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Determinants of fiscal effort in sub-Saharan African countries: Does conflict matter?

100%
Okwoche P. U., Iheonu C. O.
Economics and Business Review
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2021
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vol. 7
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issue 2
50-73
EN
This study investigates the determinants of fiscal effort in sub-Saharan African (SSA) within the framework of fiscal reaction functions. Whereas previous studies focusing on SSA have mainly considered the economic non-debt determinants this study accounts for the role of conflict given its persistence in many SSA countries. It employs a variety of panel econometric methods that are applicable in tackling the problem of endogeneity. Specifically the study employs the instrumental variables fixed effects, the two-step generalised method of moments (GMM) and the traditional two-stage least squares techniques. Mainly the evidence shows that although SSA governments have made fiscal adjustments in response to the escalating levels of debt, conflict impacts negatively on this response in SSA. Furthermore, the results affirm the presence of fiscal fatigue in SSA’s fiscal reaction function. Recommendations based on these findings are discussed.
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Terrorism and investment in Africa: Exploring the role of military expenditure

100%
Iheonu C. O., Ichoku H. E.
Economics and Business Review
|
2022
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vol. 8
|
issue 2
92-112
EN
The aim of this study is to investigate the inuflence of military expenditure on the relationship between terrorism and investment in twenty-four African countries for the period 2001 to 2018. The study utilizes xfied eefcts regression with Driscoll and Kraay standard error and cushions the eefct of simultaneity and reverse causality us ing the lags of the regressors as instruments. eTh empirical results reveal the negative eefct of terrorism on both domestic investment and foreign direct investment (FDI). The study further reveals a negative net eefct of military expenditure on the relation ship between terrorism and investment. Furthermore, it was discovered that a threshold of 2% to 5% of military expenditure in GDP is required for military expenditure to osfet the negative eefct of terrorism on FDI. eTh study recommends that counterterrorism initiatives be tailored more towards inclusive growth policies, increasing access to education, and improving the quality of governance.
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