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by Nisar Hussain, Malik, Ahmad Bilal, Malik, Mani Nagendra, Honorary Trapathi, Ashak Dr, Malik Hussain, Adgaonkar Ganesh, Somanath Reddy, R Sharma, R Pandday (+19 others)

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(2016)

Abstract

The interest of this paper is to justify the impacts of governance and foreign capital inflows on economic growth in five countries (Nigeria, Ghana Gambia, Sierra Leone and Liberia) from Economic Community of West Africa (ECOWAS). Corruption and price inflation are proxies for Governance and is measured as such. Capital inflows comprise of Foreign Direct Investment (FC), workers' remittances (FR), external debt (FD) and foreign aid (FA). The study uses probabilistic econometric model based on growth theory and panel data set over the period between 1988 through 2014 to capture the stated objectives. For parameters estimation, the fixed-effects and random-effects models based on the Hausmann's test are employed as analytical techniques. The results proclaimed that inflation and corruption index have significant and negative impacts on economic growth, indicating the prevalence of weak governance which is detrimental to economic growth. Similarly, foreign aid and external debt have a negative and significant impact on economic growth. However, the capital inflows and remittances are found to be significant statistically and related positively to economic growth. The empirical results of capital inflows show that FC and remittances are favorable, whereas, foreign aid and external debt are inimical to economic growth. Thus, the empirical conclusion definitely justified the importance of capital inflows and good governance in the form of WRand FCin the process of economic growth and development
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