ROLE OF INSTITUTIONAL QUALITY IN FOSTERING TRANSFORMATIONAL RECOVERY IN WEST AFRICA
- Emmanuel Ating Onwioduokit
- Ubong Edem Effiong
- ( paper pages. 95 - 138 )
Abstract
The
impact of the COVID-19 pandemic has caused an economic downturn globally, which
calls for policies that will ensure a speedy recovery. However, such policies
could only work effectively if quality institutions are in place. In this
paper, we explored the influence of institutional quality in facilitating
transformational recovery in West Africa. Six West African countries, which
were randomly selected, were studied from 2010 to 2020. The cointegration
regression analysis, based on the fully modified ordinary least squares (FMOLS),
was deployed in the study because the analysis supported evidence of the
existence of long-run relationships in the models. Evidence from the FMOLS
result indicated that incorporating some control variables, such as government
effectiveness, rule of law, political stability and absence of
violence/terrorism, control of corruption, and regulatory quality, exerted a
positive and significant influence on economic growth. This led the study to
conclude that for these economies to achieve transformational recovery post-COVID,
there is a need to strengthen institutions, which are crucial in the efficient
and effective implementation of government policies.
Citation
Emmanuel Ating Onwioduokit, Ubong Edem Effiong.
2024.
"ROLE OF INSTITUTIONAL QUALITY IN FOSTERING TRANSFORMATIONAL RECOVERY IN WEST AFRICA"
The Nigerian Journal of Economic and Social Studies,
66 (1): 95 - 138.
JEL Classification
D73, O43
