial system, and outlines the challenges that remain to ensure continued sustainable growth in Mauritius.
Labor market --- Financial institutions --- Monetary policy --- Marché du travail --- Institutions financières --- Politique monétaire --- Mauritius --- Ile Maurice --- Economic conditions. --- Economic policy. --- Conditions économiques --- Politique économique --- Marché du travail --- Institutions financières --- Politique monétaire --- Conditions économiques --- Politique économique --- Economic conditions --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Financial intermediaries --- Lending institutions --- Associations, institutions, etc. --- Employees --- Market, Labor --- Supply and demand for labor --- Markets --- Supply and demand --- Île Maurice --- Maurice --- Drontens ö --- Mōrishasu --- Mavrikiĭ --- Republic of Mauritius --- Môriśasa --- Mārīśasa --- Mauritious --- République de Maurice --- Repiblik Moris --- モーリシャス --- Mauricio --- Estado de Mauricio --- מאוריציוס --- Maʼuritsyus --- Île de France --- Banks and Banking --- Investments: Commodities --- Exports and Imports --- Labor --- Public Finance --- Debt --- Debt Management --- Sovereign Debt --- Trade: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Wages, Compensation, and Labor Costs: General --- Agriculture: General --- General Financial Markets: General (includes Measurement and Data) --- Public finance & taxation --- Labour --- income economics --- International economics --- Investment & securities --- Banking --- Public debt --- Exports --- Agricultural commodities --- Labor markets --- Education --- International trade --- Commodities --- Debts, Public --- Banks and banking --- Wages --- Farm produce --- Income economics
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We develop a simple macroeconomic model that assesses the effects of higher foreign aid on output growth and other macroeconomic variables, including the real exchange rate. The model is easily tractable and requires estimation of only a few basic parameters. It takes into account the impact of aid on physical and human capital accumulation, while recognizing that the impact of the latter is more protracted. Application of the model to Niger-one of the poorest countries in the world-suggests that if foreign aid as a share of GDP were to be permanently increased from the equivalent of 10 percent of GDP in 2007 to 15 percent in 2008, annual economic growth would accelerate by more than 1 percentage point, without generating significant risks for macroeconomic stability. As a result, by 2020 Niger's income per capita would be 12.5 percent higher than it would be without increased foreign aid. Moreover, the higher growth would help Niger to cut the incidence of poverty by 25 percent by 2015, although the country will still be unable to reach the Millennium Development Goal of poverty reduction (MDG 1).
Business & Economics --- Economic History --- Economic assistance --- Economic development --- Development, Economic --- Economic growth --- Growth, Economic --- Economic aid --- Foreign aid program --- Foreign assistance --- Grants-in-aid, International --- International economic assistance --- International grants-in-aid --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- International economic relations --- Conditionality (International relations) --- Exports and Imports --- Foreign Exchange --- Investments: General --- Labor --- Investment --- Capital --- Intangible Capital --- Capacity --- Macroeconomics: Production --- Forecasting and Simulation: Models and Applications --- Macroeconomic Analyses of Economic Development --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Foreign Aid --- Labour --- income economics --- Currency --- Foreign exchange --- International economics --- Macroeconomics --- Human capital --- Real exchange rates --- Foreign aid --- Aid flows --- Private investment --- National accounts --- International relief --- Saving and investment --- Niger --- Income economics
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