Fiscal dominance and inflation: evidence from Sub-Saharan Africa*
https://doi.org/10.3326/pse.48.3.5 | Published online: September 3, 2024 Figure 1
Sub-Saharan Africa: quantitative limits on central bank lending, 2017 (percent of sample) Figure 2
Sub-Saharan Africa: central bank lending to government, 2001-17 Figure 3
Sub-Saharan Africa: fiscal dominance, 2001-17 Table 1
Sub-Saharan Africa: Descriptive Statistics, 2001-17 (percent; otherwise indicated)
Table 2
Sub-Saharan Africa: determinants of central bank lending, 2001-17
Table 3
Sub-Saharan Africa: descriptive statistics, 2001-17 (in percent)
Sources: WEO; IFS; and IMF staff calculations. Figure 4
Sub-Saharan Africa: impact of central bank financing on money, the exchange rate, and inflation Table A1
Sub-Saharan Africa: central bank acts, 2017
Sources: National Authorities; and Central Bank Legislation Database (CBLD). Table A2
Determinants of central bank lending: treating the fiscal deficit as endogenous
Table A3
Determinants of central bank lending: total claims
Table A4
Determinants of central bank lending: change in central bank loans
Table A5
Determinants of central bank lending: additional explanatory variables
Notes: Sovereign risk measures the risk of debt distress using the ratings from the IMF’s Debt Sustainability Analysis (=0 if the rating is “Low”; =1 if the rating is
“Moderate”=2 if the rating is “High”=3 if the rating is “In debt distress”). Eurobond access is a dummy (=1 if the country has previously issued a Eurobond, 0 otherwise). Table A6
Determinants of central bank lending: dynamic bias least squares dummy estimators
Table A7
Number of observations (countries) in each local projection
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