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External Debt, Governance, and Economic Growth: The African Case

In: Financing Africa’s Development

Author

Listed:
  • Douglason G. Omotor

    (West African Institute for Financial and Economic Management (WAIFEM)
    Delta State University)

  • Baba Y. Musa

    (West African Institute for Financial and Economic Management (WAIFEM))

  • Juliet Elu

    (Morehouse College)

Abstract

This paper is motivated by the Direct Effect of Debt Hypothesis (DEDH), and based on empirical facts, develops a theoretical model that explores the impact of external debt on economic growth by taking into consideration exports and the role of institutions or quality of governance. Using country averages from 2005 to 2017 and data set for 32 SSA countries, OLS technique is used to estimate cross-sectional effect of external debt on governance and economic growth. The findings indicate that exports and quality of governance stimulate output positively, while external debt burden has adverse effect on economic growth.

Suggested Citation

  • Douglason G. Omotor & Baba Y. Musa & Juliet Elu, 2020. "External Debt, Governance, and Economic Growth: The African Case," Advances in African Economic, Social and Political Development, in: Diery Seck (ed.), Financing Africa’s Development, pages 85-97, Springer.
    • Handle: RePEc:spr:aaechp:978-3-030-46482-0_6
    DOI: 10.1007/978-3-030-46482-0_6
    as

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    More about this item

    Keywords

    External debt; Governance; Economic growth; SSA countries;
    All these keywords.

    JEL classification:

    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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