 How Instability Lowers African GrowthPatrick Guillaumont (), Sylviane Guillaumont Jeanneney and Jean Brun () Journal of African Economies, 1999, vol. 8, issue 1, 87-107 Abstract: This paper aims to assess the role of instabilities on Africa's low rates of growth during the seventies and eighties, using cross-section econometric estimates, on a sample of African and non-African countries and two pooled decades. Africa exhibits higher 'primary' instabilities (climatic, terms of trade and political instabilities), i.e., instabilities which are structural rather than the result of policy. These 'primary' instabilities influence African growth more through a lower growth residual than through a lower average rate of investment. They do so by their impact on economic policy, which is evidenced by their influence on two 'intermediate' instabilities, the instabilities of the rate of investment and of the real exchange rate, which significantly lower the rate of growth. Copyright 1999 by Oxford University Press. Date: 1999 There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:oup:jafrec:v:8:y:1999:i:1:p:87-107 Ordering information: This journal article can be ordered from Access Statistics for this article Journal of African Economies is currently edited by Francis Teal More articles in Journal of African Economies from Centre for the Study of African Economies Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK. Contact information at EDIRC. |
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