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Characteristics and Behaviour of African Commodity/Product Markets and Market Institutions and Their Consequences for Economic Growth

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  • Afeikhena Jerome
  • Olawale Ogunkola

Abstract

This study examines the characteristics and behaviour of key commodity/product markets and market institutions in Africa and their consequences for economic growth. Their contribution to economic growth appears to have been limited by high transaction costs and weak institutions. Government heavy intervention, persistent shortages of market infrastructure and lack of effective market information system, all contribute to the seemingly high transaction costs in these markets.

Suggested Citation

  • Afeikhena Jerome & Olawale Ogunkola, 2000. "Characteristics and Behaviour of African Commodity/Product Markets and Market Institutions and Their Consequences for Economic Growth," CID Working Papers 35A, Center for International Development at Harvard University.
    • Handle: RePEc:cid:wpfacu:35a
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    References listed on IDEAS

    as
    1. Williamson, Oliver E, 1979. "Transaction-Cost Economics: The Governance of Contractural Relations," Journal of Law and Economics, University of Chicago Press, vol. 22(2), pages 233-261, October.
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    More about this item

    Keywords

    markets; transaction costs; institutions;
    All these keywords.

    JEL classification:

    • F1 - International Economics - - Trade
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
    • N7 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services

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