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Results 1721-1730 of 1801 (Search time: 0.006 seconds).
Financial Integration and Economic Growth in the COMESA and SADC Regions
Journal article, Created By Misati, Roseline Nyakerario and Published By Taylor & Francis Group in English language
This study used panel data methods to examine the relationship between financial integration and economic growth in the COMESA and SADC regions. Using Foreign direct investment (FDI) and portfolio flows as a share of GDP, Chinn-Ito index of financial openness and debt flows as measures of financial integration, the study found that the relationship between financial integration and growth is largely insignificant in the combined sample of COMESA and SADC regions. However, the relationship changes when the two regions are separated. Whereas two of the indicators&...
Greasing or sanding the wheels? Effect of corruption on economic growth in sub-Saharan Africa
Journal article, Created By Ibrahim, Muazu and Published By Inderscience in English language
Corruption is a pervasive challenge confronting the world economy more especially countries in sub-Saharan Africa. This paper investigates the effect of corruption on economic growth in the sub-region using data spanning 1998 to 2011. By employing the pooled estimated generalised least squares (EGLS) and two stage least squares (2SLS), we find that corruption is inimical to economic growth through its indirect effect on gross fixed capital formation and labour force. The results are not only robust to controlling for endogeneity using regional blocs of the count...
Growth of African Economies: Productivity, Policy Syndromes and the Importance of Institutions
Journal article, Created By Fosu, Augustin Kwasi and Published By Oxford University Press (OUP) in English language
Recent evidence from an exhaustive political-economy study of growth of African economies—the Growth Project of the African Economic Research Consortium—suggests that ‘policy syndromes’ have substantially contributed to the generally poor growth in Sub-Saharan Africa during post-independence. The current article employs the unique data and insights generated by the Growth Project to further explore the importance of a ‘syndrome-free’ (SF) regime for growth in the region by examining: (i) the channels via which SF affects growth: total factor productivity versus factors of productio...
Journal of African Development Studies (JADS)
Serial, Created By Ethiopian Civil Service College and Published By Africa Union (AU) in English language
Inflation and Output Growth Dynamics in South Africa: Evidence from the Markov Switching Vector Autoregressive Model
Journal article, Created By Bonga-Bonga, Lumengo and Published By Taylor & Francis Group in English language
This paper introduces the possibility of asymmetry in the reaction of output growth to inflation shocks in South Africa by making use of the Markov-switching vector autoregressive model. Using quarterly data from 1969Q1 to 2013Q4, the empirical finding suggests that the reaction of output growth to inflation shocks is not only regime dependent but is also contingent on how the monetary authority reacts to such shocks. Two important regimes are identified; the high and low inflation volatility regimes. Consistent with the signal extraction theory, the output ...
Economic Report on Africa 2011
Book/Monograph, Created By African Union (AU) and Published By African Union (AU) in English language
The world economy grew by 3.6 per cent in 2010 up from -2.1 per cent in 2009, but its growth is expected to moderate to 3.2 per cent in 2011. Africa’s rebound strengthened from the GDP growth rate of 2.4 per cent in 2009 to 4.7 per cent in 2010 and a forecast of 5 per cent for 2011. The recovery in Africa was underprinted by a number of factors, including the rebound of export demand and commodity prices; increase inflows of foreign direct investment in extractive industries and aid; return of tourism; investment in&#...
Fiscal variables and growth convergence in the ECOWAS
Journal article, Created By Magazzino, Cosimo and Published By Emerald in English language
The purpose of this paper is to assess the relationship among fiscal variables (net lending, government expenditure and revenue) and economic growth in Sub-Saharan African countries. ... Government expenditure and revenue show pro-cyclical effects in West African Economic and Monetary Union (WAEMU) and ECOWAS countries, while fiscal balance has a pro-cyclical nature for WAEMU during the years 1999-2011. Moreover, a weak long-run relationship between government expenditure and revenue emerge, but only in the case of West African Monetary Zone (WAMZ) countries. Granger causality...
Financial Development and Economic Growth in Africa
Journal article, Created By Tibebe A. Assefa and Published By Taylor & Francis Group in English language
We revisit in this paper the debate between financial development and economic growth. In contrast to previous studies examining banking related measures, we focus on the capital account and the depth of African stock markets. We examine 15 African countries from 1995 to 2010 and employ both static and dynamic panel data methods. While the former suggest weak results overall, portfolio flows and Foreign Direct Investment (FDI) have consistently positive effects on economic growth under endogenous stock market capitalization. These findings reinforce the view that...
Growth and Chronic Poverty: Evidence from Rural Communities in Ethiopia
Journal article, Created By Dercon, Stefan and Published By Taylor & Francis Group in English language
What keeps some people persistently poor, even in the context of relative high growth? In this article, we explore this question using a 15-year longitudinal data set from Ethiopia. We compare the findings of an empirical growth model with those derived from a model of the determinants of chronic poverty. We ask whether the chronically poor are simply not benefiting in the same way from the same factors that allowed others to escape poverty, or whether there are latent factors that leave them behind? We find that this chronic poverty is&...
Foreign Direct Investment, Trade Openness and Economic Growth in Ghana: An Empirical Investigation
Journal article, Created By Sakyi, Daniel and Published By Taylor & Francis Group in English language
This paper investigates the long-run impact of foreign direct investment and trade openness on economic growth in Ghana (1970?2011) within the framework of the endogenous growth literature. Adopting the autoregressive distributed lag bounds testing approach to cointegration the results suggest that the interaction of foreign direct investment and exports has been crucial in fostering growth, thus validating the famous Bhagwati hypothesis. From a policy oriented point of view, the study recommends the channeling of foreign direct investment to export-oriented sectors and the pr...