Using a new measure of human capital and following the neoclassical framework suggested by Mankiw et al. (1992), [Mankiw, N., Romer, D., Weil, D., 1992. A contribution to the empirics of economic growth. Quarterly Journal of Economics 107, 407-437] this paper presents robust econometric evidence of conditional convergence among African countries over the period 1960-1985. The implied results indicate higher rates of return to physical and human capital and a low speed of convergence in these countries. The observed low speed of convergence in transitional dynamics in African countries can possibly be attributed to many structural factors including the prevailing political and economic institutions.
All Science Journal Classification (ASJC) codes
- Economics and Econometrics