UID:
edocfu_9958236110402883
Format:
1 online resource (35 p.)
ISBN:
1-4983-2134-8
Series Statement:
IMF Working Papers
Content:
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.
Note:
Description based upon print version of record.
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Cover; Contents; 1. Introduction; 2. Background on Macroeconomic Conditions in Ghana; 3. Methodology; 3.1 Bayesian Vector Auto-Regressive (BVAR) Model; 3.2 Credit and Productivity Shocks; 3.3 Commodity Price Shocks; 4. Empirical Results; 4.1 Global Shocks and Fluctuations in Ghana and South Africa; 4.2 Domestic Shocks and Fluctuations in Ghana and South Africa; 4.3 Commodity Price Shocks; 4.4 Variance Decomposition Analysis; 5. Conclusions; List of figures; 1.Selected Macroeconomic indicators for Ghana (YoY percent); 2.Exchange Rates and International Reserves (YoY percent)
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3.G7 Credit Shocks4.G7 Credit Shocks (Continued); 5.G7 Productivity Shocks; 6.G7 Productivity Shocks (Continued); 7.Domestic Credit Shocks; 8.Domestic Credit Shocks (Continued); 9.Domestic Productivity Shocks; 10.Domestic Productivity Shocks (Continued); 11.Commodity Price Shocks; 12.Commodity Price Shocks (Continued); List of tables; 1. Data; 2. Identification Restrictions; 3. Variance Decomposition for Credit and Productivity Shocks; 4. Variance Decomposition for Commodity Price Shocks; 5. Data used in the Nowcasting
Additional Edition:
ISBN 1-4983-1014-1
Additional Edition:
ISBN 1-4983-4692-8
Language:
English
