What Affects Income in Sub-Saharan Africa?

Raymond Kofi Adjei and Veronika Kajurová
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Raymond Kofi Adjei: Mendel University in Brno, Czech Republic
Veronika Kajurová: Mendel University in Brno, Czech Republic

European Journal of Business Science and Technology, 2021, vol. 7, issue 2, 223-237

Abstract: This paper closely examines how selected macroeconomic variables affect income in Sub-Saharan Africa (SSA). The study employs a more recent dataset and uses fixed and random effects models to characterise the nature and direction of impact evidenced from the data. The analysis further incorporates a monetary policy element by introducing money market interest rate and examining its effects. In general, the paper reveals that income in SSA is significantly affected by trade. Additionally, money market interest rate is found to have no major impact on income as may be perceived, suggesting that this aspect of monetary policy has not played a major role in affecting income levels in SSA. The findings of this study can serve as a guide for policy makers within the region when considering policy actions in relation to income.

Keywords: income; international trade; sub-Saharan Africa; money market interest rate (search for similar items in EconPapers)
JEL-codes: B27 E01 E43 F14 F35 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:men:journl:v:7:y:2021:i:2:p:223-237

DOI: 10.11118/ejobsat.2021.011

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