Abstract
Why do the majority of African countries fail to take the steps that would lead them towards greater development? The aim of this work is to determine the factors affecting development, not only the economic ones, which play a central role in economic literature, but also social. To do so, we have used a wide sample of countries and have estimated a panel data for 171 countries of those that have been members of the United Nations (UN) for a period of 16 years (from 1995 to 2010 inclusive). Our results lead us to conclude that monetary instability and the colonial past of these countries have had a negative impact on their level of human development. However, improvements in the efficiency of governmental policy and instruments, investment in greater democracy, greater stability and less corruption, have, in all cases, a positive effect on human development in these countries.
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