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  • Cyclical fiscal policy in Africa

    Author(s)
    Carmignani, Fabrizio
    Griffith University Author(s)
    Carmignani, Fabrizio
    Year published
    2010
    Metadata
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    Abstract
    This paper studies the role of fiscal policy for stabilization in African countries. Two empirical regularities are documented for the group of African economies. First, fiscal policy generally has Keynesian effects. Second, fiscal policy instruments are often pro-cyclical (and practically never counter-cyclical). Taken together these two empirical regularities indicate a major policy failure as they imply that fiscal policy is a cause of volatility and not a tool for stabilization. The paper then discusses policy options to make fiscal policy more conducive to stabilization.This paper studies the role of fiscal policy for stabilization in African countries. Two empirical regularities are documented for the group of African economies. First, fiscal policy generally has Keynesian effects. Second, fiscal policy instruments are often pro-cyclical (and practically never counter-cyclical). Taken together these two empirical regularities indicate a major policy failure as they imply that fiscal policy is a cause of volatility and not a tool for stabilization. The paper then discusses policy options to make fiscal policy more conducive to stabilization.
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    Journal Title
    Journal of Policy Modeling
    Volume
    32
    Issue
    2
    DOI
    https://doi.org/10.1016/j.jpolmod.2010.01.002
    Subject
    Economic Development and Growth
    Macroeconomics (incl. Monetary and Fiscal Theory)
    Time-Series Analysis
    Applied Economics
    Econometrics
    Policy and Administration
    Publication URI
    http://hdl.handle.net/10072/48313
    Collection
    • Journal articles

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