Publication:
Africa's Macroeconomic Story

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dc.contributor.authorHostland, Douglas
dc.contributor.authorGiugale, Marcelo M.
dc.date.accessioned2014-02-04T16:22:42Z
dc.date.available2014-02-04T16:22:42Z
dc.date.issued2013-10
dc.description.abstractMuch of Sub-Saharan Africa's post-independence macroeconomic history has been characterized by boom-bust cycles. Growth accelerations have been common, but short lived. Weak policy formulation and implementation led to large external and fiscal imbalances, excessive debt accumulation, volatile inflation, and sharp exchange rate fluctuations. This characterization changed, however, in the mid-1990s, when debt relief and better macroeconomic policy began to provide a source of stability that has helped sustain robust growth throughout much of the region. In resource rich countries, the process was supported over the past few years by a dramatic increase in commodity prices. But resources are only one part of the story. Growth has exhibited impressive resilience even in the face of negative external shocks, as in 2008-2009. While the short-term outlook remains positive, over the medium term policy makers face new challenges. Several countries have the potential to greatly expand natural resource production and become major commodity exporters; volatile resource revenue will complicate their fiscal and monetary planning. Rising investor appetite for financial assets of frontier markets and the development of domestic debt markets will continue to broaden the menu of and trade-offs among financing options at a time when global interest rates may start sloping upward. Complex financing arrangements -- notably for private-public or public-public partnerships in infrastructure -- will become more common and will generate new types of fiscal commitments and contingencies.en
dc.identifierhttp://documents.worldbank.org/curated/en/2013/10/18343628/africas-macroeconomic-story
dc.identifier.doi10.1596/1813-9450-6635
dc.identifier.urihttps://hdl.handle.net/10986/16852
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 6635
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACTIVE DEBT
dc.subjectARREARS
dc.subjectBALANCE OF PAYMENTS
dc.subjectBANK RATE
dc.subjectBASIS POINT
dc.subjectBASIS POINTS
dc.subjectBENCHMARK BOND
dc.subjectBENCHMARK BONDS
dc.subjectBENCHMARK YIELD
dc.subjectBENCHMARK YIELD CURVE
dc.subjectBENCHMARK YIELDS
dc.subjectBOND YIELDS
dc.subjectBOOM-BUST CYCLES
dc.subjectBORROWING STRATEGIES
dc.subjectBROAD MONEY
dc.subjectBUDGET SURPLUSES
dc.subjectBUSINESS CYCLE
dc.subjectCAPACITY CONSTRAINTS
dc.subjectCAPITAL ACCOUNT
dc.subjectCENTRAL BANK
dc.subjectCOLLATERAL
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMODITY PRICES
dc.subjectCOMPETITIVE EXCHANGE RATES
dc.subjectCOMPETITIVENESS
dc.subjectCONTINGENT LIABILITIES
dc.subjectCONTINGENT LIABILITY
dc.subjectCOUPON
dc.subjectCREDIBILITY
dc.subjectCREDITOR
dc.subjectCREDITORS
dc.subjectCURRENCY
dc.subjectCURRENCY CRISES
dc.subjectCURRENCY CRISIS
dc.subjectCURRENCY RISK
dc.subjectCURRENT ACCOUNT DEFICIT
dc.subjectCURRENT ACCOUNT DEFICITS
dc.subjectDEBT
dc.subjectDEBT ACCUMULATION
dc.subjectDEBT BURDEN
dc.subjectDEBT BURDENS
dc.subjectDEBT ISSUANCE
dc.subjectDEBT LEVELS
dc.subjectDEBT MANAGEMENT
dc.subjectDEBT MATURITIES
dc.subjectDEBT OBLIGATIONS
dc.subjectDEBT OUTSTANDING
dc.subjectDEBT POLICY
dc.subjectDEBT REDUCTION
dc.subjectDEBT RELIEF
dc.subjectDEBT SERVICE
dc.subjectDEBT SUSTAINABILITY
dc.subjectDEFAULT RISK
dc.subjectDEPRECIATIONS
dc.subjectDEVALUATION
dc.subjectDEVELOPING COUNTRIES
dc.subjectDOMESTIC CREDIT
dc.subjectDOMESTIC CURRENCY
dc.subjectDOMESTIC DEBT
dc.subjectDOMESTIC DEBT INSTRUMENTS
dc.subjectDOMESTIC DEBT MARKETS
dc.subjectDOMESTIC MARKET
dc.subjectDOMESTIC MARKETS
dc.subjectDUTCH DISEASE
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC LIBERALIZATION
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET ECONOMIES
dc.subjectEQUITY INVESTMENTS
dc.subjectEUROBOND
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATE APPRECIATIONS
dc.subjectEXCHANGE RATE FLUCTUATIONS
dc.subjectEXCHANGE RATE OVERVALUATION
dc.subjectEXCHANGE RATE REGIMES
dc.subjectEXCHANGE RATES
dc.subjectEXPENDITURES
dc.subjectEXPORT DIVERSIFICATION
dc.subjectEXPORT REVENUES
dc.subjectEXPORTERS
dc.subjectEXPOSURE
dc.subjectEXTERNAL DEBT
dc.subjectEXTERNAL DEMAND
dc.subjectEXTERNAL FUNDING
dc.subjectEXTERNAL SHOCKS
dc.subjectFEDERAL RESERVE
dc.subjectFINANCIAL ASSETS
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL MANAGEMENT
dc.subjectFINANCIAL STABILITY
dc.subjectFISCAL BALANCES
dc.subjectFISCAL DEFICITS
dc.subjectFISCAL IMBALANCES
dc.subjectFISCAL POLICY
dc.subjectFISCAL POSITIONS
dc.subjectFIXED EXCHANGE RATE
dc.subjectFLEXIBLE EXCHANGE RATE
dc.subjectFLEXIBLE REGIMES
dc.subjectFLOATING INTEREST RATE
dc.subjectFOOD PRICES
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN CURRENCY EXPOSURES
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFOREIGN INVESTMENT
dc.subjectGLOBAL CAPITAL
dc.subjectGLOBAL CAPITAL MARKET
dc.subjectGLOBAL CAPITAL MARKETS
dc.subjectGOVERNANCE ISSUES
dc.subjectGOVERNMENT DEBT
dc.subjectGROWTH PERFORMANCE
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectHIGH INFLATION
dc.subjectHOLDING
dc.subjectHUMAN DEVELOPMENT
dc.subjectINCOME LEVELS
dc.subjectINDEBTEDNESS
dc.subjectINFLATION
dc.subjectINFLATION RATE
dc.subjectINFLATION RATES
dc.subjectINFLATIONARY PRESSURES
dc.subjectINFRASTRUCTURE INVESTMENT
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL CAPITAL MARKETS
dc.subjectINTERNATIONAL DEBT
dc.subjectINTERNATIONAL FINANCIAL STATISTICS
dc.subjectINTERNATIONAL TRADE
dc.subjectINVESTMENT FINANCES
dc.subjectINVESTMENT PROJECTS
dc.subjectINVESTMENT RATES
dc.subjectINVESTOR BASE
dc.subjectINVESTOR CONFIDENCE
dc.subjectINVESTOR INTEREST
dc.subjectLIABILITY MANAGEMENT
dc.subjectLONG-TERM DEBT
dc.subjectLOW-INCOME COUNTRIES
dc.subjectMACROECONOMIC ENVIRONMENT
dc.subjectMACROECONOMIC INSTABILITY
dc.subjectMACROECONOMIC MANAGEMENT
dc.subjectMACROECONOMIC POLICIES
dc.subjectMACROECONOMIC POLICY
dc.subjectMACROECONOMIC STABILITY
dc.subjectMACROECONOMIC STABILIZATION
dc.subjectMACROECONOMIC VARIABLES
dc.subjectMACROECONOMIC VOLATILITY
dc.subjectMARKET DEVELOPMENT
dc.subjectMARKET ECONOMY
dc.subjectMATURITIES
dc.subjectMONETARY AUTHORITIES
dc.subjectMONETARY AUTHORITY
dc.subjectMONETARY FUND
dc.subjectMONETARY POLICY
dc.subjectMONETARY STABILITY
dc.subjectMONETARY UNION
dc.subjectNATURAL RESOURCE
dc.subjectOIL EXPORTERS
dc.subjectOIL EXPORTING COUNTRIES
dc.subjectOIL EXPORTING COUNTRY
dc.subjectOIL PRICE
dc.subjectOIL PRICES
dc.subjectOIL RESOURCE
dc.subjectOIL RESOURCES
dc.subjectOIL REVENUE
dc.subjectOIL REVENUES
dc.subjectOVERVALUATION
dc.subjectPENSION
dc.subjectPENSION FUNDS
dc.subjectPOLICY RESPONSE
dc.subjectPOLICY RESPONSES
dc.subjectPOLITICAL STABILITY
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO INVESTMENT
dc.subjectPOVERTY REDUCTION
dc.subjectPRICE STABILITY
dc.subjectPRIVATE BORROWING
dc.subjectPRIVATE INVESTMENT
dc.subjectPRIVATE PLACEMENT
dc.subjectPROPERTY RIGHTS
dc.subjectPUBLIC BORROWING
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC INVESTMENT
dc.subjectPUBLIC INVESTMENTS
dc.subjectPUBLIC SECTOR BORROWING
dc.subjectRAPID GROWTH
dc.subjectREAL EXCHANGE RATE
dc.subjectREAL EXCHANGE RATE APPRECIATION
dc.subjectRESERVE
dc.subjectRESERVE BANK
dc.subjectRESERVES
dc.subjectRETURNS
dc.subjectRISK SHARING
dc.subjectRISKY ASSETS
dc.subjectRULE OF LAW
dc.subjectSOVEREIGN BONDS
dc.subjectSOVEREIGN DEBT
dc.subjectSOVEREIGN RISK
dc.subjectSTRUCTURAL REFORMS
dc.subjectTAX
dc.subjectTAX TREATMENT
dc.subjectTRADE BALANCE
dc.subjectTRADE OPENNESS
dc.subjectTRADE SHOCKS
dc.subjectTRANSPARENCY
dc.subjectTREASURIES
dc.subjectTREASURY
dc.subjectTREASURY BILLS
dc.subjectTREASURY YIELD
dc.subjectWEIGHTS
dc.titleAfrica's Macroeconomic Storyen
dspace.entity.typePublication
okr.crossref.titleAfrica's Macroeconomic Story
okr.date.disclosure2013-10-01
okr.date.doiregistration2025-04-10T11:46:22.096854Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2013/10/18343628/africas-macroeconomic-story
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeEnvironment and Natural Resources
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid487751468192550042
okr.identifier.doi10.1596/1813-9450-6635
okr.identifier.externaldocumentum000158349_20131003125106
okr.identifier.internaldocumentum18343628
okr.identifier.reportWPS6635
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/10/03/000158349_20131003125106/Rendered/PDF/WPS6635.pdfen
okr.region.administrativeAfrica
okr.region.geographicalAfrica
okr.topicEnvironmental Economics and Policies
okr.topicFinance and Financial Sector Development::Currencies and Exchange Rates
okr.topicEconomic Theory and Research
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicMacroeconomics and Economic Growth
okr.topicEnvironment
okr.unitPoverty Reduction and Economic Management Unit, Africa Region
okr.volume1 of 1
relation.isAuthorOfPublication5ed62b7a-125e-57ab-b698-f1ec635d64f4
relation.isAuthorOfPublication.latestForDiscovery5ed62b7a-125e-57ab-b698-f1ec635d64f4
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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