Abstract
African economies have experienced weak levels of growth in per capita income over the past decade. While standard models of growth suggest institutional governance as one key to success, thus far little attention has been given to the role of risk in institutional reform. In this paper, we use a nested panel regression model to estimate the economic value of institutional reform on economic growth, with data for 30 Sub-Saharan African countries from 1980–2004. Our findings provide a basis for measuring the economic value of institutional reform through its impact on reducing aggregate country risk.
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