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This paper attempts to identify robust patterns of cross-country growth behavior in the world as a whole and Africa. It employs a novel methodology that incorporates a dynamic panel estimator, and Bayesian Model Averaging to explicitly account for model uncertainty. The findings indicate that: (i) in addition to initial conditions, various economic factors such as higher investment, lower inflation, lower government consumption, better fiscal stance, improved political environment, exogenous terms-of-trade shocks, and fixed geographical factors are robustly correlated with growth; (ii) what is good for growth around the world is, in principle, also good for growth in Africa; and (iii) political and institutional variables are particularly important in explaining African growth.

Africa -- Economic conditions -- Econometric models. --- Africa -- Economic policy -- Econometric models. --- Economic development -- Econometric models. --- Electronic books. -- local. --- Exports and Imports --- Macroeconomics --- Demography --- Bayesian Analysis: General --- Multiple or Simultaneous Equation Models: Models with Panel Data --- Aggregate Factor Income Distribution --- Macroeconomics: Consumption --- Saving --- Wealth --- International Lending and Debt Problems --- Demographic Trends, Macroeconomic Effects, and Forecasts --- Labor Economics: General --- International economics --- Population & migration geography --- Labour --- income economics --- Income --- Government consumption --- Debt service --- Population growth --- Labor --- National accounts --- External debt --- Population and demographics --- Consumption --- Economics --- Population --- Labor economics --- India

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Applying commonly used vector autoregression (VAR) techniques, this paper investigates the transmission mechanism of monetary policy on output and prices for Mauritius, using data for 1999-2009. The results show that (i) an unexpected monetary policy tightening-an increase in the Bank of Mauritius policy interest rate-leads to a decline in prices and output but the effect on output is weaker; (ii) an unexpected decrease in the money supply or an unexpected increase in the nominal effective exchange rate result in a decrease in prices; and (iii) variations of the policy variables account for small a percentage of the fluctuations in output and prices. Taken together, these results suggest a rather weak monetary policy transmission mechanism. Finally, we find some differences in the transmission mechanism depending on whether core or headline consumer price index is used in the estimations.

Transmission mechanism (Monetary policy) --- Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Monetary transmission mechanism --- Banks and Banking --- Foreign Exchange --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Price Level --- Deflation --- Interest Rates: Determination, Term Structure, and Effects --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Currency --- Foreign exchange --- Banking --- Monetary economics --- Nominal effective exchange rate --- Consumer price indexes --- Repo rates --- Monetary base --- Price indexes --- Prices --- Interest rates --- Mauritius

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This paper provides an update on the main elements of the reform agenda concerning the CEMAC trade regime as well as a tentative quantitative assessment of selected effects on tariff revenues and trade patterns. Notwithstanding data limitations, the key messages from the analysis are as follows. First, there is a need for a renewed political commitment to regional integration. In addition, key measures for improving compliance with the requirements for a customs union need to be introduced, including limiting tariff exemptions, phasing out remaining surcharges, strengthening the determination of products' country origin, and enhancing customs administration. There is also a need to improve transportation infrastructure and organization. Finally, there is a strong case for tariff reduction, with or without an EPA. Trade liberalization would help boost economic growth and poverty alleviation and limit risks of trade diversion with an EPA. Tariff reform should be complemented by improvements in domestic revenue mobilization.

Exports and Imports --- Taxation --- Trade: General --- Trade Policy --- International Trade Organizations --- International economics --- Public finance & taxation --- Tariffs --- Imports --- Exports --- Trade liberalization --- Trade policy --- Tariff --- Commercial policy --- Cameroon

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This paper revisits the cross-country growth empirics debate using a novel Limited Information Bayesian Model Averaging framework to address model uncertainty in the context of a dynamic growth model in panel data with endogenous regressors. Our empirical findings suggest that once model uncertainty is accounted for there is strong evidence that initial income, investment, life expectancy, and population growth are robustly correlated with economic growth. We also find evidence that debt, openness, and inflation are robust growth determinants. Overall, the set of our robust growth determinants differs from those identified by other studies that incorporate model uncertainty, but ignore dynamics and/or endogeneity. This underscores the importance of accounting for model uncertainty and endogeneity in the investigation of growth determinants.

Exports and Imports --- Inflation --- Macroeconomics --- Demography --- Demographic Trends, Macroeconomic Effects, and Forecasts --- Health: General --- Personal Income, Wealth, and Their Distributions --- Empirical Studies of Trade --- Price Level --- Deflation --- Population & migration geography --- Health economics --- International economics --- Population growth --- Health --- Personal income --- Terms of trade --- Population --- Income --- Economic policy --- nternational cooperation --- Prices

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Applying techniques of clustering analysis to a set of variables suggested by the convergence criteria and the theory of optimal currency areas, this paper looks for country homogeneities to assess membership in the existing and proposed monetary unions of the broader west African region. Our analysis reveals considerable dissimilarities in the economic characteristics of the countries in west and central Africa. In particular, the West African Monetary Zone (WAMZ) countries do not form a cluster with the West Africa Economic and Monetary Union (WAEMU) countries; and, within the WAMZ, there is a significant lack of homogeneity. Furthermore, when west and central African countries are considered together, we find significant heterogeneities within the CFA franc zone, and some interesting similarities between the Economic and Monetary Community of Central Africa (CEMAC) and WAMZ countries. Overall, our findings raise some questions about the geographical boundaries of several existing and proposed monetary unions.

Electronic books. -- local. --- Monetary unions -- Africa, West -- Econometric models. --- Money -- Africa, West. --- Finance --- Business & Economics --- International Finance --- Monetary unions --- Money --- Econometric models. --- Currency --- Monetary question --- Money, Primitive --- Specie --- Standard of value --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Exchange --- Value --- Banks and banking --- Coinage --- Currency question --- Gold --- Silver --- Silver question --- Wealth --- Exports and Imports --- Foreign Exchange --- Macroeconomics --- Financial Aspects of Economic Integration --- Empirical Studies of Trade --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- International economics --- Foreign exchange --- Economic growth --- Terms of trade --- Exchange rates --- Real exchange rates --- Business cycles --- Economic policy --- nternational cooperation --- Nigeria