CID Working Paper No. 031, December 1999

Characteristics and Behaviour of African Factor Markets and Market Institutions and Their Consequences for Economic Growth*

Adeola F. Adenikinju and Olugboyega Oyeranti

Abstract 

This paper provides a detailed characterisation of the structure and behaviour of African factor markets and the institutions that impact on their operations. It shows that the African factor markets are imperfect and inefficient, thus constraining economic growth. The paper posits that for the current reform programmes to succeed, policy that enhances the efficiency and competitiveness of the African factor markets must be put in place.

Keywords: labour markets, financial markets, economic growth, Africa

JEL codes: G1, J3, J4, J5, J6, O1

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* This paper was prepared for and presented at the Workshop on "Explaining African Economic Growth Performance," held at Harvard University, March 26-27, 1999. The workshop was sponsored by the African Economic Research Consortium and the Weatherhead Center for International Affairs.

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