Determinants of Non-oil Growth in the CFA-Zone Oil Producing Countries : How do they Differ?

Non-oil growth in the CFA oil exporting countries has been lackluster despite their great natural resource wealth. In this paper we study the key determinants of non-oil growth and explore to what extent these countries differ from countries with comparable levels of development that do not depend on nonrenewable resources. Using a panel of 38 countries comprising LICs and CFA zone oil exporters, we find that while real exchange rate appreciation negatively impacted growth in all countries over the period 1985-2008, what distinguishes the oil producers of the CFA zone is the failure of public and private investment to spur non-oil growth.
Publication date: October 2011
ISBN: 9781463921996
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Economics- Macroeconomics , Economics / General , International - Economics , exchange rate , exporters , oil exporters , real exchange rate , oil exporting , exporting countries , real effective exchange rate , reer , effective exchange rate , exchange rate appreciation , real exchange rate appreciation , exporting sector , market exchange rate , real exch

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