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Institutional Determinants of Economic Growth in ECOWAS Sub-Region

Author

Listed:
  • Ezebuilo Romanus Ukwueze

    (Department of Economics, University of Nigeria, Nsukka, Nigeria,)

  • Ekene Stephen Aguegboh

    (Department of Economics, University of Nigeria, Nsukka, Nigeria.)

Abstract

Following neoclassical growth model, people became deeply interested in the factors that lead to economic growth, characterized by diminishing marginal returns, exogenously determined technical progress and substitutability between the factors of production, namely capital and labour. The new or endogenous growth theory enunciated different sets of factors for economic growth as human capital and innovation capacity. New wave of empiricists with the use of cross-sectional and panel econometrics identified the determinants of economic growth with better precision and confidence. The study is aimed at finding the institutional determinants of economic growth in ECOWAS countries. The panel data analysis using data collected form Quality of Governance (QoG), (1946 2012) - suggests that countries are heterogeneous, controls for heterogeneity and collinearity, from whose result shows that for all the countries studied, institutions matter for growth except for political stability. It is also evident from the results that the institutions matter for economic growth, while integration does not among ECOWAS Economies.

Suggested Citation

  • Ezebuilo Romanus Ukwueze & Ekene Stephen Aguegboh, 2018. "Institutional Determinants of Economic Growth in ECOWAS Sub-Region," International Journal of Economics and Financial Issues, Econjournals, vol. 8(5), pages 75-79.
    • Handle: RePEc:eco:journ1:2018-05-12
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    More about this item

    Keywords

    Corruption; Governance; Institutional Reforms; Growth per capita; Property rights;
    All these keywords.

    JEL classification:

    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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