LEADER 03568nam 2200625Ia 450 001 9910463675803321 005 20201015235227.0 010 $a1-4623-3658-2 010 $a1-282-84461-X 010 $a1-4518-7419-7 010 $a1-4527-6922-2 010 $a9786612844614 035 $a(CKB)3170000000055399 035 $a(EBL)1606005 035 $a(SSID)ssj0000949352 035 $a(PQKBManifestationID)11596460 035 $a(PQKBTitleCode)TC0000949352 035 $a(PQKBWorkID)10996930 035 $a(PQKB)10505316 035 $a(OCoLC)666237579 035 $a(MiAaPQ)EBC1606005 035 $a(EXLCZ)993170000000055399 100 $a20100906d2009 uf 0 101 0 $aeng 181 $ctxt 182 $cc 183 $acr 200 10$aCyclical patterns of government expenditures in Sub-Saharan Africa$b[electronic resource] $efacts and factors /$fVictor Lledo?, Irene Yackovlev and Lucie Gadenne 210 $a[Washington, D.C.] $cInternational Monetary Fund, African Department$dc2009 215 $a1 online resource (53 p.) 225 1 $aIMF working paper ;$vWP/09/274 300 $a"November 2009." 311 $a1-4519-1835-6 320 $aIncludes bibliographical references. 327 $aCover 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 controls 327 $a4. 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; Footnotes 330 $aThis paper documents cyclical patterns of government expenditures in sub-Saharan Africa since 1970 and explains variation between countries and over time. Controlling for endogeneity, it finds government expenditures to be slightly more procyclical in sub-Saharan Africa than in other developing countries and some evidence that procyclicality in Africa has declined in recent years after a period of sharp increase through the 1990's. Greater fiscal space, proxied by lower external debt, and better access to concessional financing, proxied by larger aid flows, seem to be important factors 410 0$aIMF working paper ;$vWP/09/274. 606 $aFiscal policy$zAfrica, Sub-Saharan 606 $aFinance, Public$zAfrica, Sub-Saharan 607 $aAfrica, Sub-Saharan$xEconomic policy 608 $aElectronic books. 615 0$aFiscal policy 615 0$aFinance, Public 700 $aLledo$b Victor$0495905 701 $aYackovlev$b Irene$0879494 701 $aGadenne$b Lucie$0940532 712 02$aInternational Monetary Fund.$bAfrican Dept. 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910463675803321 996 $aCyclical patterns of government expenditures in Sub-Saharan Africa$92120977 997 $aUNINA