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Efficient Energy Investment and Fiscal Adjustment in Senegal
Senegal's fiscal deficit and public debt have been on the rise in recent years owing partly to an ailing and inefficient oil-based energy sector. In this paper we use a two-sector, open-economy, dynamic general equilibrium model to investigate the effects of varying fiscal policy instruments one at a time and of policy packages that increase public investment in energy and infrastructure in scenarios with varying degrees of debt finance and with different types of supporting fiscal adjustment. Lowering the fiscal deficit by raising taxes and cutting government expenditure has adverse effects on growth, real wages and the supply of public services. Senegal does not need, however, to undertake...
An Islamic Model for Stabilization and Growth
This book argues that the macroeconomic policy adjustment models recommended by the IMF and the World Bank for implementation in many Muslim countries, with substantial donor financial support, have not been effective. Economic indicators show low economic growth, persistent fiscal and external deficits and limited industrialization. Also, these countries are experiencing increases in unemployment, poverty and substantial growth in income and wealth inequalities. These facts underline an urgent need to produce an alternative to the failed conventional macroeconomic model in order to address the challenge of macroeconomic and social adjustment policies. The project posits and investigates the idea that the Islamic economic model prescribed in the Quran and applied by the Prophet (sawa) could be the ideal model for Muslim as well as non-Muslim countries.
Research Bulletin, June 2014
Articles in the June 2014 issue of the IMF Research Bulletin look at “The Rise and Fall of Current Account Deficits in the Euro Area Periphery and the Baltics” (Joong Shik Kang and Jay C. Shambaugh) and “The Two Sides of the Same Coin?: Rebalancing and Inclusive Growth in China” (Il Houng Lee, Murtaza Syed, and Xin Wang). The Q&A looks at “Seven Questions on the Monetary Transmission Mechanism in Low-Income Countries” (Andrew Berg, Luisa Charry, Rafael A. Portillo, and Jan Vleck). This issue of the Research Bulletin includes updated listings of IMF Working Papers, Staff Discussion Notes, and Recommended Readings from the IMF Bookstore. Readers can also find information on free access to a featured article from “IMF Economic Review.”
African Art, Interviews, Narratives
Joanna Grabski and Carol Magee bring together a compelling collection that shows how interviews can be used to generate new meaning and how connecting with artists and their work can transform artistic production into innovative critical insights and knowledge. The contributors to this volume include artists, museum curators, art historians, and anthropologists, who address artistic production in a variety of locations and media to question previous uses of interview and provoke alternative understandings of art.
The Ignored Cries of Pain and Injustice from Mauritania
This book, a historic and political account, depicts the daily horror endured by hundreds of thousands of blacks in the south of Mauritania and purposefully ignored by the international community. It also pictures the Senegal river valley or at least the north bank of it as an occupied territory highly militarized by the Mauritanian authorities to keep under terror the original inhabitants -blacks from the Fulani, the Wolof and the Soninke ethnic groups- and allow invaders from the north; Moors in general, Arabs in particular; from the Smassid, Moawiya's tribe in singular to illegally occupy and exploit their farm lands .It explains how the whole process has and is still being orchestrated by the central government in Nouakchott. This document gives the reader the smallest and most accurate details about real life and right from wrong about what is being said about Mauritanian's leaders and policies. It also explains how France, since colonization, has played and continues to play an imminent role in the exclusion, the humiliation and the extermination of blacks in the country.
Art World City
“Insightful . . . should be on the bookshelf of anyone interested in contemporary art on the continent of Africa, its politics, its display, its economics.” —African Arts Art World City focuses on contemporary art and artists in the city of Dakar, a famously thriving art metropolis in the West African nation of Senegal. Joanna Grabski illuminates how artists earn their livelihoods from the city’s resources, possibilities, and connections. She examines how and why they produce and exhibit their work and how they make an art scene and transact with art world mediators such as curators, journalists, critics, art lovers, and collectors from near and far. Grabski shows that Dakar-based ar...
On the Capacity to Absorb Public Investment: How Much is Too Much?
While expanding public investment can help filling infrastructure bottlenecks, scaling up too much and too fast often leads to inefficient outcomes. This paper rationalizes this outcome looking at the association between cost inflation and public investment in a large sample of road construction projects in developing countries. Consistent with the presence of absorptive capacity constraints, our results show a non-linear U-shaped relationship between public investment and project costs. Unit costs increase once public investment is close to 10% of GDP. This threshold is lower (about 7% of GDP) in countries with low investment efficiency and, in general, the effect of investment scaling up on costs is especially strong during investment booms.
