Adjustment and long-run economic performance in 18 African countries
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Adjustment and long-run economic performance in 18 African countries. / Gebregziabher, Fiseha.
I: Journal of International Development, Bind 27, Nr. 2, 01.03.2015, s. 170-196.Publikation: Bidrag til tidsskrift › Tidsskriftartikel › Forskning › fagfællebedømt
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TY - JOUR
T1 - Adjustment and long-run economic performance in 18 African countries
AU - Gebregziabher, Fiseha
PY - 2015/3/1
Y1 - 2015/3/1
N2 - This paper investigates the link between IMF-World Bank stabilisation-cum-structural adjustment programs and long-run economic performance in 18 African countries on a country-specific basis for the period 1960-2009. We employ a structural break approach to study the impact on long-run growth trajectories of the introduction of adjustment programs. The analysis reveals that only few countries have shown positive and sustained results. The traditional (first-generation) Fund-Bank adjustment package is linked with sustained increase in Gross Domestic Product, export and investment growth rates only in two countries (Ghana and Uganda). Many African economies remained on their pre-reform growth paths whereas some others experienced growth deceleration, despite more-than-a-decade-long adjustment. Taken as a whole, countries in the CFA franc currency zone fared much worse than their non-CFA counterparts because of the different adjustment strategies pursued.
AB - This paper investigates the link between IMF-World Bank stabilisation-cum-structural adjustment programs and long-run economic performance in 18 African countries on a country-specific basis for the period 1960-2009. We employ a structural break approach to study the impact on long-run growth trajectories of the introduction of adjustment programs. The analysis reveals that only few countries have shown positive and sustained results. The traditional (first-generation) Fund-Bank adjustment package is linked with sustained increase in Gross Domestic Product, export and investment growth rates only in two countries (Ghana and Uganda). Many African economies remained on their pre-reform growth paths whereas some others experienced growth deceleration, despite more-than-a-decade-long adjustment. Taken as a whole, countries in the CFA franc currency zone fared much worse than their non-CFA counterparts because of the different adjustment strategies pursued.
KW - Adjustment programs
KW - CFA franc countries
KW - IMF
KW - Multivariate cointegration
KW - Sub-Saharan Africa
KW - World Bank
U2 - 10.1002/jid.3056
DO - 10.1002/jid.3056
M3 - Journal article
AN - SCOPUS:84923857964
VL - 27
SP - 170
EP - 196
JO - Journal of International Development
JF - Journal of International Development
SN - 0954-1748
IS - 2
ER -
ID: 160126068