On the Nexus Between Institutions and Economic Development: An Empirical Analysis for Sub-Saharan African Countries

ERDOĞAN S., ACARAVCI A.

European Journal of Development Research, cilt.34, sa.4, ss.1857-1892, 2022 (SSCI) identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 34 Sayı: 4
  • Basım Tarihi: 2022
  • Doi Numarası: 10.1057/s41287-021-00445-6
  • Dergi Adı: European Journal of Development Research
  • Derginin Tarandığı İndeksler: Social Sciences Citation Index (SSCI), Scopus, Academic Search Premier, International Bibliography of Social Sciences, Periodicals Index Online, ABI/INFORM, Business Source Elite, Business Source Premier, CAB Abstracts, EconLit, Educational research abstracts (ERA), Geobase, PAIS International, Political Science Complete, Public Affairs Index, Social services abstracts, Sociological abstracts, Veterinary Science Database, Worldwide Political Science Abstracts
  • Sayfa Sayıları: ss.1857-1892
  • Anahtar Kelimeler: Economic development, Institutions, Panel data analysis, Sub-Saharan African countries
  • Hatay Mustafa Kemal Üniversitesi Adresli: Evet

Özet

The Sub-Saharan African region experienced a fluctuated development process, and it is one of the regions facing severe underdevelopment in the modern era. Many studies have been conducted to unveil the factors, which cause the underdevelopment, and there is an ongoing discussion on this topic. The main objective of this study to inquire about how institutional and economic factors affect economic development in Sub-Saharan African countries from 1990 to 2016 by utilizing second-generation panel data methods. Empirical findings are as follows: (i) Democracy, peace, market size, and population growth have a positive and statistically significant effect on economic development, whereas foreign direct investment has a negative one. (ii) Total debt service, investments, and corruption have a negative but statistically insignificant effect on economic development. (iii) Moreover, the effect of urban population on economic development varies based on the estimation methodology. The implications and policy inferences of the empirical findings are discussed in the related sections of the study.