Working Paper

Explaining the WAEMU Growth Spurt : The Role of Financial Deepening and Macro Policy

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collection.link.5
https://openknowledge.worldbank.org/handle/10986/9
collection.name.5
Policy Research Working Papers
dc.contributor.author
Haile, Fiseha
dc.contributor.author
Moller, Lars Christian
dc.date.accessioned
2018-12-28T15:41:30Z
dc.date.available
2018-12-28T15:41:30Z
dc.date.issued
2018-12
dc.description.abstract
Most countries of the West African Economic and Monetary Union (WAEMU) experienced a growth acceleration in 2011-17. This paper identifies the determinants of this growth by combining country-specific information with the results of a cross-country regression model. Growth was characterized by capital accumulation and driven by structural factors, including financial deepening and infrastructure development. What sets WAEMU countries apart from other African countries is the very sharp increase in private sector credit supporting private investment. This was facilitated by a prudent and accommodative regional monetary policy and improved financial regulation. Pro-cyclical fiscal policies supported public infrastructure investment but led to a buildup of public debt. Going forward, growth may lose some steam, given the renewed policy emphasis on fiscal consolidation and monetary tightening.
en
dc.identifier
http://documents.worldbank.org/curated/en/121941545063971962/Explaining-the-WAEMU-Growth-Spurt-The-Role-of-Financial-Deepening-and-Macro-Policy
dc.identifier.uri
http://hdl.handle.net/10986/31077
dc.language
English
dc.publisher
World Bank, Washington, DC
dc.relation.ispartofseries
Policy Research Working Paper;No. 8675
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo
dc.subject
ECONOMIC GROWTH
dc.subject
MACROECONOMIC POLICY
dc.subject
DETERMINANTS OF GROWTH
dc.subject
FINANCIAL SERVICES
dc.subject
FINANCIAL INCLUSION
dc.subject
DEEP INTEGRATION
dc.subject
MONETARY UNION
dc.subject
PRIVATE INVESTMENT
dc.subject
FINANCIAL REGULATION
dc.subject
CYCLICAL POLICY
dc.subject
INFRASTRUCTURE INVESTMENT
dc.subject
PUBLIC DEBT
dc.title
Explaining the WAEMU Growth Spurt
en
dc.title.subtitle
The Role of Financial Deepening and Macro Policy
en
dc.type
Working Paper
en
okr.date.disclosure
2018-12-17
okr.doctype
Policy Research Working Paper
okr.doctype
Publications & Research
okr.docurl
http://documents.worldbank.org/curated/en/121941545063971962/Explaining-the-WAEMU-Growth-Spurt-The-Role-of-Financial-Deepening-and-Macro-Policy
okr.googlescholar.linkpresent
yes
okr.identifier.doi
10.1596/1813-9450-8675
okr.identifier.externaldocumentum
090224b0867ac51c_2_0
okr.identifier.internaldocumentum
30702230
okr.identifier.report
WPS8675
okr.imported
true
en
okr.language.supported
en
okr.pdfurl
http://documents.worldbank.org/curated/en/121941545063971962/pdf/WPS8675.pdf
en
okr.region.administrative
Africa
okr.region.country
Benin
okr.region.country
Burkina Faso
okr.region.country
Cote d'Ivoire
okr.region.country
Guinea-Bissau
okr.region.country
Mali
okr.region.country
Niger
okr.region.country
Senegal
okr.region.country
Togo
okr.region.geographical
West Africa
okr.unit
Macroeconomics, Trade and Investment Global Practice
okr.volume
1

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