Department of Economics, Wollega University, Nekemte, Ethiopia.
Department of Economics, Ethiopian Civil Service University, Addis Ababa, Ethiopia.
PLoS One. 2023 Nov 27;18(11):e0293188. doi: 10.1371/journal.pone.0293188. eCollection 2023.
This study investigated the linkage between fiscal policy-governance indicators interaction and economic growth in 36 Sub-Saharan Africa (SSA) countries from the periods of 2011-2021 inclusive. The study employed two-step system Generalized Method of Moment (GMM) estimation technique due to its practical relevance in panel data analysis. The data obtained from World Bank and World governance indicator was checked for unit root through the help of Im Pesaran Shin and Levin-Lin-Chu unit-root tests, and the result revealed that data was stationary and safe for further analysis. The result of the study also presented that direct economic effect of fiscal policy is negative and significant in SSA countries. However, the interaction of fiscal policy with governance indicators has positive and significant effect on economic growth. Accordingly, before interacting with governance indicators, a percentage change in fiscal policy leads to a 0.20 percent decline in economic growth of SSA countries. Contrary to this, the interactive coefficient of fiscal policy and government effectiveness (0.019) and interactive coefficient of fiscal policy and corruption control (0.0046) are found to be positive and significant. Further, the finding of the study revealed that fiscal policy-voice and accountability interaction coefficient (0.011) and interactive coefficient of fiscal policy-regulatory qualities (0.014) are positively and significantly affecting economic growth of SSA countries. The policy implication is that policy makers in SSA countries should encourage economic policies that improve government effectiveness, strong corruption control, clean public services and better regulatory qualities.
本研究考察了 2011 年至 2021 年期间 36 个撒哈拉以南非洲（SSA）国家财政政策-治理指标相互作用与经济增长之间的联系。由于在面板数据分析中具有实际相关性，因此该研究采用了两步系统广义矩估计（GMM）估计技术。从世界银行和世界治理指标获得的数据通过 Im Pesaran Shin 和 Levin-Lin-Chu 单位根检验来检查单位根，结果表明数据是稳定的，可以进一步分析。研究结果还表明，财政政策对 SSA 国家的经济增长具有直接的负向和显著影响。然而，财政政策与治理指标的相互作用对经济增长具有正向和显著的影响。因此，在与治理指标相互作用之前，财政政策的百分比变化会导致 SSA 国家的经济增长率下降 0.20%。与此相反，财政政策与政府效能（0.019）和财政政策与腐败控制（0.0046）的相互作用系数被发现为正且显著。此外，研究结果表明，财政政策-发言权和问责制相互作用系数（0.011）和财政政策-监管质量相互作用系数（0.014）对 SSA 国家的经济增长具有正向和显著的影响。政策含义是，SSA 国家的政策制定者应鼓励改善政府效能、加强腐败控制、提供廉洁公共服务和改善监管质量的经济政策。
