05140oam 22010694 450 991078822210332120230721045723.01-4623-3658-21-282-84461-X1-4518-7419-71-4527-6922-29786612844614(CKB)3170000000055399(EBL)1606005(SSID)ssj0000949352(PQKBManifestationID)11596460(PQKBTitleCode)TC0000949352(PQKBWorkID)10996930(PQKB)10505316(OCoLC)666237579(MiAaPQ)EBC1606005(IMF)WPIEE2009274(EXLCZ)99317000000005539920020129d2009 uf 0engtxtccrCyclical Patterns of Government Expenditures in Sub-Saharan Africa : Facts and Factors /Irene Yackovlev, Victor Lledo, Lucie GadenneWashington, D.C. :International Monetary Fund,2009.1 online resource (53 p.)IMF Working Papers"November 2009."1-4519-1835-6 Includes bibliographical references.Cover Page; Title Page; Copyright Page; Contents; I. Introduction; 1. Evolution of the fiscal balance in sub-Saharan Africa, current and past cycles; 1. Number of sub-Saharan African countries satisfying various macroeconomic performance and institutional quality criterial by decade; II. Literature Review; III. Empirical Strategy; A. Empirical Model and Identification; B. Data, Measurement, and Specification; IV. Results; A. Key Facts; 2. Cyclical properties of government spending, 1970-2008; 3. Robustness checks, system-GMM estimates and additional controls4. Cyclical properties of government spending by decade B. Factors; 5. Political factors, impact on procyclicality, 1970-2008; 6. Financing constraints, impact on procyclicality, 1970-2008; 7. Macroeconomic stability and fiscal space, impact on procyclicality, 1970-2008; 8. How can we explain the evolution of procyclicality over time in sub-Saharan Africa?; V. Conclusions and Policy Implications; Appendix; References; FootnotesThis paper documents cyclical patterns of government expenditures in sub-Saharan Africa since 1970 and explains variation between countries and over time. Controlling for endogeneity, it finds government expenditures to be slightly more procyclical in sub-Saharan Africa than in other developing countries and some evidence that procyclicality in Africa has declined in recent years after a period of sharp increase through the 1990s. Greater fiscal space, proxied by lower external debt, and better access to concessional financing, proxied by larger aid flows, seem to be important factors in diminishing procyclicality in the region. The role of institutions is less clear cut: changes in political institutions have no impact on procyclicality.IMF Working Papers; Working Paper ;No. 2009/274Fiscal policyAfrica, Sub-SaharanFinance, PublicAfrica, Sub-SaharanFinance: GeneralimfMacroeconomicsimfPublic FinanceimfFiscal PolicyimfGeneral Financial Markets: Government Policy and RegulationimfNational Government Expenditures and Related Policies: GeneralimfDebtimfDebt ManagementimfSovereign DebtimfPublic finance & taxationimfFinanceimfFiscal policyimfProcyclicalityimfExpenditureimfFiscal spaceimfPublic debtimfFinancial risk managementimfExpenditures, PublicimfDebts, PublicimfAfrica, Sub-SaharanEconomic policySouth AfricaimfFiscal policyFinance, PublicFinance: GeneralMacroeconomicsPublic FinanceFiscal PolicyGeneral Financial Markets: Government Policy and RegulationNational Government Expenditures and Related Policies: GeneralDebtDebt ManagementSovereign DebtPublic finance & taxationFinanceFiscal policyProcyclicalityExpenditureFiscal spacePublic debtFinancial risk managementExpenditures, PublicDebts, PublicYackovlev Irene1485189Lledo Victor495905Gadenne Lucie1509564International Monetary Fund.African Dept.DcWaIMFBOOK9910788222103321Cyclical Patterns of Government Expenditures in Sub-Saharan Africa3741525UNINA