Determinants of Long-Term Growth: Some African Results

Abstract

Using the framework of endogenous growth models which seeks to explain sustained long term growth across countries and over time as a basis, this paper empirically analyzes the determinants of long term growth in selected African countries during 1970-91. The most important explanatory variables considered include initial per capital income, investment, population growth, macroeconomic environment (inflation and exchange rates), external factors (export growth, external debt, terms of trade), political environment and human capital. On average, investment, external debt, population growth, human capital and proxies for macroeconomic environment appear to have more relative importance in influencing long-term growth. Copyright 1995 by Oxford University Press.