Africa has had slow growth and a massive exodus of capital. In many respects it has been the most capital-hostile region. We review and interpret the aggregate-level and microeconomic literatures to identify the key explanations for this performance. There is a reasonable correspondence of the two sets of evidence, pointing to four factors as being important. These are a lack of openness to international trade; a high-risk environment; a low level of social capital; and poor infrastructure.
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Paper provided by Centre for the Study of African Economies, University of Oxford in its series Working Papers Series with number
97-2.1.
Length: 70 pages Date of creation: 1997 Date of revision: Handle: RePEc:fth:oxesaf:97-2.1
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Find related papers by JEL classification: O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence O55 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Africa O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment
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