The impact of policy reversal on economic performance in Sub-Saharan Africa

European Journal of Political Economy

Volumn 24, Issue 1, 2008, Pages 88-106

  Yago, Milton ^a   Morgan, Wyn ^b  

^a LEEDS BECKETT UNIVERSITY   (United Kingdom)

^b UNIVERSITY OF NOTTINGHAM   (United Kingdom)

Author keywords

Economic growth; Economic reform; Investment; Policy reversal; Sub Saharan Africa

Indexed keywords

EID: 38949210250     PISSN: 01762680     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.ejpoleco.2007.08.004     Document Type: Article

References (61)

1. Abed G.T., and Gupta S. Governance, Corruption and Economic Performance (2002), International Monetary Fund, Washington, DC
2. African Development Bank. African Development Report 1997: Africa in the World Economy, Fostering Private Development in Africa, Economic and Social Statistics on Africa (1997), African Development Bank, Abidjan, Côte d'Ivoire
3. Alesina A., Devleeschauwer A., Easterly W., Kurlat S., and Wacziarg R. Fractionalisation. Journal of Economic Growth 8 (2003) 155-194
4. Bardhan P. Corruption and development: a review of issues. Journal of Economic Literature 35 (1997) 1320-1346
5. Bhinda N., and Martin M. Eastern Africa - survey of foreign investors. Report by Economisti Associati for the World Bank (1994)
6. Bleaney M.F. Macroeconomic stability, investment and growth in developing countries. Journal of Development Economics 48 (1996) 461-477
7. Bleaney M.F., and Fielding D. Investment, trade liberalisation and structural adjustment. Journal of Development Studies 32 (1995) 175-194
8. Bluedorn J.C. Can democracy help? Growth and ethnic divisions. Economic Letters 70 (2001) 121-126
9. Borrmann A., Busse M., and Neuhaus S. Institutional quality and the gains from trade. Kyklos 59 (2006) 345-368
10. Bouton L., Jones C., and Kiguel M. Macroeconomic Reform and Growth in Africa: Adjustment in Africa Revisited. Policy Research Working Papers, WPS vol. 1394 (1994), World Bank, Washington, DC
11. Cardoso E. Macroeconomic environment and capital formation in Latin America. In: Serven L., and Solimano A. (Eds). Striving for Structural Adjustment: the Role of Capital Formation (1993), World Bank, Washington, DC 181-228
12. Collier P., and Gunning J.W. Explaining African economic performance. Journal of Economic Literature 37 (1999) 64-111
13. Collier P., and Hoeffler A. Greed and Grievances. DECRG Working Paper (2002), World Bank, Washington, DC
14. Dean J.M., Desai S., and Riedel J. Trade policy reform in developing countries since 1985: a review of the evidence. World Bank Discussion Papers vol. 267 (1994), World Bank, Washington, DC
15. De Haan J., Lundström S., and Sturm J.-E. Market-oriented institutions and policies and economic growth: a critical survey. Journal of Economic Surveys 20 (2006) 157-191
16. Dollar D., and Svensson J. What explains the success or failure of structural adjustment programmes?. Economic Journal 110 (2000) 894-917
17. Easterly W. The Elusive Quest for Growth: Economists Adventures and Misadventures in the Tropics (2001), MIT Press, Cambridge, MA
18. Easterly W. The lost decades: developing countries' stagnation in spite of policy reform 1980-1998. Journal of Economic Growth 6 (2001) 135-157
19. Easterly W. What did structural adjustment adjust? The association of policies and growth with repeated IMF and World Bank adjustment loans. Journal of Development Economics 76 (2005) 1-22
20. Easterly W., and Levine R. Africa's growth tragedy: policies and ethnic diversities. Quarterly Journal of Economics 112 (1997) 1203-1250
21. Egger P., and Winner H. Evidence on corruption as an incentive for foreign direct investment. European Journal of Political Economy 21 (2005) 932-952
22. Feder G., and Just R. A study of debt servicing capacity applying logit analysis. Journal of Development Economics 4 (1977) 25-38
23. Fisher S. Macroeconomics, development and growth. NBER Macroeconomics Annual (1991) 329-364
24. Fosu A.K. Political instability and economic growth: evidence from Sub-Saharan Africa. Economic Development and Cultural Change (1992) 829-841
25. Fosu A.K. Economic fluctuations and growth in Sub-Saharan Africa: the importance of import instability. Journal of Development Studies 37 (2001) 71-84
26. Gallup J.L., Sachs J.D., and Mellinger A.D. Geography and economic growth. In: Pleskovic B., and Stiglitz J.E. (Eds). Proceedings of the Annual World Bank Conference on Development Economics 1998 (1998), World Bank, Washington, DC 127-178
27. Ghura D., and Grennes T.J. The real exchange rate and macroeconomic performance in Sub-Saharan Africa. Journal of Development Economics 42 (1993) 155-174
28. Ghura D., and Hadjimichael M.T. Growth in Sub-Saharan Africa. International Monetary Fund Working Paper vol. 95/136 (1995)
29. Hadjimichael M.T., Ghura D., Muhleisen M., Nord R., and Murat Ucer E. Sub-Saharan Africa: growth, savings, and investment, 1986-1993. International Monetary Fund Occasional Paper vol. 118 (1995), IMF, Washington, DC
30. Hillman A.L. The World Bank and the persistence of poverty in poor countries. European Journal of Political Economy 18 (2002) 783-795
31. Hillman A.L. Corruption and public finance: an IMF perspective. European Journal of Political Economy 20 (2004) 1067-1077
32. Ibarra L.A. Credibility of trade policy reform and investment: the Mexican experience. Journal of Development Economics 47 (1995) 39-60
33. IMF. Sub-Saharan Africa investment ratios. International Monetary Fund Staff Estimates 1997 (1997), International Monetary Fund, Washington DC
34. IMF. Developing countries' terms of trade: 1960-1996. IMF Research Department Staff Estimates (2000), International Monetary Fund, Washington, DC
35. Jenkins K. Post independence economic policy and investment in Zimbabwe. CSAE Working Papers WPS/97-4 (1997), Centre for the Study of African Economies, University of Oxford, Oxford
36. Kormendi R.C., and Meguire P.G. Macroeconomic determinants of growth: cross-country evidence. Journal of Monetary Economics 16 (1985) 141-163
37. Lensink R. Structural Adjustment in Sub-Saharan Africa (1996), Longman Publishing, New York
38. Maddala G.S. Limited Dependent and Qualitative Variables in Econometrics (1983), Cambridge University Press, Cambridge, MA
39. McPherson, M., 2000. Sustaining trade and exchange rate reform in Africa: lessons for macroeconomic management. Research Report. Harvard Institute for International Development. Harvard University.
40. Méndez F., and Sepúlveda F. Corruption, growth and political regimes: cross country evidence. European Journal of Political Economy 22 (2006) 82-98
41. Milner C., and Morrissey O. Measuring trade liberalisation in Africa. In: McGillivray M., and Morrissey O. (Eds). Evaluating Economic Liberalisation (1999), Macmillan, London 60-82
42. Montalvo J.G., and Reynal-Querol M. Ethnic diversity and economic development. Journal of Development Economics 76 (2005) 293-323
43. Oyejide T.A. Trade liberalisation, regional integration, and African development in the context of structural adjustment. In: Mkandawire T., and Solubo C.C. (Eds). African Voices on Structural Adjustment: a Companion to Our Continent, Our Future (2002), IDRC/CODESA /Africa World Press 73-101
44. Pindyck R.S. Irreversible investment, capacity choice, and the value of the firm. American Economic Review 78 (1988) 969-985
45. Pindyck R.S. Irreversibility, uncertainty and investment. Journal of Economic Literature 29 (1991) 1110-1148
46. Redek T., and Sušjan A. The impact of institutions on economic growth: the case of transition economies. Journal of Economic Issues 39 (2005) 995-1027
47. Reinikka R. The credibility problem in trade liberalisation: empirical evidence from Kenya. Journal of African Economies 5 (1996) 444-468
48. Rodrik D. Policy uncertainty and private investment in developing countries. Journal of Development Economics 36 (1991) 229-242
49. Rodrik D. Where did all the growth go? External shocks, social conflict, and growth collapses. Journal of Economic Growth 4 (1999) 385-412
50. Rodrik D. Institutions for high quality growth: what they are and how to acquire them. NBER Working Paper vol. 7540 (2000)
51. Rodrik D., Subramanian A., and Trebbi F. Institutions rule: the primacy of institutions over geography and integration in economic development. Journal of Economic Growth 9 (2004) 131-165
52. Sachs J.D., and Warner A.M. Sources of slow growth in African economies. Journal of African Economies 6 (1997) 335-376
53. Savvides A. Investment slowdown in developing countries during the 1980s: debt overhang of foreign capital inflows. Kyklos 45 (1992) 363-378
54. Solimano A. How private investment reacts to changing macroeconomic conditions: the case of Chile in the 1980s. In: Chibber A., Dailami M., and Shafik N. (Eds). Reviving Private Investment in Developing Countries: Empirical Studies and Policy Lessons (1992), North-Holland, Amsterdam 19-42
55. Tarp F. Stabilisation and Structural Adjustment: Macroeconomic Framework for Analysing the Crisis in Sub-Saharan Africa (1993), Routledge, London
56. Van Wijnbergen S. Trade reform, policy uncertainty, and the current account: a non-expected-utility approach. American Economic Review 82 (1992) 626-633
57. World Bank. Adjustment in Africa: Reforms, Results, and the Road Ahead (1994), Oxford University Press, New York
58. World Bank. African Development Indicators 1994 (1994), World Bank, Washington, DC
59. World Bank. World Development Indicators 1997 (1997), World Bank, Washington, DC
60. World Bank. World Development Indicators 1999 (1999), World Bank, Washington, DC
61. Yago, M.A., 2001. The Determinants of Investment and Growth in Sub-Saharan African Countries, 1980-1997. PhD Thesis. School of Economics, University of Nottingham.