Benin: Selected Issues and Statistical Appendix
International Monetary Fund, Aug 18, 2008 - Business & Economics - 65 pages
This paper examines the external sustainability and competitiveness of Benin’s economy. Balance of payments flows suggest Benin’s external position is sustainable. Large trade and current account deficits are comfortably financed by inflows through the capital and financial accounts, in particular project grants and loans, private capital, and inflows to commercial banks. It is estimated that Benin could sustain a net foreign liability position in the range of 40–60 percent of GDP, corresponding to current account deficits of 3–5 percent of GDP.
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2007 current account African States BCEAO ARDL Balance of Payments Bank of West Bank's Doing Business Benin has lost Benin ranked Benin’s current account Benin’s real effective Billions of CFA Burkina Faso capital Central Bank CFA francs cointegration country’s current account balance current account deficit debt service deﬁcit devaluation economic fundamentals effective exchange rate Equilibrium Exchange Rate equilibrium real exchange EREER extemal external sustainability approach FEER approach ﬂows FMOLS foreign asset position foreign direct investment GDP per capita Global Competitiveness Index government consumption increase inﬂows International Monetary Fund macroeconomic balance approach non—traded overvaluation percent level percent of GDP PMG approach Purchasing Power Parity real effective exchange real exchange rate real GDP REER savings—investment norm signiﬁcant Sources staff estimates statistically significant suggests that Benin’s sustainability approach suggests Table technique temporary factors terms of trade Total cereals underlying current account VECM WAEMU countries WAEMU members West African