Growth in Sub-Saharan Africa

32 Pages Posted: 15 Feb 2006

See all articles by Dhaneshwar Ghura

Dhaneshwar Ghura

International Monetary Fund (IMF)

Michael Hadjimichael

affiliation not provided to SSRN

Date Written: December 1995

Abstract

The paper investigates empirically the determinants of economic growth for a large sample of sub-Saharan African countries during 1981-92. The results indicate that (i) an increase in private investment has a relatively large positive impact on per capita growth; (ii) growth is stimulated by public policies that lower the budget deficit in relation to GDP (without reducing government investment), reduce the rate of inflation, maintain external competitiveness, promote structural reforms, encourage human capital development, and slow population growth; and (iii) convergence of per capita income occurs after controlling for human capital development and public policies.

JEL Classification: O11, O40, O55, C23

Suggested Citation

Ghura, Dhaneshwar and Hadjimichael, Michael, Growth in Sub-Saharan Africa (December 1995). IMF Working Paper No. 95/136, Available at SSRN: https://ssrn.com/abstract=883282

Dhaneshwar Ghura (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Michael Hadjimichael

affiliation not provided to SSRN