TY  - BOOK
AU  - Fofack,Hippolyte
AU  - Fofack,Hippolyte
TI  - Fiscal Adjustment and Growth in Sub-Saharan Africa: Overview and Lessons From the Current Downturn 
PY  - 2010///
CY  - Washington, D.C.
PB  - The World Bank
KW  - Balance of payments
KW  - Balance of payments crisis
KW  - Capital investments
KW  - Current account deficits
KW  - Debt Markets
KW  - Developing countries
KW  - Economic Stabilization
KW  - Economic Theory & Research
KW  - Expenditure
KW  - Finance and Financial Sector Development
KW  - Financial crisis
KW  - Fiscal Adjustment
KW  - Fiscal deficit
KW  - Fiscal policy
KW  - Government budget
KW  - Government budget deficits
KW  - Government budgets
KW  - Government deficits
KW  - Government spending
KW  - International Bank
KW  - Living standards
KW  - Macroeconomic stabilization
KW  - Macroeconomics and Economic Growth
KW  - Negative shocks
KW  - Public investments
KW  - Public Sector Development
KW  - Public Sector Expenditure Policy
KW  - Tax
N2  - 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
UR  - http://elibrary.worldbank.org/doi/book/10.1596/1813-9450-5306
ER  -