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

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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Washington, DC : World Bank
Africa
2012-05-25T15:01:13Z | 2012-05-25T15:01:13Z | 2008

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.

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