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Finance and Trade in Africa : Macroeconomic Response in the World Economy Context - Alemayehu Geda

Finance and Trade in Africa

Macroeconomic Response in the World Economy Context

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What constraints do history and the global economy place upon Africa's economic development? To answer this question, Alemayehu Geda offers a new study of international finance and trade in Africa using a global macro model focused on the region. A unique study of the African continent, this book offers development economists and policymakers an innovative alternative to the IMF and World Bank's framework for national development strategy.

'In this book, Alemayehu Geda provides the basis for a textbook for advanced African students of economics that would take them beyond the one-country technical and dependency political perspectives...He builds a simulation model of the region, which is a tour de force, not only in technical terms, but also as an alternative interpretation of reality.' - Valpy FitzGerald, University of Oxford, QEH



'Finance and Trade in Africa is a milestone in the debate over that continent's underdevelopment, and what should be the strategy to overcome that underdevelopment. Perhaps nowhere else has the link between debilitating external factors and Africa's poverty been made so rigorously and clearly. This book offers a powerful challenge to he neoclassical orthodoxy'. - John Weeks, University of London, School of Oriental and African Studies



'While recognizing the importance of domestic factor in influencing the rather dismal economic performance of African countries generally, Alemayehu Geda emphasizes the role of external trade and finance in this record. Yes, governance must be improved, according to the popular paradigm of today; but no, let us not forget the importance of the international dimension either, thanks to Alemayehu Geda's excellent account.' - A.K. Fosu, Director of Research, African Economic Research Consortium, Nairobi



'Better understanding of globalization requires a rigorous analysis of world trade and financial linkages. It could be argued that Africa in many senses is a small player in global markets, yet it seems important enough to be considered a 'missing link' in the typical world economic models. This book makes up for that omission and, through highly realistic modelling; Alemayehu Geda reveals both the obvious relevance to the global economy to Africa's economic development and the less obvious relevance of Africa to the understanding of global economic interactions.' - Rob Vos, Institute of Social Studies, The Hague

List of Tables and Diagrams
List of Acronyms and Abbreviations
Series Editor's Preface
Acknowledgements
Introductionp. 1
Background to African Debt and Macro Policy Debatesp. 8
The Historical Origin of Africa's Economic Linkage with the Northp. 16
Trade, Finance and Development in a Global Contextp. 34
Finance Theories, North-South Modelling and the African Contextp. 35
International Trade Theories and their Relevance in Modelling Africap. 52
The Macroeconomics of Africa: Import Compression and External Financep. 87
A Cursory Look at Some Macro Models of Africap. 88
Some Basic Issues in African Macroeconomicsp. 100
Determinants of Foreign Exchange Supplyp. 110
Determinants of Financial Flows to Africa: Econometric Resultsp. 111
Determinants of African Export Supplyp. 119
African Exports in a Global Contextp. 162
External Finance and the African Economy: A Macro Approachp. 173
The Fiscal Response to External Financep. 173
Aid and the 'Dutch Disease' in Africap. 198
Private Investment and Import Compression: Econometric Resultsp. 220
Modelling Africa Within a Global Economic Frameworkp. 227
Basic Theoretical Modelsp. 228
Standard North-South Linkagesp. 242
Summing Upp. 257
Africa within a North-South Framework: A Neostructuralist Global Econometric Model (AFRIMOD)p. 258
The Effect on Africa of External Shocks Generated in Developed Countriesp. 292
World Accounting Matrices (WAM) as Database for AFRIMODp. 292
Model Solution Algorithm and Stability Conditionsp. 295
Analysis of External Shocks and Policy Simulations Using AFRIMODp. 301
Concluding Remarksp. 324
Appendicesp. 331
Notesp. 353
Referencesp. 380
Indexp. 414
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9780333977224
ISBN-10: 033397722X
Series: International Finance and Development
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 427
Published: 22nd May 2002
Country of Publication: GB
Dimensions (cm): 21.59 x 14.61  x 3.18
Weight (kg): 0.82
Edition Number: 1