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Agricultural Commodity Price Shocks and Their Effect on Growth in Sub-Saharan Africa

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  • Tony Addison
  • Atanu Ghoshray

Abstract

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.

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  • Tony Addison & Atanu Ghoshray, 2013. "Agricultural Commodity Price Shocks and Their Effect on Growth in Sub-Saharan Africa," WIDER Working Paper Series wp-2013-098, World Institute for Development Economic Research (UNU-WIDER).
    • Handle: RePEc:unu:wpaper:wp-2013-098
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    Keywords

    Agriculture; Econometric models (Economic development); Macroeconomics;
    All these keywords.

    JEL classification:

    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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