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Perceived Financial Risk and Divergence in the Economic Growth of Sub-Saharan African Countries

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Author Info
Bichaka Fayissa
Christian Nsiah
Prathibha V. Joshi

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Abstract

Since the 1970’s, countries of the Sub-Saharan African region have experienced slow economic growth and development in comparison to other regions of the world. This paper studies the role of perceived financial risk in explaining the divergence of economic growth among Sub-Saharan African countries by employing regression techniques on panel data for the period of 1984 to 2000. Our findings suggest that higher ratings of a country’s investment environment (used as a proxy for reduced perceived financial risk) tend to make the flow of external funds more accessible to African countries and spur their economic growth.

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Paper provided by Middle Tennessee State University, Department of Economics and Finance in its series Working Papers with number 200804.

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Date of creation: Apr 2008
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Handle: RePEc:mts:wpaper:200804

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Related research
Keywords: Economic growth; financial risk; foreign direct investment; human capital; physical capital; political rights; openness; panel data.;

Find related papers by JEL classification:
C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data
F20 - International Economics - - International Factor Movements and International Business - - - General
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
O5 - Economic Development, Technological Change, and Growth - - Economywide Country Studies

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  14. Borensztein, E. & De Gregorio, J. & Lee, J-W., 1998. "How does foreign direct investment affect economic growth?1," Journal of International Economics, Elsevier, vol. 45(1), pages 115-135, June. [Downloadable!] (restricted)
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  15. Burnside, Craig & Dollar, David, 1997. "Aid, policies, and growth," Policy Research Working Paper Series 1777, The World Bank. [Downloadable!]
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