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Group Formation and Growth Enhancing Variables: Evidence from Selected WAMZ Countries

In: Accelerated Economic Growth in West Africa

Author

Listed:
  • Douglason G. Omotor

    (West African Institute for Financial and Economic Management (WAIFEM))

Abstract

This paper sets out to empirically examine two issues. First, whether countries which belong in the same geographical area are apparently homogeneous and be pooled together in studying their growth drivers. Second and arising from the first, if homogeneity does not hold, what other growth enhancing variables drive the growth process for the group of selected WAMZ countries. The cross-sectional dependence result suggests dissimilarity among the countries and as such, the selected WAMZ countries should be studied independently. Foreign Direct Investment and democratic variables are prominent in the growth process of the WAMZ. However, Official Development Assistance (ODA) negatively impacted on economic growth of the economies studied, thus suggesting that it is highly fungible. To maximize the returns of government spending on growth and avoid the fungibility of foreign aid, fiscal discipline and consolidation are required for the apparent growth of the WAMZ economies.

Suggested Citation

  • Douglason G. Omotor, 2016. "Group Formation and Growth Enhancing Variables: Evidence from Selected WAMZ Countries," Advances in African Economic, Social and Political Development, in: Diery Seck (ed.), Accelerated Economic Growth in West Africa, edition 127, pages 53-73, Springer.
    • Handle: RePEc:spr:aaechp:978-3-319-16826-5_4
    DOI: 10.1007/978-3-319-16826-5_4
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    Citations

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    Cited by:

    1. Omotor, Douglason G., 2019. "A Thrifty North and An Impecunious South: Nigeria's External Debt and the Tyranny of Political Economy," MPRA Paper 115292, University Library of Munich, Germany, revised 12 Oct 2019.
    2. Sun Guoyan & Asadullah Khaskheli & Syed Ali Raza & Nida Shah, 2022. "Analyzing the association between the foreign direct investment and carbon emissions in MENA countries: a pathway to sustainable development," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 24(3), pages 4226-4243, March.

    More about this item

    Keywords

    Growth; Cross-section dependence; Pesaran’s CD test; WAMZ; Dynamic ordinary least squares; Economic integration;
    All these keywords.

    JEL classification:

    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F15 - International Economics - - Trade - - - Economic Integration

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