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The Augmented Solow Model and the African Growth Debate

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 Hoeffler, Anke E

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Abstract

Using panel data the question whether Africa's growth performance can be accounted for is analysed in the framework of the augmented Solow model. OLS levels results suggest that the model cannot fully account for Africa's low growth performance. However, these OLS estimates are likely to suffer from inconsistency and endogeneity problems. As our preferred estimation method we suggest the use of recently developed system generalized method of moments (GMM) estimator. Our system GMM results indicate that the augmented Solow model can account for Africa's low growth performance, provided that we allow for unobserved country specific effects and the endogeneity of investment in estimating the parameters of the model. Hence, rather than concentrating research efforts on the analysis of a spurious Africa dummy, it may be more worthwhile to focus on the continent's low investment ratios and high population growth rates, which we found to be sufficient to explain Africa's low growth rates. Copyright 2002 by Blackwell Publishing Ltd

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Article provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics & Statistics.

Volume (Year): 64 (2002)
Issue (Month): 2 (May)
Pages: 135-58
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Handle: RePEc:bla:obuest:v:64:y:2002:i:2:p:135-58

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  1. Hirokazu Ishise & Yasuyuki Sawada, 2006. "Aggregate Returns to Social Capital: Estimates Based on the Augmented Augmented-Solow Model," CIRJE F-Series CIRJE-F-413, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
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  2. Devarajan, Shantayanan & Easterley, William R. & Pack, Howard, 2001. "Is investment in Africa too low or too high : macro and micro evidence," Policy Research Working Paper Series 2519, The World Bank. [Downloadable!]
  3. Diaz-Bautista, Alejandro, 2002. "The role of telecommunications infrastructure and human capital: Mexico´s economic growth and convergence," ERSA conference papers ersa02p102, European Regional Science Association. [Downloadable!]
  4. Stan du Plessis & Sonja Keller, 2002. "Bias correction in a dynamic panel data model of economic growth: The African dummy re-examined," Working Papers 04/2002, Stellenbosch University, Department of Economics. [Downloadable!]
  5. Matthias Cinyabuguma & Louis Putterman, 2006. "Sub-Saharan Growth Surprises: Geography, Institutions And History in an all African Data Panel," Working Papers 2006-21, Brown University, Department of Economics. [Downloadable!]
  6. Presbitero, Andrea F., 2006. "The debt-growth nexus in poor countries: a reassessment," Proceedings of the German Development Economics Conference, Berlin 2006 22, Verein für Socialpolitik, Research Committee Development Economics. [Downloadable!]
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  7. Bigsten, Arne, 2006. "Aid and Economic Development in Africa," Working Papers in Economics 237, Göteborg University, Department of Economics. [Downloadable!]
  8. Catherine A. Pattillo & Hélène Poirson & Luca Antonio Ricci, 2004. "What Are the Channels Through Which External Debt Affects Growth?," IMF Working Papers 04/15, International Monetary Fund. [Downloadable!]
  9. Gul, Adnan, 2008. "Is external debt an effective way of bringing economic reforms?," MPRA Paper 10979, University Library of Munich, Germany. [Downloadable!]
  10. Gilles Dufrénot & Valérie Mignon & Théo Naccache, . "The slow convergence of per capita income between the developing countries: “growth resistance” and sometimes “growth tragedy”," Discussion Papers 09/03, University of Nottingham, CREDIT. [Downloadable!]
  11. B Ouattara, 2004. "Does Aid Promote Fiscal Indiscipline? Evidence from Dynamic Panel Model," The School of Economics Discussion Paper Series 0407, Economics, The University of Manchester. [Downloadable!]
  12. Måns Söderbom & Francis Teal, 2004. "Openness and Human Capital as Sources of Productivity Growth: An Empirical Investigation," Development and Comp Systems 0409031, EconWPA. [Downloadable!]
  13. Maria Abreu & Henri L.F. de Groot & Raymond J.G.M. Florax, 2005. "A Meta-Analysis of Beta-Convergence: The Legendary Two-Percent," Tinbergen Institute Discussion Papers 05-001/3, Tinbergen Institute. [Downloadable!]
  14. Lennart Erickson & Carl-Johan Dalgaard, 2007. "Solow Versus Harrod-Domar: Reexamining the Aid Costs of the First Millennium Development Goal," IMF Working Papers 06/284, International Monetary Fund. [Downloadable!]
  15. Kevin Joseph Carey & Sanjeev Gupta & Catherine A. Pattillo, 2005. "Sustaining Growth Accelerations and Pro-Poor Growth in Africa," IMF Working Papers 05/195, International Monetary Fund. [Downloadable!]
  16. Charalambos G. Tsangarides, 2005. "Growth Empirics under Model Uncertainty: Is Africa Different?," IMF Working Papers 05/18, International Monetary Fund. [Downloadable!]
  17. Sai Ding & John Knight, 2008. "Can the Augmented Solow Model Explain China's Economic Growth? A Cross-Country Panel Data Analysis," Economics Series Working Papers 380, University of Oxford, Department of Economics. [Downloadable!]
  18. W. A. Naudé, 2004. "The effects of policy, institutions and geography on economic growth in Africa: an econometric study based on cross-section and panel data," Journal of International Development, John Wiley & Sons, Ltd., vol. 16(6), pages 821-849. [Downloadable!]
  19. Dehn, Jan, 2000. "The effects on growth of commodity price uncertainty and shocks," Policy Research Working Paper Series 2455, The World Bank. [Downloadable!]
  20. Nicholas Vasilakos & Nikolay Zubanov, 2009. "Income Convergence and R&D Intensity in OECD Manufacturing Industries: A Panel Study," Discussion Papers 09-09, Department of Economics, University of Birmingham. [Downloadable!]
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