Governance and economic growth. Empirical verification in CEMAC zone countries

      Аннотация: This book deals with governance and its effect on economic growth in the countries of the CEMAC zone in a context of high volatility in oil prices, on which they are heavily dependent, and the trend towards global energy transition. Our empirical attempt, with dynamic panel data (GMM) covering the period 1996-2016, attempts to clarify the effects of good governance on economic growth in the CEMAC zone, via Kaufmann variables, on a sample consisting of six countries in the zone. The results of the analysis of the simple and cross effects of governance variables on growth show that governance acts positively on economic growth, above all through the rule of law, the capacity for demands and expression, and government efficiency. The estimate also reveals that public consumption expenditure (i.e. the size of government, increased operating expenditure) and inflation have a negative impact on economic growth. This confirms the recommendation to undertake reforms to improve governance.

Ключевые слова: Governance, Economic Growth, Development, CEMAC