Domestic funding for Africa: New ways to bridge infrastructure gap, Cédric Mbeng Mezui, African Development Bank Group
African Development Bank Financial Presentation 2017
In the May edition of OMFIF (Official Monetary and Financial Institutions Forum), Cedric Mbeng Mezui examines the links between commodity revenues and fiscal policy in Africa, warning against procyclical tendencies that expose external vulnerabilities.
After seven years of unorthodox operations, primarily quantitative easing, central banks are beginning to consider when and how to normalise monetary policy.
In most countries, the development of a government securities market has been crucial in aiding the creation of a liquid and efficient domestic debt market that facilitates parastatal, corporate and other issuance. It also signals that a country is maturing financially and is less dependent on donor funding.
Categories: Burundi, Comoros, Djibouti, Eritrea, Ethiopia, Kenya, Rwanda, Seychelles, Somalia, Sudan, Tanzania, Uganda, Angola, Botswana, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, South Africa, Swaziland, Zambia
The AFMI believes it is appropriate to produce an African Yield Curves Guidebook that will provide basic details on countries’ attempts to gradually produce and publish their own yield curve, while at the same time highlighting the challenges they face in this endeavour.
Categories: Botswana, Burundi, Central African Republic, Egypt, Ghana, Kenya, Lesotho, Madagascar, Malawi, Morocco, Namibia, Nigeria, Seychelles, South Africa, Swaziland, Tanzania, Tunisia, Uganda, Zambia
As the business cycle ages, we explore the potential upside and downside risks to our outlook. On the upside, the U.S. labor market is close to full employment, supporting both consumer spending and housing. On the downside, weak corporate profits, a strong dollar, and modest global growth are limiting business investment and export growth. Inflation is expected to rise gradually toward the Fed’s 2% target, strengthening the case for modest monetary policy tightening. However, capital flows will likely limit rate rises at the long end of the curve.
The contemporary economic recovery is one of the longest in U.S. history. The stock market has surged more than three-fold from its 2009 crisis low. Aggregate U.S. household net worth, at more than $90 trillion, has recovered to a level nearly 35% above its previous record high in 2007.