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Fiscal deficit in sub-saharan Africa: A new intuition from the institution and political drivers

PloS one, 2023-09, Vol.18 (9), p.e0291150-e0291150 [Peer Reviewed Journal]

COPYRIGHT 2023 Public Library of Science ;2023 Abanikanda et al. This is an open access article distributed under the terms of the Creative Commons Attribution License: http://creativecommons.org/licenses/by/4.0/ (the “License”), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;2023 Abanikanda et al 2023 Abanikanda et al ;2023 Abanikanda et al. This is an open access article distributed under the terms of the Creative Commons Attribution License: http://creativecommons.org/licenses/by/4.0/ (the “License”), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 1932-6203 ;EISSN: 1932-6203 ;DOI: 10.1371/journal.pone.0291150 ;PMID: 37682936

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Title:
Fiscal deficit in sub-saharan Africa: A new intuition from the institution and political drivers
Author: Abanikanda, Ezekiel Olamide ; Dada, James Temitope ; Ogunjumo, Rotimi Ayoade
Singh, Baljeet
Subjects: Budget deficits ; Bureaucracy ; Civil war ; Corruption ; COVID-19 ; Debt restructuring ; Deficit financing ; Deficits ; Developing countries ; Economic conditions ; Economic development ; Economic factors ; Economic growth ; Economic indicators ; Evaluation ; Fiscal policy ; GDP ; Gross Domestic Product ; Hypotheses ; Income ; Keynesian theory ; LDCs ; Low income groups ; Macroeconomics ; Military law ; Organizational aspects ; Pandemics ; People and Places ; Political factors ; Politics ; Social Sciences ; Stability ; Sub-Saharan Africa ; Unemployment
Is Part Of: PloS one, 2023-09, Vol.18 (9), p.e0291150-e0291150
Description: Motivated by the growing fiscal deficits in sub-Saharan Africa, this study examines fiscal deficit’s economic, political, and institutional drivers using a panel of twenty-three sub-Saharan African countries. Panel spatial consistent correlation, dynamic fixed effects autoregressive distributed lag, and feasible generalised ordinary least squares were used as the estimation techniques. Our findings reveal that while per capita income, trade openness, population, and religious tension increase the size of fiscal deficit, bureaucracy quality, government stability, Law and order, and military in politics reduce the extent of fiscal deficit. However, corruption control, democratic accountability, and internal conflict have weaker statistical evidence. Furthermore, the study established evidence of long-run co-integration relationships among institutional factors, economic factors, and fiscal deficits in SSA. Per capita income has a significant positive influence in the short run but a negative effect in the long run. Population and religious tension positively impact fiscal deficit in both periods. However, democratic accountability, government stability, and the military in politics significantly negatively impact fiscal deficit in the long run. This study concludes that beyond economic factors, institutional and political factors are significant drivers of fiscal deficit in sub-Saharan Africa. Therefore, strengthening the institutional quality and creating a stable political environment would lessen the accumulation of fiscal deficit.
Publisher: San Francisco: Public Library of Science
Language: English
Identifier: ISSN: 1932-6203
EISSN: 1932-6203
DOI: 10.1371/journal.pone.0291150
PMID: 37682936
Source: DOAJ : Directory of Open Access Journals
PubMed
Geneva Foundation Free Medical Journals at publisher websites
Public Library of Science
Coronavirus Research Database
ProQuest Central

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Fiscal deficit in sub-saharan Africa: A new intuition from the institution and political drivers

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