Oil and growth in the Republic of Congo
By: prepared by Rina Bhattacharya and Dhaneshwar Ghura.
Contributors: Ghura, Dhaneshwar.; International Monetary Fund. African Dept.
Series: IMF working paper -- WP/06/185
Publisher: International Monetary Fund, African Dept.
Published: 2006
Place of publication: [Washington, D.C.]
Language: eng
Number of pages: 39
Subjects: Petroleum industry and trade -- Economic aspects -- Congo (Brazzaville); Congo (Brazzaville) -- Economic policy.; Congo (Brazzaville) -- Economic conditions.; Congo (Brazzaville) -- Politics and government.
Description: This paper investigates the linkages between oil and growth in Congo, where there appears to be no evidence of direct spillover effects. The empirical results suggest however that political instability has a negative effect on non-oil growth, and that the presence of oil could have fueled political instability by being associated with weakening institutions. The results also show that fiscal discipline is beneficial for growth. In addition, there are strong linkages between world oil prices and the real effective exchange rate, with movements in the latter having important indirect repercussions for growth.
Notes: Caption title.

"August 2006."

Includes bibliographical references (p. 37-39).

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