Economic Fluctuations in Sub-Saharan Africa

Abstract

Cover -- Contents -- 1 Introduction -- 2 Data -- 3 An overview of SSA economies -- 3.1 Income and Growth -- 3.2 The Structure of SSA economies: The Supply Side -- 3.3 The Structure of SSA Economies: The Demand Side -- 3.4 Financial Sector Development -- 3.5 The Balance of Payments, Capital Account Openness, and External Shocks -- 4 Assessing the Stylized Facts of Economic Fluctuations: Methodological Issues -- 5 Business Cycle Dynamics -- 5.1 Output Volatility -- 5.2 Volatility and Cyclicality of GDP Components -- 5.3 Comovement Across GDP Components -- 5.4 Inflation and its Relation with Output Fluctuations -- 5.5 Is Volatility Related to Growth and Inflation Performances? -- 6 Conclusions and Discussion -- References -- Appendix -- A Data Sources and Country Coverage -- List of Tables -- 1 Number of Countries Covered in Each Group -- 2 Income per Capita (Median Values) -- 3 Median Real Output Growth and Inflation Rates -- 4 GDP by Sectors (Median Values) -- 5 Demand Components in Percent of GDP (Median Values) -- 6 Financial Sector Development (Median Values) -- 7 Balance of Payment Indicators (Median Values) -- 8 De Jure Capital Account Openness (Median Values) -- 9 Sovereign Assets and Liabilities (Median Values) -- 10 Real Output - Median Volatility and Persistence -- 11 Standard Deviations of Key Macroeconomic Variables relative to that of Real Output and Correlations of Real Output with Leads and Lags of the Same Variables (Detrending Method: HP100) -- 12 Standard Deviations of Key Macroeconomic Variables relative to that of Real Output and Correlations of Real Output with Leads and Lags of the Same Variables (Detrending Method: HP100) -- 13 Correlations of Key Macroeconomic Variables (Detrending Method: HP100) -- 14 Inflation - Median Volatility and Persistence -- A.1 Data Sources -- A.2 Country Coverage -- List of Figures.