Public Policies and Private Savings and Investment in Sub-Saharan Africa [electronic resource] : An Empirical Investigation / Dhaneshwar Ghura.
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TextSeries: IMF Working Papers; Working Paper ; No. 95/19Publication details: Washington, D.C. : International Monetary Fund, 1995Description: 1 online resource (48 p.)ISBN: 1451922523 :ISSN: 1018-5941Subject(s): Correlation | Dummy Variables | Equation | Private Investment | Standard Deviation | Comoros | Congo, Democratic Republic of the | Equatorial Guinea | Guinea | NamibiaAdditional physical formats: Print Version:: Public Policies and Private Savings and Investment in Sub-Saharan Africa : An Empirical InvestigationOnline resources: IMF e-Library | IMF Book Store Abstract: This paper assesses empirically the role of public policies in stimulating private savings and investment in sub-Saharan African countries, based on data for the period 1986-92. The main findings of the analysis are as follows: (i) policies effective in stimulating private savings and investment include those that keep the rate of inflation low, reduce macroeconomic uncertainty, promote financial deepening, and lower the external debt burden; (ii) measures that promote structural reforms and reduce the budget deficit (without lowering government investment) help to raise private investment; and (iii) declines in government savings are only partially offset by increases in private savings.
This paper assesses empirically the role of public policies in stimulating private savings and investment in sub-Saharan African countries, based on data for the period 1986-92. The main findings of the analysis are as follows: (i) policies effective in stimulating private savings and investment include those that keep the rate of inflation low, reduce macroeconomic uncertainty, promote financial deepening, and lower the external debt burden; (ii) measures that promote structural reforms and reduce the budget deficit (without lowering government investment) help to raise private investment; and (iii) declines in government savings are only partially offset by increases in private savings.
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