External Financing for Inclusive Growth in Lower - Middle Income West African Countries: Foreign Direct Investment versus Official Development Assistance

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dc.authoridhttps://orcid.org/0000-0002-3710-6146en_US
dc.authoridhttps://orcid.org/0000-0003-4948-6905en_US
dc.contributor.authorIbikunle, Joseph Afolabi
dc.contributor.authorUzoechina, Benedict I.
dc.contributor.authorOlasehinde-Williams, Godwin
dc.contributor.authorBekun, Festus Victor
dc.date.accessioned2023-10-31T05:48:49Z
dc.date.available2023-10-31T05:48:49Z
dc.date.issued2023en_US
dc.departmentİktisadi İdari ve Sosyal Bilimler Fakültesien_US
dc.description.abstractMost developing countries are plagued with harsh economic realities, which motivate them to seek sustainable economic growth and development in line with goal eight of the United Nations Sustainable Development Goals. To this end, this paper investigated the source of external financing that is most helpful for achieving inclusive growth in lower-middle-income West African countries. The study is a panel analysis of annual data extending from 2000 to 2019. The study employed the Emirmahmutoglu and Kose Bootstrap Granger Causality Test, Westerlund Cointegration Test, Common Correlated Mean Group estimation technique, and Augmented Mean Group estimation technique for econometric analyses. The long-run empirical results from the study showed that both foreign direct investment and foreign aid have positive and significant effects on inclusive growth, although the impact of foreign direct investment is greater than that of foreign aid. A bi-directional causality was also found to exist between inclusive growth and foreign direct investment, while no causal relationship was detected between inclusive growth and foreign aid. Given the study’s empirical outcomes, it is recommended that West African countries prioritize macroeconomic policy reforms that provide enabling conditions for foreign direct investment to thrive rather than pursue foreign aid that more often than not are misdirected.en_US
dc.identifier.doi10.1080/01900692.2022.2077759en_US
dc.identifier.endpage1176en_US
dc.identifier.issn0190-0692
dc.identifier.issn1532-4265
dc.identifier.issue16en_US
dc.identifier.scopus2-s2.0-85133467343en_US
dc.identifier.scopusqualityQ2en_US
dc.identifier.startpage1166en_US
dc.identifier.urihttps://hdl.handle.net/11363/6132
dc.identifier.urihttps://doi.org/
dc.identifier.volume46en_US
dc.identifier.wosWOS:000821965300001en_US
dc.identifier.wosqualityN/Aen_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.institutionauthorBekun, Festus Victor
dc.language.isoenen_US
dc.publisherROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD, 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLANDen_US
dc.relation.ispartofInternational Journal of Public Administrationen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 United States*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/us/*
dc.subjectInclusive growthen_US
dc.subjectforeign direct investmenten_US
dc.subjectofficial development assistanceen_US
dc.subjectfinanceen_US
dc.subjectaugmented mean groupen_US
dc.subjectbootstrap granger causalityen_US
dc.titleExternal Financing for Inclusive Growth in Lower - Middle Income West African Countries: Foreign Direct Investment versus Official Development Assistanceen_US
dc.typeArticleen_US

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