Macroeconomic Volatility, Trade and Financial Liberalization in Africa

被引:46
作者
Ahmed, Abdullah D. [1 ]
Suardi, Sandy [2 ]
机构
[1] Victoria Univ Technol, Melbourne, Vic 3000, Australia
[2] La Trobe Univ, Bundoora, Vic 3086, Australia
关键词
macroeconomic volatility; trade and financial liberalization; Sub-Saharan Africa; Bostwana; financial development; institutions; PANEL-DATA; FISCAL-POLICY; GROWTH; INSTABILITY; INFLATION; FLUCTUATIONS; MODELS; CYCLES; IMPACT;
D O I
10.1016/j.worlddev.2009.03.009
中图分类号
F0 [经济学]; F1 [世界各国经济概况、经济史、经济地理]; C [社会科学总论];
学科分类号
0201 ; 020105 ; 03 ; 0303 ;
摘要
This paper examines the effects of financial and trade liberalization on growth volatility of real output and consumption in Africa. Our results Suggest trade liberalization is associated with greater output and consumption growth volatility while financial liberalization increases the efficacy of consumption smoothing and stabilizes income and consumption growth. In addition, we find financial market depth and institutional quality operate jointly with trade and financial openness to reduce volatility in output and consumption growth. There is also evidence that good institutions which foster low inflation levels and volatility promote consumption and output growth stability. (C) 2009 Elsevier Ltd. All rights reserved.
引用
收藏
页码:1623 / 1636
页数:14
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