The impact of terms of trade and real exchange rate volatility on investment and growth in sub-Saharan Africa
The impact of terms of trade and real exchange rate volatility on investment and growth in sub-Saharan Africa
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DOI：
10.1016/s0304-3878(01)00147-x
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发表时间：
2001-08-01
影响因子：
5
通讯作者：
Greenaway, D
中科院分区：
文献类型：
--
作者：
Bleaney, M;Greenaway, D
初级产品出口的专业化降低了增长，但为什么呢？初级产品价格的不利趋势和巨大差异是可能的解释。1980-1995年期间，估计了撒哈拉以南非洲14个国家的贸易条件和真实的有效汇率的水平和波动对投资和增长的影响。贸易条件不稳定对增长产生不利影响，真实的汇率不稳定对投资产生不利影响。当贸易条件改善和消除真实的汇率高估时，增长和投资都会增加。(C)2001 Elsevier Science B. V.保留所有权利。
Specialization in primary product exports reduces growth, but why? Adverse trends in, and the high variance of, primary product prices are possible explanations. The impact on investment and growth of the level and volatility of the terms of trade and the real effective exchange rate is estimated for a panel of 14 sub-Saharan African countries over 1980-1995. Growth is negatively affected by terms of trade instability, and investment by real exchange rate instability. Both growth and investment increase when the terms of trade improve and real exchange rate overvaluation is eliminated. (C) 2001 Elsevier Science B.V. All rights reserved.