LEADER 05250oam 22011174 450 001 9910818984203321 005 20200520144314.0 010 $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(IMF)WPIEE2009274 035 $a(MiAaPQ)EBC1606005 035 $a(IMF)WPIEA2009274 035 $a(EXLCZ)993170000000055399 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aCyclical Patterns of Government Expenditures in Sub-Saharan Africa : $eFacts and Factors /$fIrene Yackovlev, Victor Lledo, Lucie Gadenne 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (53 p.) 225 1 $aIMF Working Papers 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 3 $aThis paper documents cyclical patterns of government expenditures in sub-Saharan Africa since 1970 and explains variation between countries and over time. Controlling for endogeneity, it finds government expenditures to be slightly more procyclical in sub-Saharan Africa than in other developing countries and some evidence that procyclicality in Africa has declined in recent years after a period of sharp increase through the 1990s. Greater fiscal space, proxied by lower external debt, and better access to concessional financing, proxied by larger aid flows, seem to be important factors in diminishing procyclicality in the region. The role of institutions is less clear cut: changes in political institutions have no impact on procyclicality. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/274 606 $aFiscal policy$zAfrica, Sub-Saharan 606 $aFinance, Public$zAfrica, Sub-Saharan 606 $aDebt Management$2imf 606 $aDebt$2imf 606 $aDebts, Public$2imf 606 $aExpenditure$2imf 606 $aExpenditures, Public$2imf 606 $aFinance$2imf 606 $aFinance: General$2imf 606 $aFinancial risk management$2imf 606 $aFiscal Policy$2imf 606 $aFiscal policy$2imf 606 $aFiscal space$2imf 606 $aGeneral Financial Markets: Government Policy and Regulation$2imf 606 $aMacroeconomics$2imf 606 $aNational Government Expenditures and Related Policies: General$2imf 606 $aProcyclicality$2imf 606 $aPublic debt$2imf 606 $aPublic finance & taxation$2imf 606 $aPublic Finance$2imf 606 $aSovereign Debt$2imf 607 $aAfrica, Sub-Saharan$xEconomic policy 607 $aSouth Africa$2imf 615 0$aFiscal policy 615 0$aFinance, Public 615 7$aDebt Management 615 7$aDebt 615 7$aDebts, Public 615 7$aExpenditure 615 7$aExpenditures, Public 615 7$aFinance 615 7$aFinance: General 615 7$aFinancial risk management 615 7$aFiscal Policy 615 7$aFiscal policy 615 7$aFiscal space 615 7$aGeneral Financial Markets: Government Policy and Regulation 615 7$aMacroeconomics 615 7$aNational Government Expenditures and Related Policies: General 615 7$aProcyclicality 615 7$aPublic debt 615 7$aPublic finance & taxation 615 7$aPublic Finance 615 7$aSovereign Debt 676 $a338.28394 700 $aYackovlev$b Irene$01602653 701 $aGadenne$b Lucie$01721331 701 $aLledo$b Victor$0495905 712 02$aInternational Monetary Fund.$bAfrican Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910818984203321 996 $aCyclical Patterns of Government Expenditures in Sub-Saharan Africa$94120830 997 $aUNINA