This paper assesses the efficiency of government expenditure on education and health in 38 countries in Africa in 1984 … average, countries in Africa are less efficient than countries in Asia and the Western Hemisphere; however, education and … health spending in Africa became more efficient during that period. The assessment further suggests that improvements in …

, by allowing more entrepreneurs to obtain financing, financial development improves the allocation of capital, which has a … improvements in the financial system. This paper looks at a sample of 37 countries in sub-Saharan Africa from 1992 through 2006 …

This paper examines empirically the determinants of financial market development in Africa with an emphasis on banking … risk are the main determinants of banking sector development in Africa, and that stock market liquidity, domestic savings … liberalizing the capital account promotes financial market development only in countries with high incomes, well- developed …

by increased trade integration within the European Community and by the accumulation not only of business sector capital …—the only measure of capital included in most empirical studies—but also by the accumulation of government infrastructure … capital, residential capital, and R&D capital. Calculations of potential output indicate that trade and capital …