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Africa at a Turning Point? : Growth, Aid, and External Shocks

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World Bank (WB)

Abstract: This book is a collection of essays that seeks to answer three interrelated sets of questions about Africa's recent growth recovery. The first set of essays addresses questions about the drivers and durability of Africa's growth. How different is current economic performance compared to Africa's long history of boom-bust cycles? Have African countries learned to avoid past mistakes and pursued the right policies? How much of the current performance depends on good luck such as favorable commodity prices or the recovery of external assistance and how much depends on hard-won economic policy reforms. A second set of essays looks at the role of donor flows. External assistance plays a larger role in Africa's growth story than in any other part of the developing world. As a result, the economic management of external assistance is a major public policy challenge, and donor behavior is a significant source of external risk. The third set of essays looks at questions arising from commodity price shocks especially from changes in the price of oil. Relative to factors such as policy failures, conflicts, and natural disasters, how important are commodity price shocks in explaining output variability in African countries? Compared to the oil price shocks in the 1970s, why have recent higher oil prices apparently had less impact on Africa's growth? Oil is also now an important source of revenue for several oil exporting countries in Africa; what are the economic challenges faced by those countries? How should one analyze the macroeconomic and distributional impact of external and oil price shocks? As the essays in this volume show, laying the policy and institutional basis for longer-term growth, managing volatile commodity prices and aid flows, and turning growth in average incomes into growth in all incomes remain formidable but manageable challenges if Africa is to reach its turning point.
Type: Publications & Research :: Publication
Publications & Research :: Publication
Link: 978-0-8213-7277-7
http://hdl.handle.net/10986/6421
Subject: ACCOUNTABILITY
ADVERSE IMPACT
AGGREGATE LEVEL
AGGREGATE OUTPUT
AGRICULTURE
AID EFFECTIVENESS
ANNUAL CHANGE
ANNUAL GROWTH
AUTOREGRESSION
AVERAGE GROWTH
AVERAGE GROWTH RATE
AVERAGE GROWTH RATES
AVERAGE INCOME
AVERAGE INCOMES
BAD GOVERNANCE
BENCHMARKING
BONDS
BUSINESS CYCLE
CAPITA GROWTH
CAPITAL FLOWS
CAPITAL MARKETS
CASE STUDIES
COMPETITIVE EXCHANGE
COMPETITIVE EXCHANGE RATE
CONSUMER PRICE
CONSUMER PRICE INDEX
COPYRIGHT CLEARANCE
COPYRIGHT CLEARANCE CENTER
CORRELATION ANALYSIS
CORRELATION COEFFICIENT
CORRELATION COEFFICIENTS
CORRUPTION
COSTS OF PRODUCTION
COUNTRY CASE
COUNTRY DATA
COUNTRY LEVEL
CRIME
DEBT
DEBT RELIEF
DECLINING WAGES
DESCRIPTIVE STATISTICS
DEVELOPING COUNTRIES
DEVELOPING REGIONS
DEVELOPING WORLD
DEVELOPMENT ASSISTANCE
DEVELOPMENT GOALS
DEVELOPMENT INDICATORS
DIRECT INVESTMENT
DISTRIBUTIONAL IMPACT
DIVERSIFICATION
DONOR AID
DYNAMIC RESPONSES
ECONOMIC BOOM
ECONOMIC CONDITIONS
ECONOMIC CONTRACTIONS
ECONOMIC DEVELOPMENT
ECONOMIC EXPANSION
ECONOMIC GROWTH
ECONOMIC MANAGEMENT
ECONOMIC OUTLOOK
ECONOMIC PERFORMANCE
ECONOMIC POLICY
ECONOMIC PROGRESS
ECONOMIC SECTORS
ELASTICITY
ELASTICITY OF SUBSTITUTION
EMPIRICAL STUDIES
EXCHANGE RATE REGIME
EXCHANGE RATES
EXPORT DIVERSIFICATION
EXPORTS
EXTERNAL SHOCKS
FINANCIAL FLOWS
FINANCIAL MANAGEMENT
FISCAL POLICIES
FISCAL POLICY
FLUCTUATIONS
FOREIGN AID
FOREIGN EXCHANGE
GDP
GDP DEFLATOR
GDP PER CAPITA
GOVERNANCE INDICATORS
GOVERNMENT CONSUMPTION
GOVERNMENT EFFECTIVENESS
GOVERNMENT SPENDING
GROSS DOMESTIC PRODUCT
GROWTH EPISODE
GROWTH PATH
GROWTH PATTERN
GROWTH PERFORMANCE
GROWTH PROSPECTS
GROWTH RATE
GROWTH RATES
GROWTH STANDARD DEVIATION
GROWTH VOLATILITY
HIGH GROWTH
HIGH INFLATION
HOUSEHOLD EXPENDITURES
HOUSEHOLD INCOME
HUMAN DEVELOPMENT
INCOME DISTRIBUTION
INCOME GROWTH
INCOME GROWTH RATE
INCOME LEVEL
INCOME LEVELS
INDIVIDUAL COUNTRIES
INEQUALITY
INFANT MORTALITY
INFLATION
INPUT-OUTPUT
INSTITUTIONAL ENVIRONMENT
INSTITUTIONAL PERFORMANCE
INTEREST RATES
INTERNAL FACTORS
INTERNATIONAL COUNTRY RISK GUIDE
INTERNATIONAL DEVELOPMENT
INTERNATIONAL MONETARY FUND
INVESTMENT RATES




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