TY - BOOK ID - 84874344 TI - The Sources of Business Cycles in a Low Income Country AU - Houssa, Romain. AU - Mohimont, Jolan. AU - Otrok, Christopher. PY - 2015 SN - 1498321348 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Externalities (Economics) KW - Financial crises KW - Business cycles KW - Economic stabilization KW - Adjustment, Economic KW - Business stabilization KW - Economic adjustment KW - Stabilization, Economic KW - Economic policy KW - Economic cycles KW - Economic fluctuations KW - Cycles KW - Crashes, Financial KW - Crises, Financial KW - Financial crashes KW - Financial panics KW - Panics (Finance) KW - Stock exchange crashes KW - Stock market panics KW - Crises KW - Costs, Social KW - External economies and diseconomies KW - External effects (Economics) KW - Social costs KW - Economics KW - Public goods KW - Waste (Economics) KW - Welfare economics KW - Ghana KW - Economic policy. KW - Foreign Exchange KW - Inflation KW - Macroeconomics KW - Money and Monetary Policy KW - Production and Operations Management KW - Model Construction and Estimation KW - Multiple or Simultaneous Equation Models: Models with Panel Data KW - Simulation Methods KW - Forecasting and Other Model Applications KW - Interest Rates: Determination, Term Structure, and Effects KW - Monetary Policy KW - Economic History: Macroeconomics KW - Growth and Fluctuations: Africa KW - Oceania KW - Monetary Policy, Central Banking, and the Supply of Money and Credit: General KW - Commodity Markets KW - Macroeconomics: Production KW - Price Level KW - Deflation KW - Monetary economics KW - Currency KW - Foreign exchange KW - Credit KW - Commodity price shocks KW - Productivity KW - Real effective exchange rates KW - Money KW - Prices KW - Production KW - Industrial productivity KW - South Africa UR - https://www.unicat.be/uniCat?func=search&query=sysid:84874344 AB - We examine the role of global and domestic shocks in driving macroeconomic fluctuations for Ghana. We are able to study the impact of exogenous shocks including productivity, credit supply, and commodity price shocks. We identify the shocks with a combination of sign and recursive restrictions within Bayesian VAR models. As a benchmark we provide results for South Africa to document the difference between two economies with similar structures but different levels of development. We find that global shocks play a more dominant role in South Africa than in Ghana. These shocks operate through three channels: trade, credit and commodity prices. ER -