Rough and lonely road to prosperity: a reexamination of the sources of growth in Africa using Bayesian model averaging
Article first published online: 19 AUG 2008
Copyright © 2008 John Wiley & Sons, Ltd.
Journal of Applied Econometrics
Volume 23, Issue 5, pages 671–682, August 2008
How to Cite
Masanjala, W. H. and Papageorgiou, C. (2008), Rough and lonely road to prosperity: a reexamination of the sources of growth in Africa using Bayesian model averaging. J. Appl. Econ., 23: 671–682. doi: 10.1002/jae.1020
- Issue published online: 19 AUG 2008
- Article first published online: 19 AUG 2008
- Manuscript Revised: 9 SEP 2007
- Manuscript Received: 28 JUN 2005
This paper takes a fresh look at Africa's growth experience by using the Bayesian model averaging (BMA) methodology. BMA enables us to consider a large number of potential explanatory variables and sort out which of these variable can effectively explain Africa's growth experience. Posterior coefficient estimates reveal that key engines of growth in Africa are substantially different from those in the rest of the world. More precisely, it is shown that mining, primary exports and initial primary education exerted differential effect on African growth. These results are examined in relation to the existing literature. Copyright © 2008 John Wiley & Sons, Ltd.