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The impact of political instability on the economic growth of ECOWAS member countries

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  • Godwin Okafor

Abstract

This study contributes to the literature on political instability and economic growth by specifically investigating the impact of political instability on the economic growth of member countries of the Economic Community of West African States (ECOWAS). West Africa is regarded as the riskiest sub-region within the African continent. To achieve this objective, this study employed panel data techniques (fixed effects and generalised method of moments) on a sample of 15 ECOWAS member countries for the period 2005–2012. The findings from the analyses showed that terrorism, poor governance, social unrest, youth unemployment, death rate and natural resource rent have negative relationships with economic growth. The findings and policy implications deduced from this study could not have been any timelier considering the recent escalation of instability in West African countries and their fragile growth prospects.

Suggested Citation

  • Godwin Okafor, 2017. "The impact of political instability on the economic growth of ECOWAS member countries," Defence and Peace Economics, Taylor & Francis Journals, vol. 28(2), pages 208-229, March.
    • Handle: RePEc:taf:defpea:v:28:y:2017:i:2:p:208-229
    DOI: 10.1080/10242694.2015.1092206
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    References listed on IDEAS

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    1. Richard Blundell & Stephen Bond & Frank Windmeijer, 2000. "Estimation in dynamic panel data models: improving on the performance of the standard GMM estimator," IFS Working Papers W00/12, Institute for Fiscal Studies.
    2. Aisen, Ari & Veiga, Francisco José, 2013. "How does political instability affect economic growth?," European Journal of Political Economy, Elsevier, vol. 29(C), pages 151-167.
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    Cited by:

    1. Samba Diop & Simplice A. Asongu, 2022. "Trust Institutions, Perceptions of Economic Performance and the Mitigating role of Political Diversity," Working Papers 22/056, European Xtramile Centre of African Studies (EXCAS).
    2. Samba Diop & Simplice A. Asongu & Vanessa S. Tchamyou, 2021. "The Macroeconomic Impact of Recent Political Conflicts in Africa: Generalized Synthetic Counterfactual Evidence," Working Papers of the African Governance and Development Institute. 21/060, African Governance and Development Institute..
    3. Esra Soyu Yıldırım & Cuma Demirtaş & Munise Ilıkkan Özgür, 2022. "Causality Relationship Between Economic, Financial, Political Risk and Growth: The Case of Turkey," Journal of Economic Policy Researches, Istanbul University, Faculty of Economics, vol. 9(1), pages 165-186, January.
    4. Samba Diop & Simplice A. Asongu, 2023. "Trust Institutions, Perceptions of Economic Performance and the Mitigating role of Political Diversity in Sub-Saharan Africa," Working Papers of the African Governance and Development Institute. 23/013, African Governance and Development Institute..
    5. Xiaojuan He & Dervis Kirikkaleli & Melike Torun & Zecheng Li, 2021. "Modeling Economic Risk in the QISMUT Countries: Evidence From Nonlinear Cointegration Tests," SAGE Open, , vol. 11(4), pages 21582440211, October.
    6. Godwin Okafor & Sydney Chikalipah, 2021. "Estimating the effect of terrorism on agricultural production in Nigeria," African Development Review, African Development Bank, vol. 33(4), pages 703-714, December.
    7. Rexford Abaidoo & Elvis Kwame Agyapong, 2022. "Commodity price volatility, inflation uncertainty and political stability," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 69(3), pages 351-381, September.
    8. Shettima, Abdulkadir & Elheddad, Mohammed & Bassim, Mohga & Alfar, Abdelrahman J.K., 2023. "The impact of conflict on energy poverty: Evidence from sub-Saharan Africa," Resources Policy, Elsevier, vol. 86(PA).
    9. Taiwo Akinlo & Omobola Hannah Arowolo & Taofeek Bidemi Zubair, "undated". "Political instability and economic growth in Nigeria," Review of Socio - Economic Perspectives 202209, Reviewsep.
    10. Benjamin Fomba Kamga & Dieu Ne Dort Talla Fokam & Paul Ningaye, 2022. "Political instability and youths unemployment in sub‐Saharan Africa," Review of Development Economics, Wiley Blackwell, vol. 26(3), pages 1850-1879, August.
    11. Mohamed Maher & Yanzhi Zhao, 2022. "Do Political Instability and Military Expenditure Undermine Economic Growth in Egypt? Evidence from the ARDL Approach," Defence and Peace Economics, Taylor & Francis Journals, vol. 33(8), pages 956-979, November.
    12. Mihaela Simionescu & Dalia Streimikiene & Wadim Strielkowski, 2020. "What Does Google Trends Tell Us about the Impact of Brexit on the Unemployment Rate in the UK?," Sustainability, MDPI, vol. 12(3), pages 1-10, January.
    13. Dervis Kirikkaleli, 2020. "Does political risk matter for economic and financial risks in Venezuela?," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 9(1), pages 1-10, December.
    14. Fernando Tohmé & M. Ángeles Caraballo & Carlos Dabús, 2022. "Instability, political regimes and economic growth. A theoretical framework," Metroeconomica, Wiley Blackwell, vol. 73(1), pages 291-317, February.

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