External Dependence and Long-Term Development

Rolph Hoeven

Chapter 11 in Africa’s Recovery in the 1990s, 1992, pp 272-295 from Palgrave Macmillan

Abstract: Abstract At independence most sub-Saharan African countries inherited import-dependent economies. Because of rather shallow levels of GDP, as well as the small size of most of the economies, the need in these countries to build up strong economic and social infrastructure dictated in most cases the continuation of past policies, thus requiring that imports represent a substantial share of GDP. The content of imports, however, was to be changed to cater for the needs of nation building. Exports were usually not sufficient to finance import bills. A foreign resource gap was therefore regarded as a necessary element in the development process. The resulting foreign exchange shortages were financed through bilateral and multilateral lending but also through grants and private lending which could be repaid from growing export proceeds.

Keywords: Foreign Exchange; Real Exchange Rate; Real Wage; Trade Policy; Trade Credit (search for similar items in EconPapers)
Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-22344-2_12

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DOI: 10.1007/978-1-349-22344-2_12

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