Current Account Deficits in Africa: Stylized Facts and Basic Determinants

César Calderón · Alberto E. Chong · Luisa Zanforlin

47 citations0/0 files storedEconomic Development and Cultural Change

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Global Financial Crisis and Policies Monetary Policy and Economic Impact Economic Theory and Policy

Abstract

This article analyzes the behavior of current account deficits in Africa. The findings are that deficits are (i) not very persistent; (ii) positively linked with domestic growth; (iii) strongly linked with public (and private) savings, suggesting that fiscal consolidation in IMF‐supported programs may be relatively effective; (iv) linked with aid flows, so as to close the external gap; and (v) linked with currency depreciation and the terms of trade.

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1991Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations 1995Another look at the instrumental variable estimation of error-components models 1995Initial conditions and moment restrictions in dynamic panel data models 1980Domestic Saving and International Capital Flows 1999Explaining African Economic Performance 1995The Terms of Trade, the Real Exchange Rate, and Economic Fluctuations 2002Medium-term determinants of current accounts in industrial and developing countries: an empirical exploration 2014Handbook of International Economics

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