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Mapping growth into economic development: has elite political instability mattered in Sub-Saharan Africa?
American Journal of Economics and Sociology, The, Nov, 2004 by Augustin Kwasi Fosu
On average, an incident of a coup d'etat would reduce h by about 0.01 (10% of h), as a result of its deleterious influence on the transformation rate. Furthermore, given the finding in earlier studies that PI adversely affects economic growth as well, coupled with the result here that growth positively influences economic development, there is an additional "indirect" deleterious impact of PI on development.
The above results support, first, the hypothesis that PI has been injurious to economic development via its tendency to retard the rate at which GDP growth is mapped into development. Second, PI has an additional negative influence on development through its adverse influence on growth. It appears, then, that a solution to the PI problem in SSA could pay substantial dividends, not only in economic growth, but also in mapping that growth into economic development.
