|
on Africa |
| By: | Francois Boutin-Dufresne; Santiago Peña; Oral Williams; Tomasz A. Zawisza |
| Abstract: | This paper examines the determinants of net interest margins in four regional blocks in Sub-Saharan Africa and one comparator block in the Eastern Caribbean. Using bank-level data, we find that countries with a high level of operating costs, a high ratio of equity to total assets and high treasury bill interest rates have higher net interest margins. Moreover, high operating costs are associated with low measures of institutional quality and a small size of bank operations. We find support for the view that market structure is also partly responsible for high net interest margins in Sub-Saharan Africa. If interpreted causally, high operating costs and a high ratio of equity to total assets and, indirectly, institutional factors such as the rule of law, are the most important factors in accounting for high interest margins in the East African Community, relative to other regions. |
| Keywords: | Banking sector;Sub-Saharan Africa;Interest rates;Cross country analysis;Financial intermediation efficiency, net interest margins, economies of scale, institutions. |
| Date: | 2013–02–26 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:13/51&r=afr |
| By: | Sukati, Mphumuzi |
| Abstract: | This paper investigates the concept of vector autoregression (VAR) and cointegration using a bivariate model of global oil prices and headline Consumer Price Index (CPI) in South Africa. The study aims to determine how much of inflation is driven by oil prices. Particular attention is paid to the theoretical underpinnings of cointergration analysis and the application of STATA software to undertake such analysis and perform test statistics. Contrary to the popular myth that a rise in global oil prices fuels inflation, this study has observed that global oil prices are not the drivers of inflation in South Africa. In this way, other macroeconomic indicators and policy developments need to be integrated in analyzing the determinants of South African inflation. |
| Keywords: | Consumer Price Index, Oil Prices, Vector Autoregression, Cointegration, STATA Software, South Africa |
| JEL: | E51 E6 E64 E65 |
| Date: | 2013–09–13 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:49797&r=afr |
| By: | Facchini, Giovanni; Mayda, Anna Maria; Mendola, Mariapia |
| Abstract: | Using census data for 1996, 2001 and 2007 we study the labor market effect of immigration to South Africa. The paper contributes to a small but growing literature on the impact of South-South migration by looking at one of the most attractive destinations for migrant workers in Sub--Saharan Africa. We exploit the variation -- both at the district level and at the national one -- in the share of foreign--born male workers across schooling and experience groups over time. At the district level, we estimate that increased immigration has a negative and significant effect on natives' employment rates -- and that this effect is more negative for skilled and white South African native workers -- but not on total income. These results are robust to using an instrumental variable estimation strategy. At the national level, we find that increased immigration has a negative and significant effect on natives' total income but not on employment rates. Our results are consistent with outflows of natives to other districts as a consequence of migration, as in Borjas (2006). |
| Keywords: | Immigration; Labor market effects; South Africa |
| JEL: | F22 J61 |
| Date: | 2013–04 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:9450&r=afr |
| By: | d'Agostino, Giorgio; Pieroni, Luca; Scarlato, Margherita |
| Abstract: | This paper evaluates the effects of cash transfer (CT) programmes introduced during the 1990s and 2000s on food security in a sample of sub-Saharan African countries. We apply the synthetic control method to compare changes in the post-intervention food insecurity trajectories of economies affected by CT programmes relative to their unaffected counterparts. The results suggest that CT programmes exert differential effects on the prevalence of undernourishment. Although the estimates in the upper-middle income countries in our sample show mixed effects for the application of CT programmes on food insecurity, these effects appear to be important in low-income and fragile sub-Saharan countries. Robustness analysis via placebo experiments confirms the soundness of our results, and their implications for policymakers are discussed. |
| Keywords: | Sub-Saharan Africa, food security, social protection |
| JEL: | O13 Q1 Q18 |
| Date: | 2013–09–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:49536&r=afr |
| By: | International Monetary Fund. African Dept. |
| Keywords: | Poverty Reduction Strategy Papers;Political economy;Economic growth;Sustainable development;Governance;Agricultural sector;Education;Health care;HIV and AIDS;Gender equality;Public investment;Infrastructure;Environment;Mali; |
| Date: | 2013–05–08 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:13/111&r=afr |
| By: | Léonce Ndikumana |
| Abstract: | This paper examines the role that institutions have played in the performance of African economies over the past decades. It discusses the institutional changes needed to enable African countries to reach inclusive development in the near future. The paper starts from the premise that growth and development are the outcomes of policy choices, which in turn are the outcome of a complex process of political negotiation among various stakeholders – both domestic and foreign – who have interests that may be divergent. In other words, policy choices and the resulting development outcomes constitute a political equilibrium. It is therefore important to understand how such political equilibria arise, how they persist, and how they can be shaped or altered to achieve national goals.� Understanding the forces that govern policy making and the factors that drive growth and its distributional impact can shed light on how African countries can definitively overcome secular low growth and pervasive inequities; in other words how they can overcome low-development political equilibrium and achieve inclusive development. � |
| Keywords: | political equilibrium; Africa; institutions; growth |
| JEL: | O1 O55 O11 O43 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:uma:periwp:wp331&r=afr |
| By: | International Monetary Fund. African Dept. |
| Keywords: | Banking sector;International banking;Liquidity;Bank supervision;Central bank role;Financial Sector Assessment Program;Nigeria; |
| Date: | 2013–05–28 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:13/142&r=afr |
| By: | International Monetary Fund. African Dept. |
| Keywords: | Economic growth;Agricultural sector;Forestry;Mining sector;Private sector;Education;Health care;HIV and AIDS;Environment;Climatic changes;Governance;Poverty Reduction Strategy Papers;Congo, Democratic Republic of the; |
| Date: | 2013–07–23 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:13/226&r=afr |
| By: | International Monetary Fund. African Dept. |
| Keywords: | Extended Credit Facility;Fiscal policy;Fiscal reforms;Monetary policy;Exchange rate policy;Bank supervision;Economic indicators;Staff Reports;Press releases;Performance criteria waivers;Performance criteria modifications;Malawi; |
| Date: | 2013–05–20 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:13/119&r=afr |
| By: | International Monetary Fund. African Dept. |
| Keywords: | Securities regulations;Securities markets;Securities legislation;Reports on the Observance of Standards and Codes;Financial Sector Assessment Program;Nigeria; |
| Date: | 2013–05–28 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:13/144&r=afr |
| By: | Poulsen, Jonas (Uppsala Center for Fiscal Studies) |
| Abstract: | The African National Congress (ANC) can look back on eighty years of struggle which resulted in the liberation of black Africans, the creation of a democratic constitution and free elections. However, the last twenty years of ANC rule has been criticized for the failure to bring higher living standards for the formerly oppressed. With the party's dominance and the challanges facing South Africa in mind, I estimate the effect of ANC power in municipalities on economic, social and budgetary outcomes. To estimate the causal effect of the party, this paper uses an instrumental variable approach developed by Freier & Odendahl (2012) and a regression discontinuity design. Taken together, the results point to an adverse effect of the party: less is spent on repairs and water provision which in turn may explain why ANC power seems to lower the share of individuals who have access to piped water and electricity. Further, more resources are used on municipal employees and the councillors themselves, while I find suggestive evidence of an increase in the poverty rate due to the party. Lastly, although being their major political support, we cannot conclude that the ANC affects black African's living standards. From the IV analysis, I find indications that oppositional parties many times have a more positive impact on outcomes as they gain power at the expence of the ANC. |
| Keywords: | ANC; party effects; instrumental variable; regression discontinuity; South Africa |
| JEL: | H11 N47 O12 |
| Date: | 2013–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:uufswp:2013_010&r=afr |
| By: | International Monetary Fund. African Dept. |
| Keywords: | Policy Support Instrument;Fiscal policy;Government expenditures;Revenue mobilization;Fiscal reforms;Tax reforms;Energy sector;Economic indicators;Debt sustainability analysis;Staff Reports;Press releases;Performance criteria modifications;Senegal; |
| Date: | 2013–06–24 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:13/170&r=afr |
| By: | International Monetary Fund. African Dept. |
| Keywords: | Poverty Reduction Strategy Papers;Economic growth;Fiscal policy;Fiscal consolidation;Social safety nets;Fiscal reforms;Agricultural sector;Manufacturing sector;Transport;Education;Health care;HIV and AIDS;Governance;Niger; |
| Date: | 2013–04–30 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:13/106&r=afr |
| By: | International Monetary Fund. African Dept. |
| Keywords: | Financial sector;Banks;Islamic banking;Stress testing;Liquidity management;Bank supervision;Deposit insurance;Risk management;Payment systems;Anti-money laundering;Combating the financing of terrorism;Financial system stability assessment;Reports on the Observance of Standards and Codes;Nigeria; |
| Date: | 2013–05–28 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:13/140&r=afr |
| By: | International Monetary Fund. African Dept. |
| Keywords: | Policy Support Instrument;Fiscal policy;Revenue mobilization;Monetary policy;Flexible exchange rate policy;Debt sustainability analysis;Economic indicators;Staff Reports;Press releases;Rwanda; |
| Date: | 2013–06–25 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:13/177&r=afr |
| By: | International Monetary Fund. African Dept. |
| Keywords: | Extended Credit Facility;Fiscal policy;External borrowing;Banking sector;Liquidity management;Bank supervision;Economic indicators;Staff Reports;Press releases; |
| Date: | 2013–07–15 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:13/208&r=afr |
| By: | Louise Roos |
| Abstract: | A number of methods and models have been used to analyse the economic impacts of HIV/AIDS. The overall consensus is that depending on the severity of the epidemic, HIV/AIDS holds serious negative consequences for economic growth and economic welfare. The aim of this paper is to give a broad overview of the methodologies used in analysing the economic impact of HIV/AIDS on various countries, including South Africa. The literature review is structured by method of analysis. For each method, selected papers are briefly described. This paper is set out as follows: Section 1 describes studies using econometric estimation. This method is useful in cross-country analysis and allows for the impact of the disease to be compared internationally. Section.2 describes studies applying country-specific macroeconometric models to examine the impact of HIV/AIDS. Section 3 describes the use of aggregate growth models. These models extend the Solow model, allowing HIV/AIDS to be captured via the reduction in employment and population growth. These country-specific models are useful in analysing the impact of HIV/AIDS on economic growth and per capita income. Section 4 describes the use of country-specific CGE models in the analysis of HIV/AIDS. Section 5 reviews other methods used for analysing the impact of HIV/AIDS on an economy. These methods include overlapping-generations models, demographic models and sector-specific analysis. The paper ends with concluding remarks. . |
| Keywords: | HIV/AIDS, Africa |
| JEL: | I19 O55 |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:cop:wpaper:g-233&r=afr |
| By: | International Monetary Fund. Fiscal Affairs Dept. |
| Keywords: | Public finance;Payment systems;Financial management;Accounting;Technical assistance missions;West African Economic and Monetary Union;Togo; |
| Date: | 2013–04–12 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:13/98&r=afr |
| By: | Holden, Stein (Centre for Land Tenure Studies, Norwegian University of Life Sciences); Bezu, Sosina (Centre for Land Tenure Studies, Norwegian University of Life Sciences) |
| Abstract: | This study aims to examine current land access and youth livelihood opportunities in Southern Ethiopia. Access to agricultural land is a constitutional right for rural residents of Ethiopia. We used survey data from the relatively land abundant districts of Oromia Region and from the land scarce districts of Southern Nations, Nationalities and Peoples’ (SNNP) Region. We found that youth in the rural south have limited potential to obtain agricultural land that can be a basis for viable livelihood. The law prohibits the purchase and sale of land in Ethiopia. We found that land access through allocation from authorities is virtually nonexistent while land that can be obtained from parents through inheritance or gift is too small to establish a meaningful livelihood. The land rental market has restrictions, including on the number of years land can be rented out. Perhaps as a result of limited land access, the youth have turned their back on agriculture. Our study shows that only nine percent of youth in these rural areas plan to pursue farming. The majority are planning non-agricultural livelihoods. We also found a significant rural -urban migration among the youth and especially in areas with severe agricultural land scarcity. Our econometric analyses show that youth from families with larger land holding are less likely to choose non-agricultural livelihood as well as less likely to migrate to urban areas. We suggest here some measures to improve rural livelihood such as creation of non-farm employment opportunities and improvement of land rental markets. We also argue that as a certain level of rural-urban migration is unavoidable, investigating youth migration is essential to design policies that help the migrating youth as well as the host communities. |
| Keywords: | Youth unemployment; youth livelihood; rural livelihood; migration; Ethiopia |
| JEL: | J13 Q15 R23 |
| Date: | 2013–09–16 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:nlsclt:2013_011&r=afr |
| By: | Tensay, Teferi Mequaninte; Müller, Ulrike |
| Abstract: | We use Social Network Analysis (SNA) to investigate the networking and knowledge management in the coffee value chain in Ethiopian and Rwanda and its applicability to the agricultural innovation system (AIS). The AIS aims at putting farmers at the center of the knowledge management and innovation system. Results of the SNA show that farmers from both Ethiopia and Rwanda are not at the center of the innovation system. In the Ethiopian coffee value chain, cooperatives are at the center of the knowledge management and innovation system. In Rwanda, NGOs play a central role in the knowledge management... |
| Keywords: | Networks, Knowledge management, Innovations, Ethiopia, Rwanda, Agricultural and Food Policy, |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:ags:gewi13:156149&r=afr |
| By: | International Monetary Fund. African Dept. |
| Keywords: | Economic growth;Fiscal policy;Fiscal reforms;Monetary policy;Bank supervision;Economic indicators;Staff Reports;Press releases;Extended Credit Facility;Performance criteria waivers;Comoros; |
| Date: | 2013–06–19 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:13/167&r=afr |
| By: | Burgess, Robin; Jedwab, Remi; Miguel, Edward; Morjaria, Ameet; Padró i Miquel, Gerard |
| Abstract: | Ethnic favoritism is seen as antithetical to development. This paper provides credible quantification of the extent of ethnic favoritism using data on road building in Kenyan districts across the 1963-2011 period. Guided by a model it then examines whether the transition in and out of democracy under the same president constrains or exacerbates ethnic favoritism. Across the 1963 to 2011 period, we find strong evidence of ethnic favoritism: districts that share the ethnicity of the president receive twice as much expenditure on roads and have four times the length of paved roads built. This favoritism disappears during periods of democracy. |
| JEL: | D72 L92 O55 R48 |
| Date: | 2013–09 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:9627&r=afr |
| By: | Brittany Baumann; Kevin Gallagher |
| Abstract: | In the immediate aftermath of the global financial crisis, the world economy was characterized as experiencing a ‘two-speed’ recovery. Industrialized nations, where the crisis occurred, saw slow growth whereas many emerging market and developing countries grew significantly. These growth differentials, coupled with significant interest rate differentials across the globe, triggered significant flows of financial capital to the emerging market and developing countries. As a result, many countries experienced sharp appreciations of their currencies and associated concerns about the development of asset bubbles. This paper examines measures taken to mitigate the harmful effects of excessive capital flows in South Korea and South Africa. Each of these nations experienced similar surges in inflows with associated exchange rate and asset bubble woes, but each took quite different approaches in an attempt to mitigate those effects. South Korea devised a series of capital account regulations on the inflow of capital whereas South Africa liberalized their existing regulations on capital outflows. We econometrically analyze the effectiveness of these measures and find some limited evidence that both countries’ measures were successful in lessening the appreciation and volatility of their exchanges rates. These nations were less successful in stemming asset bubbles. |
| JEL: | E65 F32 F36 F41 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:uma:periwp:wp320&r=afr |
| By: | International Monetary Fund. African Dept. |
| Keywords: | Political economy;Economic growth;Fiscal policy;Revenue mobilization;Government expenditures;Fiscal reforms;Public enterprises;Debt sustainability analysis;Economic indicators;Staff Reports;Press releases;Extended Credit Facility;Performance criteria waivers;Comoros; |
| Date: | 2013–02–08 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:13/38&r=afr |
| By: | International Monetary Fund. African Dept. |
| Keywords: | Extended Credit Facility;Fiscal policy;Fiscal reforms;Tax reforms;Monetary policy;Bank supervision;Economic indicators;Debt sustainability analysis;Staff Reports;Press releases;Performance criteria waivers;Gambia, The; |
| Date: | 2013–05–28 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:13/139&r=afr |
| By: | Schultz Hansen, Kistian (Department of Global Health and Development); Hjernø Lesner, Tine (COHERE, Department of Budiness and Economics); Østerdal, Lars Peter (COHERE, Department of Business and Economics) |
| Abstract: | One of the most serious problems in the fight against malaria, especially in Africa, is the fact that many individuals suffering from malaria do not have easy access to effective antimalarials while at the same time a large proportion of people receiving antimalarials do not suffer from malaria. In order to improve access, a global price subsidy of 95% has been proposed for the most effective antimalarial, artemisininbased combination therapy (ACT). The objective of this proposal is to lower the consumer price on effective malaria medicine to increase access for, in particular, poor consumers. However, treatment of patients not suffering from malaria with antimalarials including ACTs has been proven widespread and a subsidy is likely to increase this overtreatment. This means waste of resources and will result in inflating the subsidy funds required. In addition, as has happened with older types of malaria medicine, treating nonmalarial fevers with malaria medicine may increase the risk of artemisinin resistance development. Diagnostic tests for malaria may have the potential for reducing overtreatment, but tests are expensive for the typical malaria treatmentseeking individual. In order to both increase access and reduce overtreatment we propose a subsidy on rapid diagnostic tests (RDTs) together with the ACT subsidy. The main objective of the paper is to investigate the optimal combination of subsidies that incentivises individuals suspecting themselves to have malaria to always test before buying an effective drug. We present a model that describes the health seeking behaviour of a representative individual using an expected utility framework. Based on numerical simulations of our model we find that a price reduction on RDTs is necessary to incentivise testing while at the same time, the subsidy on ACT can be lower than the proposed 95% without compromising access. The leastcost policy of the health policy maker is to subsidise both ACT and RDT, redirecting some of the subsidy money from ACT to RDT. |
| Keywords: | Health and economic development; public health; medical subsidy programmes; malaria; drug resistance |
| JEL: | H51 I15 O15 |
| Date: | 2013–09–10 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:sduhec:2013_008&r=afr |
| By: | Revoredo-Giha, Cesar; Arakelyan, Irina; Chalmers, Neil; Chitika, Rollins |
| Abstract: | Dairy is a key investment sector for the Government of Malawi. Advocacy institutions operating in the country have successfully lobbied for increasing the duty applied for powder milk, with the aim of improving the price received by farmers. It should be noted that whilst an increase of the price paid to farmers would rise their revenues (assuming the same amount of milk delivery), it might also bring additional blessings, in the sense that if farmers respond to prices, they may rise their revenues beyond the increase in prices, and furthermore, they would expand their delivery of milk to processors offsetting the imports of powder milk and reducing their idle capacity in factories. Hence, the purpose of this paper is to measure the responsiveness of the deliveries of milk at the milk bulking groups to prices paid to farmers (i.e., the elasticity of supply faced by processors). This is done using a unique dataset that comprises information by milk bulking group from January 2009 to February 2013. The results indicate that the supply of milk is price responsive. The price elasticity in the short term is equal to 0.6 and in the long term is 1.44. This indicates that farmers’ revenues not only benefit from an increase in the price of milk but also from the increase in the quantity produced. Furthermore, it indicates the possibility that domestic producers could offset imports of milk powder by processors, although answer to this requires further research. |
| Keywords: | Milk supply, autoregressive distributed lags, panel data., Food Consumption/Nutrition/Food Safety, International Relations/Trade, |
| Date: | 2013–07–09 |
| URL: | http://d.repec.org/n?u=RePEc:ags:srlewp:152214&r=afr |
| By: | Matthew Collin |
| Abstract: | This paper examines the relationship between ethnic heterogeneity and the demand for formal land tenure in urban Tanzania. Using a unique census of two highly-fractionalized unplanned settlements in Dar es Salaam, I show that households located near coethnics are significantly less likely to purchase a limited form of land tenure recently offered by the government. I attempt to address one of the chief concerns - endogenous sorting of households - by conditioning on a household’s choice of coethnics neighbors upon arrival in the neighborhood. I also find that coethnic residence predicts lower levels of perceived expropriation risk, but not perceived access to credit nor contribution to local public goods. These results suggest that close-knit ethnic groups may be less likely to accept state-provided goods due to their ability to generate reasonable substitutes, in this case protection from expropriation. The results are robust to different definitions of coethnicity and spatial cut-offs, controls for family ties and religious similarity as well as spatial fixed effects. Finally, the main result is confirmed using a large-scale administrative data-set covering over 20,000 land parcels in the city, exploiting ethnically-unique last names to predict tribal affiliation. |
| Keywords: | Ethnicity, Land tenure, Tanzania, Unplanned settlements |
| JEL: | J15 Q15 R23 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:csa:wpaper:2013/12&r=afr |
| By: | Robert Blotevogel |
| Abstract: | I propose a new approach to identifying exogenous monetary policy shocks in low-income countries with capital account restrictions. In the case of Mauritania, a domestic repatriation requirement is the key institutional characteristic that allows me to establish exogeneity. Unlike in advanced countries, I find no evidence for a statistically significant impact of exogenous monetary policy shocks on bank lending. Using a unique bank-level dataset on monthly balance sheets of six Mauritanian banks over the period 2006–11, I estimate structural vector autoregressions and two-stage least square panel models to demonstrate the ineffectiveness of monetary policy. Finally, I discuss how a reduction in banks’ loan concentration ratios and improvements in the liquidity management framework could make monetary stimuli more effective. |
| Keywords: | Monetary policy;Mauritania;Banking sector;Capital account;Low-income developing countries;monetary policy effectiveness, exogenous monetary policy shocks, capital account restrictions, low-income countries, liquidity management, loan concentration. |
| Date: | 2013–03–27 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:13/77&r=afr |
| By: | Antonio David; Martin Petri |
| Abstract: | Using data from three household surveys, we review whether growth in Mauritius was inclusive and discuss the incidence of public expenditures and taxes. Generally, Mauritius enjoys an even income distribution and low rates of poverty. Nevertheless, over the 2000s, despite overall progress, the benefits of growth appear to have become more skewed. Employment income is the main contributor to inequality in Mauritius. Social protection expenditures reduce poverty and inequality, but could be better targeted, particularly for pensions. Income taxes are progressive, though given their small relative weight they have a negligible impact on income distribution. The VAT appears relatively progressive compared to other developing countries, although its impact on the overall distribution is also small. With better targeting of the sizable social spending, significant further progress in poverty alleviation could be achieved. |
| Keywords: | Economic growth;Mauritius;Fiscal policy;Government expenditures;Tax revenues;Tax structures;Income distribution;Income taxes;Inclusive Growth, Incidence of Public Expenditures, Incidence of Taxes |
| Date: | 2013–05–17 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:13/116&r=afr |