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In this survey paper we consider the microeconomic evidence on investment in African manufacturing. We analyse both the determinants of investment behaviour and the return to that investment. In the 1990s market selection — the process by which the capital stock is reallocated in favour of more...
Many analysts decry the lack of sufficient investment in Africa, implying that investment in Africa is ‘too low’. We find no evidence that private and public capital are productive in Africa, either in the cross‐country data or in micro‐data from Tanzania. In this restricted sense, investment in...
Despite more than a decade of reforms in many African countries, investment and growth rates are still far below the levels required for sustainable development. This article provides an overview of the papers published in the present issue, which analyse the business environment as well as the...
After more than a decade of implementing economic reform programmes aimed at improving the overall economic environment, investment in Africa is yet to show a robust improvement. This paper suggests that the standard macroeconomic policy variables, such as the exchange rate, trade policy, fiscal...
Article PDF first page preview Close This content is only available as a PDF. Copyright Oxford University Press 2001
This paper examines how relationships and networks affect market exchange in Sub‐Saharan Africa. After noting that market exchange arguably plays a larger role in Africa than in developed economies, we show that the presence of transactions costs naturally leads market participants to enter in...
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