Cyclical Patterns of Government Expenditures in Sub-Saharan Africa : : Facts and Factors / / Irene Yackovlev, Victor Lledo, Lucie Gadenne

• Autore: Yackovlev Irene
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2009
• Edizione: 1st ed.
• Descrizione fisica: 1 online resource (53 p.)
• Disciplina: 338.28394
• Soggetto topico: Fiscal policy - Africa, Sub-Saharan; Finance, Public - Africa, Sub-Saharan; Debt Management; Debt; Debts, Public; Expenditure; Expenditures, Public; Finance; Finance: General; Financial risk management; Fiscal Policy; Fiscal policy; Fiscal space; General Financial Markets: Government Policy and Regulation; Macroeconomics; National Government Expenditures and Related Policies: General; Procyclicality; Public debt; Public finance & taxation; Public Finance; Sovereign Debt
• Soggetto geografico: Africa, Sub-Saharan Economic policy; South Africa
• Altri autori: GadenneLucie LledoVictor
• Note generali: "November 2009."
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: 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 controls ; 4. 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
• Sommario/riassunto: This 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.
• Titolo autorizzato: Cyclical Patterns of Government Expenditures in Sub-Saharan Africa
• ISBN: 1-4623-3658-2; 1-282-84461-X; 1-4518-7419-7; 1-4527-6922-2; 9786612844614
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910818984203321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2009/274