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- W2183253750 abstract "Many African countries run a current account deficit, with a number of economies maintaining high deficits above five percent for many years. This raises concern about the sustainability of these deficits and the subsequent debts accumulated to finance them. In this paper, we investigate the sustainability of current account deficits in a sample of African countries using the five percent threshold along with other operational indicators of current account sustainability used in the literature. Looking at this range of indicators suggests that a number of African countries run current account deficits alongside low levels of investment and economic growth. These economies are therefore maintaining deficits that are not beneficial for the economy in the long run. This paper also analyses the determinants of both short and mediumterm current account deficits in Africa. It finds that countries are more likely to have a deficit exceeding five percent if the economy is small, less open and diverse, and is experiencing macroeconomic instability. Less democratic governments also have a higher probability of running a deficit. Overall, the main message is that though most African economies are characterised by current account deficits, only a few have real concerns regarding the sustainability of this imbalance. As long as these countries can finance their deficits via aid and debt accumulation, they face no immediate crisis. However, this allows these economies to continue with the status quo rather than addressing the structural causes of the deficit, such as export supply constraints due to poor infrastructure. African leaders and policymakers should focus on remo" @default.
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- W2183253750 date "2009-01-01" @default.
- W2183253750 modified "2023-09-27" @default.
- W2183253750 title "Current Account Deficits in Sub-Saharan Africa: Do they Matter?" @default.
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