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Fiscal Adjustment and Growth in Sub-Saharan Africa : Overview and Lessons from the Current Downturn

ACCRUAL BUDGETING AGGREGATE DEMAND ALLOCATION ALLOCATION OF RESOURCES ARTICLE AUTOMATIC STABILIZER AUTOMATIC STABILIZERS BALANCE OF PAYMENT BALANCE OF PAYMENTS BALANCE OF PAYMENTS CRISES BALANCE OF PAYMENTS CRISIS BANK POLICY BASIC SOCIAL SERVICES BASIS POINTS BUDGET ALLOCATION BUDGET BALANCE BUDGET CONSTRAINT BUDGET DEFICIT BUDGETING BUSINESS CYCLE BUSINESS CYCLES CAPITA INCOME CAPITAL ACCUMULATION CAPITAL EXPENDITURE CAPITAL EXPENDITURES CAPITAL FORMATION CAPITAL INVESTMENTS CAPITAL STOCK COMPOSITION OF PUBLIC SPENDING CONTINGENT LIABILITIES COSTS OF GOVERNMENT CREDIT RATIONING CURRENCY CURRENT ACCOUNT DEFICITS CYCLICAL DEFICITS CYCLICAL FISCAL POLICY CYCLICAL POLICIES CYCLICAL POLICY DATA QUALITY DEBT BURDEN DEBT OVERHANG DEBT RELIEF DEBT SERVICES DEBT SERVICING DEFICIT FINANCING DEFICIT REDUCTION DEFICIT REDUCTIONS DEFICIT SPENDING DEVELOPING COUNTRIES DOMESTIC ARREARS DOMESTIC DEMAND DOWNWARD ADJUSTMENTS ECONOMIC DEVELOPMENT ECONOMIC DOWNTURN ECONOMIC DOWNTURNS ECONOMIC FORECASTS ECONOMIC GROWTH ECONOMIC GROWTH RATES ECONOMIC POLICIES ELASTICITIES EMERGING MARKET EMERGING MARKET ECONOMIES EXCHANGE RATE EXPENDITURE EXPENDITURE CUTS EXTERNAL DEBT EXTERNAL FINANCE EXTERNAL FINANCING FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL CRISIS FINANCIAL MARKETS FINANCIAL REPRESSION FINANCIAL STATISTICS FINANCIAL SYSTEM FISCAL ADJUSTMENT FISCAL ADJUSTMENTS FISCAL AUSTERITY FISCAL BALANCE FISCAL BALANCES FISCAL CONTRACTION FISCAL DEFICIT FISCAL DEFICITS FISCAL DISCIPLINE FISCAL EXPANSION FISCAL IMBALANCES FISCAL IMPACT FISCAL PERFORMANCE FISCAL POLICIES FISCAL POLICY FISCAL POSITION FISCAL STANCE FOREIGN DEBT GLOBALIZATION GOLDEN RULE GOVERNMENT BORROWINGS GOVERNMENT BUDGET GOVERNMENT BUDGET DEFICITS GOVERNMENT BUDGETS GOVERNMENT CONSUMPTION GOVERNMENT DEBT GOVERNMENT DEFICIT GOVERNMENT DEFICITS GOVERNMENT EXPENDITURE GOVERNMENT EXPENDITURES GOVERNMENT INVESTMENT GOVERNMENT LIABILITIES GOVERNMENT OUTLAYS GOVERNMENT REVENUE GOVERNMENT REVENUES GOVERNMENT SPENDING GOVERNMENT SUBSIDIES HIGHER DEFICIT HIGHER INFLATION HUMAN CAPITAL HUMAN DEVELOPMENT INCOME GROWTH INCOME INEQUALITY INCOME TAXES INFLATION INFLATION RATE INFLATION TARGET INFLATIONARY PRESSURES INFRASTRUCTURE PROJECTS INSTRUMENT INTEREST PAYMENTS INTEREST RATE INTEREST RATE ADJUSTMENTS INTEREST RATES INTERNATIONAL BANK INTERNATIONAL FINANCE INTERNATIONAL STANDARDS INVESTING INVESTMENT EXPENDITURE INVESTMENT FUNCTION LIVING STANDARDS LOAN LOWER TAXES MACROECONOMIC FRAMEWORK MACROECONOMIC INSTABILITY MACROECONOMIC MODEL MACROECONOMIC POLICY MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MID-TERM REVIEW MONETARY FUND MONETARY POLICY NATURAL RESOURCES NEGATIVE SHOCKS NET LENDING NET PRESENT VALUE OPERATIONAL BALANCE OPERATIONAL DEFICIT OPERATIONAL MEASURES OPPORTUNITY COSTS PERFORMANCE OF GOVERNMENT POLICY RESPONSES POVERTY REDUCTION POVERTY REDUCTION STRATEGIES POVERTY REDUCTION STRATEGY POVERTY REDUCTION SUPPORT PRIVATE CAPITAL PRIVATE INVESTMENT PRIVATE INVESTMENTS PRIVATE SAVINGS PRIVATE SECTOR PROGRAM IMPLEMENTATION PROGRAMS PUBLIC CAPITAL PUBLIC CONSUMPTION PUBLIC DEBT PUBLIC DEFICITS PUBLIC ECONOMICS PUBLIC ENTERPRISES PUBLIC EXPENDITURE PUBLIC EXPENDITURES PUBLIC FINANCE PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC SECTOR PUBLIC SECTOR DEFICITS PUBLIC SPENDING REAL INTEREST REAL INTEREST RATES RECURRENT EXPENDITURES RESERVE RESERVE BANK RETURN RETURNS SIZE OF GOVERNMENT SOCIAL OUTCOMES SPILLOVER EFFECTS STABILIZATION PROGRAMS STRUCTURAL ADJUSTMENT STRUCTURAL DEFICIT STRUCTURAL DEFICITS TAX TAX BASE TAX COLLECTION TAX CUTS TAX REVENUE TAX REVENUES TAXATION WARRANTS
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Africa | Africa | Africa
2012-03-19T18:39:53Z | 2012-03-19T18:39:53Z | 2010-05-01

In light of the proliferation of exceptionally large fiscal stimuli to ward off the recession triggered by the 2008 global economic and financial crisis in most advanced economies, this paper revisits the fiscal adjustment and growth nexus in Sub-Saharan Africa. Using transfer functions, it quantifies expected losses in terms of aggregate output largely attributed to a systematic implementation of pro-cyclical expenditure switching and reducing policies to achieve low deficit targets throughout the decades of adjustments. The results consistently highlight a much higher predicted aggregate output under the hypothesized counter-cyclical fiscal expansion option. This consistent outcome suggests that the output gap would have been significantly smaller in the region if countries had drawn on stop-and-go policies of fiscal expansion to sustainably raise the stock of capital investments.

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