1,491
Views
2
CrossRef citations to date
0
Altmetric
DEVELOPMENT ECONOMICS

Macroeconomic channels of transmission of post-pandemic recovery strategies for African economies

ORCID Icon, ORCID Icon & ORCID Icon
Article: 2125656 | Received 28 Jan 2022, Accepted 14 Sep 2022, Published online: 27 Sep 2022

References

  • Addison, T., Sen, K., & Tarp, F. (2020). COVID-19: Macroeconomic dimensions in the developing world. WIDER Working Papers.No. 2020/74. World Institute for Development Economics Research (UNU-WIDER), United Nations University. https://doi.org/10.35188/UNU-WIDER/2020/831-3
  • Aghion, P., & Howitt, P. (2009). The Economics of Growth. Cambridge. MIT Press.
  • Alarco, G. (2016). Factor income distribution and growth regimes in Latin America, 1950–2012. International Labour Review, 155(1), 73–34. https://doi.org/10.1111/ilr.12006
  • Altig, D., Baker, S., Barrero, J. M., Bloom, N., Bunn, P., Chen, S., Davis, S. J., Leather, J., Meyer, B., Mihaylov, E., Mizen, P., Parker, N., Renault, T., Smietanka, P., & Thwaites, G. (2020). Economic uncertainty before and during the COVID-19 pandemic. Journal of Public Economics, 191, 104274 doi: https://doi.org/10.1016/j.jpubeco.2020.104274
  • Arellano, M., & Bond, S. (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. The Review of Economic Studies, 58(2), 277. https://doi.org/10.2307/2297968
  • Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29–51. https://doi.org/10.1016/0304-4076(94)01642-D
  • Awokuse, T. O. (2008). Trade openness and economic growth: Is growth export-led or import-led?. Applied Economics, 40(2), 161–173. https://doi.org/10.1080/00036840600749490
  • Baccaro, L., & Pontusson, J. (2016). Rethinking Comparative Political Economy: The Growth Model Perspective. Politics & Society, 44(2), 175–207. https://doi.org/10.1177/0032329216638053
  • Barbosa-Filho, N., & Taylor, L. (2006). Distributive and demand cycles in the US economy – A structuralist Goodwin model. Metroeconomica, 57(3), 389–411. https://doi.org/10.1111/j.1467-999X.2006.00250.x
  • Barro, R. J., & Sala-i-Martin, X. (2004). Economic Growth (2nd edn ed.). MIT Press.
  • Bekaert, G., Engstrom, E., & Ermolov, A. (2020). Aggregate Demand and Aggregate Supply Effects of COVID-19: A Real-time Analysis. http://dx.doi.org/10.2139/ssrn.3611399
  • Bhaduri, A., & Marglin, S. (1990). Unemployment and the real wage: The economic basis for contesting political ideologies. Cambridge Journal of Economics, 14(4), 375–393. doi:10.1093/oxfordjournals.cje.a035141
  • Bhandari, P., & Frankel, J. (2017). Nominal GDP targeting for developing countries. Research in Economics, 71(3), 491–506. https://doi.org/10.1016/j.rie.2017.06.001
  • Billi, R. M. (2020). Unemployment fluctuations and nominal GDP targeting. Economics Letters, 188, 108970. https://doi.org/10.1016/j.econlet.2020.108970
  • Blanchard, O. J., & Quah, D. (1989). The Dynamic Effects of Aggregate Demand and Supply Disturbances. American Economic Review, 79(4), 653–673. https://www.jstor.org/stable/1827924
  • Blecker, R. A. (1989). International competition, income distribution and economic growth. Cambridge Journal of Economics, 13(3), 395–412. https://www.jstor.org/stable/23598124
  • Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. https://doi.org/10.1016/S0304-4076(98)00009-8
  • Bond, S., & Windmeijer, F. (2002). Projection estimators for autoregressive panel data models. The Econometrics Journal, 5(2), 457–479. https://doi.org/10.1111/1368-423X.t01-1-00093
  • Bowles, S., & Boyer, R. (1995). Wages, aggregate demand, and employment in an open economy: An empirical investigation. In G. Epstein & H. Gintis (Eds.), Macroeconomic Policy after the Conservative Era: Studies in Investment, Saving and Finance (pp. 143–171). Cambridge University Press.
  • Bruno, G. S. F., Choudhry Tanveer, M., Marelli, E., & Signorelli, M. (2016). The short- and long-run impacts of financial crises on youth unemployment in OECD countries. Applied Economics, 49(34), 3372–3394. https://doi.org/10.1080/00036846.2016.1259753
  • Carvalho, L., & Rezai, A. (2016). Personal income inequality and aggregate demand. Cambridge Journal of Economics, 40(2), 491–505. https://doi.org/10.1093/cje/beu085
  • Dang, H.-A., Lanjouw, P., & Vrijburg, E. (2021). Poverty in India in the face of Covid-19: Diagnosis and prospects. Review of Development Economics, 25(4), 1816–1837. https://doi.org/10.1111/rode.12833
  • Domar, E. D. (1946). Capital Expansion, Rate of Growth, and Employment. Econometrica, 14(2), 137–147. doi:10.2307/1905364
  • Domar, E. D. (1947). Expansion and Employment. The American Economic Review, 37(1), 34–55. https://www.jstor.org/stable/1802857
  • Dünhaupt, P. (2013). The effect of financialization on labor’s share of income. Institute for International Political Economy Berlin Working Paper 17/2013. https://www.econstor.eu/handle/10419/68475
  • Dutt, A. K. (1984). Stagnation, income distribution and monopoly power. Cambridge Journal of Economics, 8(1), 25–40. https://doi.org/10.1093/oxfordjournals.cje.a035533
  • Fazzari, S. M., Ferri, P., & Variato, A. M. G. (2020). Demand-led growth and accommodating supply. Cambridge Journal of Economics, 44(3), 583–605. https://doi.org/10.1093/cje/bez055
  • Gurara, D. Z., & Ncube, M. (2013). Global economic spillovers to Africa: A GVAR approach. Working Paper 183, Tunis, Tunisia: African Development Bank Group. https://www.afdb.org/fileadmin/uploads/afdb/Documents/Publications/Working_Paper_183_-_Global_Economic_Spillovers_to_Africa-_A_GVAR_Approach.pdf
  • Hallett, A., Lechthaler, W., Reicher, C., Tesfaselassie, M., Blot, C., Creel, J. & Ragot, X. (2015). Is nominal gdp targeting a suitable tool for ecb monetary policy? European Parliament: Policy Department A :Economic and Scientific Policy. https://www.europarl.europa.eu/cmsdata/105463/IPOL_IDA(2015)563459_EN.pdf
  • Hamel, K., Tong, B., & Hofer, M. (2019). Poverty in Africa Is Now Falling-but Not Fast Enough. Future Development. https://www.brookings.edu/blog/future-development/2019/03/28/poverty-in-africa-is-now-falling-but-not-fast-enough/
  • Harrod, R. F. (1939). An Essay in Dynamic Theory. The Economic Journal, 49(193), 14–33. doi:10.2307/2225181
  • Hartwig, J. (2014). Testing the Bhaduri–Marglin model with OECD panel data. International Review of Applied Economics, 28(4), 419–435. https://doi.org/10.1080/02692171.2014.896881
  • Havrlant, D., Darandary, A., & Muhsen, A. (2021). Early estimates of the impact of the COVID-19 pandemic on GDP: A case study of Saudi Arabia. Applied Economics, 53(12), 1317–1325. https://doi.org/10.1080/00036846.2020.1828809
  • Hein, E. (2017). The Bhaduri/Marglin post-Kaleckian model in the history of distribution and growth theories – An assessment by means of model closures. Review of Keynesian Economics, 5(2), 218–238. https://doi.org/10.4337/roke.2017.02.05
  • Holtz-Eakin, D., Newey, W., & Rosen, H. S. (1988). Estimating Vector Autoregressions with Panel Data. Econometrica, 56(6), 1371. https://doi.org/10.2307/1913103
  • ILO, OECD. (2015). The Labour Share in G20 Economies. Technical Report February. International Labour Organization & Organization for Economic Cooperation and Development.
  • ILOSTAT. (2021). ILOSTAT Database. http://doi.org/10.23728/b2share.801f11c8d95c4e96a90d3095720110cd
  • International Monetary Fond. (2021a). Regional economic outlook. Sub-Saharan Africa: Navigating a long pandemic. World economic and financial surveys. International Monetary Fund. https://www.imf.org/en/Publications/REO/SSA
  • International Monetary Fond. (2021b). World Economic Outlook Update: Fault Lines Widen in the Global Recovery. World economic and financial surveys. International Monetary Fund. https://www.imf.org/en/Publications/REO/SSA
  • Kaldor, N. (1955). Alternative Theories of Distribution. The Review of Economic Studies, 23(2), 83–100. https://doi.org/10.2307/1913103
  • Kaldor, N. (1957). A model of economic growth. In N. Kaldor (Ed.), The Economic Journal (reprinted in ed., Vol. 67, pp. 591–624). Collected Economic Essays, Volume 2, Essays on Economic Stability and Growth. Duckworth.
  • Kaldor, N. (1961). Capital accumulation and economic growth. In F. A. Lutz & D. C. Hague (Eds.), The Theory of Capital, London: Macmillan (reprinted in N. Kaldor, Collected Economic Essays (Vol. 5, pp. 177–222). Duckworth. Further Essays on Economic Theory
  • Kalecki, M. (1939). Essays in the Theory of Economic Fluctuations. George Allen and Unwin.
  • Kalecki, M. (1969). Studies in the Theory of the Business Cycle (pp. 1933–1939). Basil Blackwell.
  • Keynes, J.M. (1936). The general theory of employment interest and money. London: MacMillan
  • Kharas, H., Hamel, K., & Hofer, M. (2018). Rethinking global poverty reduction in 2019. Future Development. https://www.brookings.edu/blog/future-development/2018/12/13/rethinking-global-poverty-reduction-in-2019/
  • Kiaga, A., & Leung, V. (2020). The Transition from the Informal to the Formal Economy in Africa. In Global Employment Policy Review, Background Paper No (Vol. 2). ILO. https://www.ilo.org/wcmsp5/groups/public/---ed_emp/documents/publication/wcms_792078.pdf
  • Kiviet, J. F. (1995). On bias, inconsistency, and efficiency of various estimators in dynamic panel data models. Journal of Econometrics, 68(1), 53–78. https://doi.org/10.1016/0304-4076(94)01643-E
  • Lavoie, M., & Stockhammer, E. (2013). Wage-led growth: Concept, theories and policies. In M. Lavoie & E. Stockhammer. (Eds.), Wage-led Growth. Advances in Labour Studies (pp. 13–39). Palgrave Macmillan. https://doi.org/10.1057/9781137357939_2
  • Liu, D. (2020). Is China’s economic growth profit-led or wage-led? A reestimation incorporating investment nonlinearity, sectoral change, and regional disparity. Journal of Post Keynesian Economics, 44(1), 143–172. https://doi.org/10.1080/01603477.2020.1848436
  • Liu, K. (2021). COVID-19 and the Chinese economy: Impacts, policy responses and implications. International Review of Applied Economics, 35(2), 308–330. https://doi.org/10.1080/02692171.2021.1876641
  • Lopez-Gallardo, J., & Reyes-Ortiz, L. (2011). Effective Demand in the Recent Evolution of the US Economy. Levy Economics Institute Working Paper No. 673. https://doi.org/10.2139/ssrn.1864149
  • Lucas, R. E. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22(1), 3–42. https://doi.org/10.1016/0304-3932(88)90168-7
  • Malikane, C., & Chitambara, P. (2017). Foreign direct investment, democracy and economic growth in Southern Africa. African Development Review, 29(1), 92–102. https://doi.org/10.1111/1467-8268.12242.
  • Maliszewska, M., Mattoo, A., & Van Der Mensbrugghe, D. (2020). The potential impact of COVID19 on GDP and trade: A preliminary assessment. In World Bank Policy Research Working Paper. (Vol. 9211, pp. 26). The World Bank. https://ssrn.com/abstract=3573211
  • Naastepad, C. W. M. (2006). Technology, demand and distribution: A cumulative growth model with an application to the Dutch productivity growth slowdown. Cambridge Journal of Economics, 30, 403–434. https://doi.org/10.1093/cje/bei063
  • Nickell, S. (1981). Biases in Dynamic Models with Fixed Effects. Econometrica, 49(6), 1417. https://doi.org/10.2307/1911408
  • Nikiforos, M., & Foley, D. K. (2012). Distribution and capacity utilization: Conceptual issues and empirical evidence. Metroeconomica, 63(1), 200–229. https://doi.org/10.1111/j.1467-999X.2011.04145.x
  • Obst, T., Onaran, Ö., & Nikolaidi, M. (2017). The effect of income distribution and fiscal policy on growth, investment, and budget balance, FMM Working Paper 10-2017, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute. https://www.econstor.eu/handle/10419/181468
  • OECD, I.L.O. (2015). Report prepared for the G20 Employment Working Group Antalya, Turkey. https://www.oecd.org/g20/topics/employment-and-social-policy/The-Labour-Share-in-G20-Economies.pdf
  • Onaran, Ö., & Galanis, G. (2012). Is aggregate demand wage-led or profit-led? National and global effects, Greenwich Papers in Political Economy (Vol. 15289). University of Greenwich, Greenwich Political Economy Research Centre. https://www.ilo.org/wcmsp5/groups/public/—ed_protect/—protrav/—travail/documents/publication/wcms_192121.pdf
  • Onaran, Ö., & Obst, T. (2016). Wage-led growth in the EU15 member-states: The effects of income distribution on growth, investment, trade balance and inflation. Cambridge Journal of Economics, 40(6), 1517–1551. https://doi.org/10.1093/cje/bew009
  • Oyvat, C., Öztunalı, O., & Elgin, C. (2018). Wage-led vs. profit-led growth: A comprehensive empirical analysis, Greenwich Papers in Political Economy (pp. 65). University of Greenwich.
  • Palley, T. I. (2017). Wage- vs. profit-led growth: The role of the distribution of wages in determining regime character. Cambridge Journal of Economics, 41(1), 49–61. https://doi.org/10.1093/cje/bew004
  • Piketty, T. (2014). Capital in the Twenty-First Century: A multidimensional approach to the history of capital and social classes. British Journal of Sociology, 65(4), 736–747. doi:10.1111/1468-4446.12115
  • Robinson, J. (1956). The Accumulation of Capital. Macmillan.
  • Robinson, J. (1962). Essays in the Theory of Economic Growth. Macmillan.
  • Rodriguez, F., & Jayadev, A. (2010). The Declining Labor Share of Income. UNDP Human Development Research Paper. https://ideas.repec.org/p/hdr/papers/hdrp-2010-36.html
  • Romer, P. M. (1986). Increasing returns and long-run growth. Journal of Political Economy, 94(5), 1002–1037. doi:10.1086/261420
  • Roodman, D. (2009). How to do Xtabond2: An Introduction to Difference and System GMM in Stata. The Stata Journal: Promoting Communications on Statistics and Stata, 9(1), 86–136. https://doi.org/10.1177/1536867X0900900106
  • Sodokin, K. (2021). Comparative analysis, cash transfers, household investment and inequality reduction in Togo. Applied Economics, 53(23), 2598–2614. https://doi.org/10.1080/00036846.2020.1863324
  • Szmigiera, M. (2021). Impact of the coronavirus pandemic on the global economy - Statistics & Facts. Statista Research Department. https://www.statista.com/topics/6139/covid-19-impact-on-the-globaleconomy
  • Taylor, L. (1985). A Stagnationist Model of Economic Growth. Cambridge Journal of Economics, 9, 383–403. https://doi.org/10.1093/oxfordjournals.cje.a035588
  • Yılmaz, E. (2015). Wage or Profit-Led Growth? The Case of Turkey. Journal of Economic Issues, 49(3), 814–834. https://doi.org/10.1080/00213624.2015.1072429