Macroeconomic Vs. Resource Determinants of Economic Growth in Africa: A COMESA and ECOWAS Study

References

• Aladejare, S. A. (2018). Resource price, macroeconomic distortions, and public outlay: Evidence from oil-exporting countries. International Economic Journal, 32(2), 199–218. doi: 10.1080/10168737.2018.1481128
   Google Scholar
• Alege, P., & Ogundipe, A. (2013). Sustaining economic development of West African countries: A system GMM panel approach. MPRA Paper No. 51702. Retrieved from http://mpra.ub.uni-muenchen.de/51702/
   Google Scholar
• Anderson, T. W., & Hsaio, C. (1981). Estimation of dynamic models with error components. Journal of the American Statistical Association, 76, 598–606. doi: 10.1080/01621459.1981.10477691
   Web of Science ®Google Scholar
• Anderson, T. W., & Hsaio, C. (1982). Formulation and estimation of dynamic models using panel data. Journal of Econometrics, 18, 47–82. doi: 10.1016/0304-4076(82)90095-1
   Web of Science ®Google Scholar
• Anyanwu, J. C. (2014). Factors affecting economic growth in Africa: Are there any lessons from China? African Development Review, 26(3), 468–493. doi: 10.1111/1467-8268.12105
   Web of Science ®Google Scholar
• Arrelano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58, 277–297. doi: 10.2307/2297968
   Web of Science ®Google Scholar
• Breitung, J. (2000). The local power of some unit root tests for panel data. In B. H. Baltagi (Ed.), Nonstationary panels, panel cointegration and dynamic panels (pp. 161–177). Amsterdam: Elsevier.
   Google Scholar
• Bruno, M., & Easterly, W. R. (1998). Inflation crises and long-run growth. Journal of Monetary Economics, 41, 3–26. doi: 10.1016/S0304-3932(97)00063-9
   Web of Science ®Google Scholar
• Chandra, V., Boccardo, J., & Osorio, I. (2007). Export diversification and competitiveness in developing countries. Working draft-incomplete, pp. 1–61.
   Google Scholar
• Chang, C., & Mendy, M. (2012). Economic growth and openness in Africa: What is the empirical relationship? Applied Economics Letters, 19(18), 1903–1907. doi: 10.1080/13504851.2012.676728
   Web of Science ®Google Scholar
• Chirwa, T. G., & Odhiambo, N. M. (2016). Macroeconomic determinants of economic growth: A review of international literature. South East European Journal of Economics and Business, 11(2), 33–47. doi: 10.1515/jeb-2016-0009
   Web of Science ®Google Scholar
• Corden, W. M. (1984). Booming sector and Dutch disease economics: Survey and consolidation. Oxford Economic Papers, 36, 359–380. doi: 10.1093/oxfordjournals.oep.a041643
   Web of Science ®Google Scholar
• Deaton, A. (1999). Commodity prices and growth in Africa. Journal of Economic Perspectives, 13(3), 23–40. doi: 10.1257/jep.13.3.23
   Web of Science ®Google Scholar
• Dixit, A. K., & Pindyck, R. S. (1994). Investment under uncertainty. Princeton, NJ: Princeton University Press.
   Google Scholar
• ECA. (2015). The impact of the current oil price decline on Africa, mimeo, forecasting section, macroeconomic policy division. Addis Ababa: United Nations Economic Commission for Africa.
   Google Scholar
• Fosu, A. K. (2008). The African economic growth record: The roles of policy syndromes and governance. Paper for presentation at the Initiative for Policy Dialogue (IPD) Africa Taskforce Meeting, Addis Abba, Ethiopia, 10–11 July 2008.
   Google Scholar
• Franca, N. C. (2017). A comparative study of economic growth in the West African States. Journal of World Economic Research, 6(6), 75–79. doi: 10.11648/j.jwer.20170606.12
   Google Scholar
• Ghazanchyan, M., & Stotsky, J. G. (2013). Drivers of growth: Evidence from Sub-Saharan African countries. (IMF Working Paper, WP/13/236). Washington, DC: International Monetary Fund.
   Google Scholar
• Gylfason, T. (1999, June). Exports, inflation, and growth. World Development, 27, 1031–1057. doi: 10.1016/S0305-750X(99)00045-5
   Web of Science ®Google Scholar
• Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogenous panels. Journal of Econometrics, 115(1), 53–74. doi: 10.1016/S0304-4076(03)00092-7
   Web of Science ®Google Scholar
• IMF. (2016). World economic and financial surveys: Regional economic outlook. Sub-Saharan Africa, time for a policy reset. Washington, DC: International Monetary Fund.
   Google Scholar
• Iyoha, M., & Okim, A. (2017). The impact of trade on economic growth in ECOWAS countries: Evidence from panel data. CBN Journal of Applied Statistics, 8, 23–49.
   Google Scholar
• Jalloh, M. (2013). Natural resources endowment and economic growth: The West African experience. Journal of Natural Resources and Development, 3, 66–84.
   Google Scholar
• Javed, T., Sania, N., & Gondal, M. A. (2014). International Incidences, macroeconomic variables and their volatility effect on economic growth: Empirical evidence from Pakistan. International Journal of Academic Research in Economics and Management Sciences, 3(4), 81–99. doi: 10.6007/IJAREMS/v3-i4/1087
   Google Scholar
• Jelilov, G., Obasa, O. J., & Isik, A. (2016). Impact of inflation and unemployment on economic growth in ten (10) selected member’s states of economic community of West Africa States (ECOWAS) (2001–2014). Advances in Economics and Business, 4(5), 222–244. doi: 10.13189/aeb.2016.040503
   Google Scholar
• Leke, A., & Barton, D. (2016). 3 Reasons things are looking up for African economies. World Economic Forum on Africa. 11–13 May 2016, Kigali, Rwanda.
   Google Scholar
• Levin, A., Lin, C. F., & Chu, C. S. J. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108(1), 1–24. doi: 10.1016/S0304-4076(01)00098-7
   Web of Science ®Google Scholar
• Maddala, G. S., & Wu, S. (1999). A comparative study of unit root tests with panel data and A New Simple test. Oxford Bulletin of Economics and Statistics, 61(S1), 631–652. doi: 10.1111/1468-0084.61.s1.13
   Google Scholar
• Ndoricimpa, A., Osoro, N. E., & Kidane, A. (2016). Threshold effects of inflation on economic growth in selected African regional economic communities: Evidence from a dynamic panel threshold modelling. Applied Econometrics, 41, 5–23.
   Google Scholar
• Paldam, M., & Svendsen, G. T. (2000). An essay on social capital: Looking for the fire behind the smoke. European Journal of Political Economy, 16, 339–366. doi: 10.1016/S0176-2680(99)00064-6
   Google Scholar
• Pedroni, P. (1999). Critical values for cointegration tests in heterogeneous panels with multiple regressors. Oxford Bulletin of Economics and Statistics, 61(S1), 653–670. doi: 10.1111/1468-0084.61.s1.14
   Google Scholar
• Pesaran, M. H. (2007). A Simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22, 265–312. doi: 10.1002/jae.951
   Web of Science ®Google Scholar
• Pesaran, M. H., Shin, Y., & Smith, R. (1999). Pooled mean group estimation of dynamic heterogeneous panels. Journal of the American Statistical Association, 94, 621–634. doi: 10.1080/01621459.1999.10474156
   Web of Science ®Google Scholar
• Pesaran, M. H., & Smith, R. (1995). Estimating long-run relationships from dynamic heterogeneous panels. Journal of Econometrics, 68, 79–113. doi: 10.1016/0304-4076(94)01644-F
   Web of Science ®Google Scholar
• Radelet, S., Sachs, J., & Whang-Lee, J. (2001). The determinants and prospects of economic growth in Asia. International Economic Journal, 15(3), 1–29. doi: 10.1080/10168730100080017
   Google Scholar
• Rodriguez, F., & Sachs, J. D. (1999). Why do resource-abundant economies grow more slowly? A new explanation and an application to Venezuela. Journal of Economic Growth, 4, 277–303. doi: 10.1023/A:1009876618968
   Web of Science ®Google Scholar
• Shaw, T. (2015). African agency. South Africa & the BRICS. International Relations, 52, 255–268.
   Google Scholar
• Tanyanyiwa, V. I., & Hakuna, C. (2014). Challenges and opportunities for regional integration in Africa: The case of SADC. IOSR Journal of Humanities and Social Science, 19(12), 103–115. doi: 10.9790/0837-19124103115
   Google Scholar
• The African Capacity Building Foundation. (2017). Drivers of economic growth in Africa. Occasional paper no. 29, 2017. Harare, Zimbabwe.
   Google Scholar
• The World Bank. (1989). Africa’s Adjustment and Growth. Report No. 11192.
   Google Scholar
• Valensisi, G., & Davis, J. (2011, November). Least developed countries and the green transition: Towards a renewed political economy agenda. Merit Working Paper.
   Google Scholar
• World Bank. (2018). World Development Indicator.
   Google Scholar