The Role of Property Rights in the Relationship between Openness to International Capital Flows and Economic Growth in Sub-Saharan Africa Countries: An Estimate from Non-Stationary Panel Data
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Date
2017-03-22
Authors
Coulibaly, Sionfou Seydou
Gakpa, Lewis Landry
Journal Title
Journal ISSN
Volume Title
Publisher
African Economic Research consortium
Abstract
This paper attempts to verify, on the one hand, if the quality of property rights is an
essential condition to the contribution of the openness to international capital flows
to economic growth in sub-Saharan Africa countries, and on the other hand, if this
contribution depends on their natural resources endowment. We used three econometric
methods inherent to non-stationary panel data (Mean Group, Pooled Mean Group, and
Dynamic Fixed Effects) and a sample of 36 sub-Saharan Africa countries, subdivided
into countries rich in natural resources and countries poor in natural resources, over the
period 1996-2013. The results obtained allowed us to highlight that, the property rights
in sub-Saharan Africa countries are of paramount importance in the effective contribution
of international capital flows to economic growth, whatever the endowment in natural
resources.
Description
Keywords
Economic growth. , , Openness to capital flows, , Property rights quality, , Nonstationary panel procedure