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Introduction to the Special Issue: Africa's Macroeconomic Vulnerabilities

Introduction to the Special Issue: Africa's Macroeconomic Vulnerabilities Journal of African Economies, 2016, Volume 25, number 4, 499–501 doi: 10.1093/jae/ejw010 Introduction Introduction to the Special Issue: Africa’s Macroeconomic Vulnerabilities a b Michael Bleaney and César Calderón a b School of Economics, University of Nottingham, UK, and Africa Region, World Bank, USA The last two decades have witnessed remarkable improvements in the economic perform- ance of Sub-Saharan African (SSA) countries amid a favourable external environment, pro- gress in macroeconomic management and robust public investment. SSA has experienced greater macroeconomic volatility than other regions of the world; despite the lower volatil- ity of the world economy during the Great Moderation, the volatility of growth rates in SSA remains much the same as before. In general, this greater volatility carries significant welfare costs for the countries in the region as they face more frequent and larger shocks, and have limited capacity to insure against fluctuations in domestic consumption or to share risks internationally (although ironically SSA’s lower levels of international financial integration have probably helped to insulate the region from the effects of the global finan- cial crisis). Historically, SSA has suffered from low-quality public institutions, widespread political instability and civil conflicts and exposure to terms-of-trade shocks. The improved growth http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of African Economies Oxford University Press

Introduction to the Special Issue: Africa's Macroeconomic Vulnerabilities

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References (2)

Publisher
Oxford University Press
Copyright
© The Author 2016. Published by Oxford University Press on behalf of the Centre for the Study of African Economies. All rights reserved. For permissions, please email: journals. permissions@oup.com
ISSN
0963-8024
eISSN
1464-3723
DOI
10.1093/jae/ejw010
Publisher site
See Article on Publisher Site

Abstract

Journal of African Economies, 2016, Volume 25, number 4, 499–501 doi: 10.1093/jae/ejw010 Introduction Introduction to the Special Issue: Africa’s Macroeconomic Vulnerabilities a b Michael Bleaney and César Calderón a b School of Economics, University of Nottingham, UK, and Africa Region, World Bank, USA The last two decades have witnessed remarkable improvements in the economic perform- ance of Sub-Saharan African (SSA) countries amid a favourable external environment, pro- gress in macroeconomic management and robust public investment. SSA has experienced greater macroeconomic volatility than other regions of the world; despite the lower volatil- ity of the world economy during the Great Moderation, the volatility of growth rates in SSA remains much the same as before. In general, this greater volatility carries significant welfare costs for the countries in the region as they face more frequent and larger shocks, and have limited capacity to insure against fluctuations in domestic consumption or to share risks internationally (although ironically SSA’s lower levels of international financial integration have probably helped to insulate the region from the effects of the global finan- cial crisis). Historically, SSA has suffered from low-quality public institutions, widespread political instability and civil conflicts and exposure to terms-of-trade shocks. The improved growth

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Journal of African Economies – Oxford University Press

Published: Aug 1, 2016

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