Understanding Sub-Saharan Africa's Extreme Poverty Tragedy

Motivated by a recent World Bank report on achieving of Millennium Development Goals which shows that poverty has been declining in all regions of the world with the exception of Sub-Saharan Africa (SSA), this study puts some empirical structure to theoretical and qualitative studies on the reconcil...

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Bibliographic Details
Published in:International journal of public administration 2019-04, Vol.42 (6), p.457-467
Main Authors: Asongu, Simplice A, Le Roux, Sara
Format: Article
Language:English
Subjects:
Banking
Beijing model
Comparative studies
Economic development
Governance
Hypotheses
Inclusive development
Low income groups
middle class
Poverty
Qualitative research
Reconciliation
Sub-Saharan Africa
Tragedy
Washington Consensus
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Summary:Motivated by a recent World Bank report on achieving of Millennium Development Goals which shows that poverty has been declining in all regions of the world with the exception of Sub-Saharan Africa (SSA), this study puts some empirical structure to theoretical and qualitative studies on the reconciliation of the Beijing model with the Washington Consensus. It tests the hypothesis that compared to middle-income countries, low-income countries would achieve more inclusive development by focusing on economic governance as opposed to political governance. The empirical evidence is based on interactive and noninteractive fixed effects regressions and 49 countries in SSA for the period 2000-2012. The findings confirm the investigated hypothesis. As the main policy implication, in order to address inclusive development challenges in the post-2015 development agenda in SSA, it would benefit low-income countries in the subregion to prioritize economic governance. Other theoretical and practical contributions are also discussed.
ISSN:0190-0692
1532-4265
DOI:10.1080/01900692.2018.1466900