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Beny, Laura N.; Cook, Lisa D.
The American economic review, 05/2009, Letnik: 99, Številka: 2Journal Article
This paper exploits recently available data on African economic growth to understand whether policy reform ("management") or the recent commodity boom ("metals") better explains Africa's recent growth experience. Results suggest that both factors have contributed to Africa's recent reversal of fortune. These findings are broadly consistent with those in the related empirical literature. This study is timely and important. Commodity booms are typically followed by commodity busts, as demonstrated by the IMF (2006). IF better economic management has played any positive role, it may be critical for protecting gains in growth outcomes and higher living standards when commodity prices eventually fall.
