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Determinants of Long-Term Growth: Some African Results

Author

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  • Ojo, Oladeji
  • Oshikoya, Temitope

Abstract

Using the framework of endogenous growth models which seeks to explain sustained long term growth across countries and over time as a basis, this paper empirically analyzes the determinants of long term growth in selected African countries during 1970-91. The most important explanatory variables considered include initial per capital income, investment, population growth, macroeconomic environment (inflation and exchange rates), external factors (export growth, external debt, terms of trade), political environment and human capital. On average, investment, external debt, population growth, human capital and proxies for macroeconomic environment appear to have more relative importance in influencing long-term growth. Copyright 1995 by Oxford University Press.

Suggested Citation

  • Ojo, Oladeji & Oshikoya, Temitope, 1995. "Determinants of Long-Term Growth: Some African Results," Journal of African Economies, Centre for the Study of African Economies, vol. 4(2), pages 163-191, October.
    • Handle: RePEc:oup:jafrec:v:4:y:1995:i:2:p:163-91
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    Cited by:

    1. Adenike Mosunmola Osoba & Sheriffdeen Adewale Tella, 2017. "Human Capital Variables and Economic Growth in Nigeria: An Interactive Effect," EuroEconomica, Danubius University of Galati, issue 1(36), pages 131-143, May.
    2. Faroque Ahmed & Md. Jamal Hossain & Mohammad Tareque, 2020. "Investigating the Roles of Physical Infrastructure, Financial Development and Human Capital on Economic Growth in Bangladesh," Journal of Infrastructure Development, India Development Foundation, vol. 12(2), pages 154-175, December.
    3. Simplice A. Asongu, 2014. "Finance and Democracy in Africa," Institutions and Economies (formerly known as International Journal of Institutions and Economies), Faculty of Economics and Administration, University of Malaya, vol. 6(3), pages 92-116, October.
    4. Olawunmi Omitogun & Adenike M. Osoba & Sheriffdeen Adewale Tella, 2016. "An Interactive Effect of Human Capital Variables and Economic Growth in Nigeria," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 12(5), pages 108-119, OCTOBER.
    5. Rasha Hashim Osman & Constantinos Alexiou & Persefoni Tsaliki, 2012. "The role of institutions in economic development: Evidence from 27 Sub-Saharan African countries," International Journal of Social Economics, Emerald Group Publishing, vol. 39(2), pages 142-160, January.
    6. Augustin Kwasi Fosu, 2000. "The International Dimension of African Economic Growth," CID Working Papers 34, Center for International Development at Harvard University.
    7. Eric Kehinde Ogunleye, 2011. "Emerging Evidence on the Relative Importance of Sectoral Sources of Growth in Sub-Saharan Africa," WIDER Working Paper Series wp-2011-061, World Institute for Development Economic Research (UNU-WIDER).
    8. Rasha Hashim Osman & Constantinos Alexiou & Persefoni Tsaliki, 2011. "The role of institutions in economic development: Evidence from 27 Sub-Saharan African countries," International Journal of Social Economics, Emerald Group Publishing, vol. 39(1/2), pages 142-160, December.
    9. Dramani, Latif, 2007. "Modèle multi pays dans les pays de la zone franc [Multi country model in CFA zone]," MPRA Paper 3201, University Library of Munich, Germany.
    10. Narayan, Paresh Kumar & Narayan, Seema & Smyth, Russell, 2011. "Does democracy facilitate economic growth or does economic growth facilitate democracy? An empirical study of Sub-Saharan Africa," Economic Modelling, Elsevier, vol. 28(3), pages 900-910, May.
    11. 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.
    12. Oussama Elkhalfi & Rachid Chaabita & Kamal Zahraoui & Hicham El Alaoui, 2023. "Public Spending on Human Capital and Economic Growth in Morocco," International Journal of Economics and Financial Issues, Econjournals, vol. 13(4), pages 102-110, July.
    13. Stephen S. Everhart & Mariusz A. Sumlinski, 2001. "Trends in Private Investment in Developing Countries : Statistics for 1970-2000 and the Impact on Private Investment of Corruption and the Quality of Public Investment," World Bank Publications - Books, The World Bank Group, number 13989, December.
    14. NANTOB, N'Yilimon, 2014. "Taxes and Economic Growth in Developing Countries : A Dynamic Panel Approach," MPRA Paper 61346, University Library of Munich, Germany, revised 05 Feb 2015.
    15. Guillaumont, Patrick & Jeanneney, Sylviane Guillaumont & Brun, Jean-Francois, 1999. "How Instability Lowers African Growth," Journal of African Economies, Centre for the Study of African Economies, vol. 8(1), pages 87-107, March.
    16. repec:dau:papers:123456789/5148 is not listed on IDEAS
    17. Gharyeni, Abdellatif, 2015. "Dette Extérieure, Croissance Économique et Crises dans Les Pays En Développement : Un Bref Aperçu Théorique, Historique et Statistique [External Debt, Economic Growth and Crisis in Developing Count," MPRA Paper 69244, University Library of Munich, Germany, revised 04 Feb 2106.
    18. repec:eco:journ1:2014-02-19 is not listed on IDEAS
    19. Neil Foster, 2006. "Exports, growth and threshold effects in Africa," Journal of Development Studies, Taylor & Francis Journals, vol. 42(6), pages 1056-1074.
    20. Hossein Jalilian & John Weiss, 1997. "POLICY ARENA: Bureaucrats, Business and Economic Growth," Journal of International Development, John Wiley & Sons, Ltd., vol. 9(6), pages 877-885.
    21. Onye, Kenneth U. & Iriabije, Alex O., 2016. "Globalization and Nigeria's Economic Performance," MPRA Paper 88292, University Library of Munich, Germany.
    22. Emmanuel MOUSSONE, 2010. "Insertion des pays de la zone franc africaine dans le commerce mondial : étude d’une spécialisation appauvrissante et le problème du financement de l’économie (Insertion of the African Franc Zone Coun," Working Papers 231, Laboratoire de Recherche sur l'Industrie et l'Innovation. ULCO / Research Unit on Industry and Innovation.
    23. Rasaki O. Kareem & Rukayat A. Arije & Amoo O. Zakariyah & Yusuf H. Avovome, 2020. "Natural Resources Endowment, Human Capital Development and Economic Growth in Nigeria," Business & Management Compass, University of Economics Varna, issue 1, pages 26-46.
    24. Kevin Williams, 2017. "Foreign Direct Investment, Economic Growth, and Political Instability," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 42(2), pages 17-37, June.
    25. Gharyeni, Abdellatif & Jouili, Mustapha, 2015. "Dette extérieure et croissance économique dans les pays à revenu intermédiaire : Essai empirique [External Debt and Economic Growth in the Middle-Income Countries :Empirical Test]," MPRA Paper 69122, University Library of Munich, Germany, revised 31 Jan 2016.

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