Agricultural Commodity Price Shocks and Their Effect on Growth in Sub-Saharan Africa
Tony Addison () and
No 98, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)
Commodity price shocks are an important type of external shock and are often cited as a problem for economic growth in sub-Saharan Africa. This paper quantifies the impact of agricultural commodity price shocks using a near vector autoregressive model. The novel aspect of this model is that we define an auxiliary variable that can potentially capture the definition of a price shock that allows us to determine whether the response of per capita Gross domestic product (GDP) growth in sub-Saharan Africa to these price shocks is asymmetric. We find that there is evidence of such asymmetric responses to commodity price shocks.
Keywords: Agriculture; Econometric models (Economic development); Macroeconomics (search for similar items in EconPapers)
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Journal Article: Agricultural Commodity Price Shocks and Their Effect on Growth in Sub-Saharan Africa (2016)
Working Paper: Agricultural Commodity Price Shocks and their Effect on Growth in Sub-Saharan Africa (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:unu:wpaper:wp2013-098
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