This paper examines the role of export instability (EI) in the economic growth of African LDCs by analyzing 1970-86 data for a sample of 35 African LDCs. Using an augmented production function framework that controlled for labor, capital, and export growth, the estimated effect of EI on GDP...

Many studies have examined the impact of export stability (EI) on economic growth in less developed countries (LDCs). This article shows that for LDCs in sub-Saharan Africa, EI may be less important than fluctuations in capital formation, or capital instability (CI), in affecting economic...