{
  "title": "Growth Empirics Under Model Uncertainty: Is Africa Different?",
  "publication": "IMF Working Papers, January 1, 2005",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/growth-empirics-under-model-uncertainty-is-africa-different-17939",
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  "summary": "This paper attempts to identify robust patterns of cross-country growth behavior in the world as a whole and Africa. It employs a novel methodology that incorporates a dynamic panel estimator, and Bayesian Model Averaging to explicitly account for model uncertainty.",
  "sections": [
    {
      "heading": "Methodology",
      "content": "- Employs a dynamic panel estimator and Bayesian Model Averaging to explicitly account for model uncertainty.\n- Uses a novel methodology to identify robust patterns of cross-country growth behavior for the world as a whole and for Africa."
    },
    {
      "heading": "Key findings",
      "content": "- In addition to initial conditions, the following factors are robustly correlated with growth:\n  - higher investment\n  - lower inflation\n  - lower government consumption\n  - better fiscal stance\n  - improved political environment\n  - exogenous terms-of-trade shocks\n  - fixed geographical factors\n- What is good for growth around the world is, in principle, also good for growth in Africa.\n- Political and institutional variables are particularly important in explaining African growth."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Debt service, External debt, Government consumption, Income, Labor, National accounts, Population and demographics, Population growth\n- Keywords: Africa, Africa sample, Bayesian model averaging, civil war, country's authorities, Debt service, dynamic panel estimation, Economic growth, Government consumption, growth determinant, growth regressions, Income, land market, panel data systems GMM estimator, physical capital, Population growth, repayment ability, WP\n\n---\n\n Content in this bundle\n\n- wp0518 - References\n  - wp0518 - References (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp0518 - References (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/growth-empirics-under-model-uncertainty-is-africa-different-17939"
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    "Authors: Charalambos G Tsangarides",
    "Published: January 1, 2005",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451860375.001",
    "Employs a dynamic panel estimator and Bayesian Model Averaging to explicitly account for model uncertainty.",
    "Uses a novel methodology to identify robust patterns of cross-country growth behavior for the world as a whole and for Africa.",
    "In addition to initial conditions, the following factors are robustly correlated with growth:",
    "What is good for growth around the world is, in principle, also good for growth in Africa.",
    "Political and institutional variables are particularly important in explaining African growth.",
    "Subjects: Debt service, External debt, Government consumption, Income, Labor, National accounts, Population and demographics, Population growth",
    "Keywords: Africa, Africa sample, Bayesian model averaging, civil war, country's authorities, Debt service, dynamic panel estimation, Economic growth, Government consumption, growth determinant, growth regressions, Income, land market, panel data systems GMM estimator, physical capital, Population growth, repayment ability, WP",
    "**_wp0518 - References**"
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