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Determinants of Economic Growth in Africa 1st ed. Edition Almas Heshmati full chapter instant download
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DETERMINANTS
OF ECONOMIC
GROWTH IN AFRICA
Edited by
Almas Heshmati
Determinants of Economic Growth in Africa
Almas Heshmati
Editor
Determinants
of Economic Growth
in Africa
Editor
Almas Heshmati
Department of Economics, Jönköping
International Business School
Jönköping University
Jönköping, Sweden
and
Department of Economics
Sogang University
Seoul, Korea
This Palgrave Macmillan imprint is published by the registered company Springer International
Publishing AG part of Springer Nature
The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Contents
v
vi Contents
ix
x Contributors
xi
xii Abbreviations
FE Fixed Effects
FEM Fixed Effects Model
GCF Gross Capital Formation
GDP Gross Domestic Production
GFCF Gross Fixed Capital Formation
GLS Generalized Least Square
GMM Generalized Method of Moments
HC Human Capital
ICT Information and Communication Technology
IMF International Monetary Fund
LDC Least Developed Countries
LM Lagrange-Multiplier
MENA Middle East and North America
MIS Market Information Services
MNC Multinational Corporations
MNE Multinational Enterprises
MSE Mean Squared Error
NGO Non-Governmental Organization
ODA-to-GDP Official Development Assistance-to-GDP
OECD Organization for Economic Co-operation and Development
OLS Ordinary Least Squares
PCA Principal Component Analysis
PMG Pooled Mean Group
PMG-CCE PMG estimator with a Common Correlated Effects
Correction
PPP Purchasing Power Parity
PRS Country Risk Guide
PVAR Panel Vector Autoregressive
R&D Research and Development
S&P Standard and Poor
SACU Southern Africa Custom Union
SDG Sustainable Development Goal
SF Syndrome-Free
SPVAR Spatial Panel Vector Autoregressive
SSA Sub-Saharan African
TFP Total Factor Productivity
UNDP United Nations Development Program
Abbreviations xiii
Chapter 2
Fig. 1 Net FDI inflows as a percentage of GDP
to various regions in the world (Source Based
on the WDI database) 22
Chapter 3
Fig. 1 Summary of literature on an analytical basis
for classifications 70
Chapter 4
Fig. 1 Net inflows of foreign direct investment (1996–2015) 114
Chapter 6
Fig. 1 Financial development indicators
by income group for 40 African countries
(Source Author’s calculation based on the International
Monetary Fund (IMF)) 160
Fig. 2 World governance indicators by income group
for 40 African countries (1996–2014) (Source Author’s
calculations based on the WGI dataset obtained from
the World Bank—control of corruption, political stability
xv
xvi List of Figures
Chapter 2
Table 1 Net FDI inflows as a percentage of GDP
in various regions of the world (Source Author’s
calculations based on the World Development
Indicators (2016) database) 22
Table 2 Two-sample t-test of GDP per capita growth
of resource-rich and resource-poor countries
with unequal variance 31
Table 3 Two-sample t-test of FDI inflow to resource-poor
and resource-rich countries with unequal variance 31
Table 4 Estimating the GDP growth rate per capita
using various forms of difference GMM 34
Table 5 Estimation of the GDP growth rate per capita
using various forms of system GMM 36
Table 6 Estimating the GDP growth rate per capita
for SSA using different methods (2001–2015) 42
Table 7 ‘Three-Year Average’ Estimation results of GDP
growth rate per capita using various forms of static
panel data models 45
xvii
xviii List of Tables
Chapter 3
Table 1 FDI flows by region in 2011–2014 (US$ billion)
(Source UNCTAD (2014)) 56
Table 2 Result of recent empirical studies on major
determinants of FDI flows to Africa
(and other developing countries) 64
Table 3 Results of the FDI model 83
Table 4 An alternative proposed country classification
of African Economies 87
Table 5 Final analytical country classification for the model 88
Chapter 4
Table 1 Summary statistics of share of FDI in GDP
by country (Source Authors’ computation using Stata 13) 113
Table 2 Panel unit root test for all variables
(Source Authors’ computation using Stata 13) 114
Table 3 Autocorrelation test of variables 115
Table 4 Cross-sectional dependence test
(Source Authors’ computation using Stata 13) 116
Table 5 Cointegration test of FDI and GDPGR
(Source Authors’ computation using Stata 13) 116
Table 6 Long run causal relationship between FDI
and GDPGR (Source Authors’ computation
using Stata 13. Eview 9) 116
Table 7 Effects of independent variables on GDP growth rate
(Source Authors’ computation using Stata 13) 117
Table 8 Relationships between FDI and its determinants
(Source Authors’ computation using Stata 13) 119
Chapter 5
Table 1 Descriptive statistics for African countries 134
Table 2 Growth regression using the system GMM 136
Table 3 Foreign direct investment regression using
the system GMM 138
Table 4 Official development assistance regression using
the system GMM 140
Table 5 Official development assistance regression using
the system GMM 141
Table 6 Low and middle income African countries 145
List of Tables xix
Chapter 6
Table 1 Description of symbols, definitions of variables
and data source 157
Table 2 Pair-wise correlation of important variables
for the all 40 African countries 159
Table 3 Results of Pesaran’s (2004) cross-sectional
dependence test by income category 174
Table 4 Pesaran’s (2007) Panel Unit Root test results
for the full sample of countries 176
Table 5 Co-integration tests by income category 178
Table 6 Long run and short run estimation following
the error correction model 179
Table 7 Estimates of pooled mean group model with
common correlated effects correction, for entire
sample of 40 African countries 181
Table 8 Estimates of dynamic common correlated effects
by income level 182
Table 9 List of countries 187
Table 10 Hausman test on the MG and PMG models 188
Chapter 7
Table 1 Estimation results of the level of TFP using various
forms of system GMM 217
Table 2 Estimation of TFP growth using a GMM model
with various lags of the dependent and explanatory
variables as internal instruments (dependent variable:
TFP growth) 219
Table 3 Robustness check of the TFP level using deeper lags
of the dependent and explanatory variables as internal
instruments (dependent variable: TFP level) 220
Table 4 Robustness check of TFP growth using deeper lags
of the dependent and explanatory variables as internal
instruments (dependent variable: TFP growth) 221
Table 5 Estimation results of the level of TFP using various
methods (2001–2015) 222
Chapter 8
Table 1 Definitions and descriptive statistics of variables used
in regression analyses (1985–2015) (Source Author’s
computation based on the WDI database) 246
xx List of Tables
Chapter 11
Table 1 Panel unit root tests 335
Table 2 Estimation results for all models including all variables 337
Table 3 Correlation matrix of residuals 338
Chapter 12
Table 1 Descriptive statistics 353
Table 2 Pearson product-moment correlation coefficients 354
Table 3 Pesaran (2007) Panel unit root test (CIPS) 354
Table 4 Estimation results of PVAR and SPVAR 358
Table 5 Variance decomposition 364
1
Introduction to Determinants of Economic
Growth in Africa and Summary of the
Contributions
Almas Heshmati
A. Heshmati (*)
Department of Economics, Sogang University, Seoul, Korea
A. Heshmati
Jönköping International Business School, Jönköping University,
Jönköping, Sweden
© The Author(s) 2018 1
A. Heshmati (ed.), Determinants of Economic Growth in Africa,
https://doi.org/10.1007/978-3-319-76493-1_1
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[220]
Caput vigesimum sextum.
« Vita mea tua est, » respondit ille, cùm interim satis firmatus
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Quo facto, duo sclopeta ponit humi, tertium manu tenet : quod
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perculsi fuerant, parumper sedato, in pedes se erigunt. Pavidiores
ad scaphas profugiunt, fortiores arma capiunt.
« Robinson. »
Has leges scriptas Hispanus in vernaculum sermonem vertit.
Quo facto, ille et calamis et atramento instruitur, ut populares ejus
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Tum viaticis scaphæ impositis, magnâ cum pietate valedicunt
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