The purposes of this paper include (a) a review of the literature on the so-called .African dummy;. (b) an explication of the system GMM method of estimation, by which Hoeffler (2002) shows the .Africa dummy. to be an artifact of the application of inappropriate estimation techniques; and (c) an...

This paper models firm survival in Kenyan manufacturing with a particular emphasis on the effect of credit on firm resilience. The paper explores how firms coped with the challenging economic environment that prevailed in the 1990s particularly the effect of the dramatic increase in interest...

Although some recent studies have analysed issues relating to credit in African manufacturing, they have not directly tested for the effect of credit on firm growth. The use of bank credit can affect firm growth in two opposite ways. The effect may be positive if credit allows a firm to address...

This study analyses Burundi’s economic performance over the period 1960- 2000 and finds that it has been catastrophic. The usual economic factors explaining growth are endogenous to political decisions, suggesting that it is politics not economics that explains the dismal performance. This...

This article models firm survival in Kenyan manufacturing with a particular emphasis on the effect of credit on firm resilience. The article explores how firms coped with the challenging economic environment that prevailed in the 1990s particularly the effect of the dramatic increase in interest...

The financial sector in Burundi has had a very limited effect on the country's development. High political and economic risks have prevented banks from engaging in long-term lending, constraining long-term investment. Moreover, the industrial organisation of the financial sector is not conducive...

The financial sector in Burundi has had a very limited effect on the country's development. High political and economic risks have prevented banks from engaging in long-term lending, constraining long-term investment. Moreover, the industrial organisation of the financial sector is not conducive...