Quotation Duygun, Meryem and Isaksson, Anders and Kaulich, Florian. 2016. Did the global financial crisis hit Africa? Insights from a multi-country firm level survey. Economic Modelling 58 S. 308-316.




We use a unique cross-sectional firm-level dataset collected in 2010 covering 19 countries and about 3000 manufacturing firms and show that, contrary to common perceptions, Sub-Saharan African countries were affected by the financial crisis. Our results suggest that productivity levels—labor and total factor productivity—are significantly important indicators for the probability of whether a plant will feel the ramifications of an exogenous shock like the recent financial crisis. Other important variables identified are firms' per worker levels of human and physical capital, size and age. Moreover, we find strong evidence for the role of trade as a transmission channel of the crisis, as it carries over from northern economies to Sub-Saharan Africa. It turns out that invoking the destination of exports into the analysis is crucial for understanding how African countries were affected by the crisis.


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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Journal article
Journal Economic Modelling
Citation Index SSCI
WU Journalrating 2009 A
WU-Journal-Rating new VW-D
Language English
Title Did the global financial crisis hit Africa? Insights from a multi-country firm level survey
Volume 58
Year 2016
Page from 308
Page to 316
Reviewed? Y
URL http://www.sciencedirect.com/science/article/pii/S0264999316301717
DOI http://dx.doi.org/10.1016/j.econmod.2016.06.008
JEL D22, D24, D53, E22, G01


Kaulich, Florian (Former researcher)
Duygun, Meryem (Nottingham University Business School, United Kingdom)
Isaksson, Anders (UNIDO, Austria)
Department of Economics (Kubin) (Details)
Research areas (Ă–STAT Classification 'Statistik Austria')
5300 Economics (Details)
5325 Political economics (Details)
5334 Political economic policy (Details)
5341 Economic policy (Details)
5344 Foreign trade (Details)
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