Does economic freedom enhance quality of life in Africa?

Journal article


Okunlola, O. and Akinlo, A. E. 2023. Does economic freedom enhance quality of life in Africa? International Review of Economics. 68, p. 357–387. https://doi.org/10.1007/s12232-021-00372-2
AuthorsOkunlola, O. and Akinlo, A. E.
Abstract

This paper examines the role that the level and changes in economic freedom play in promoting quality of life in Africa over the period 1985–2016. It develops a composite index for quality of life to capture the different dimensions of quality of life. Employing the generalised method of moments (GMM) estimation technique, the results indicate a positive effect of economic freedom on the quality of life. However, change in economic freedom has an inverse relationship with the quality of life in Africa. The GDP growth and foreign aid have positive effects on the quality of life index and its various indicators. The findings highlight the need for African countries to establish fiscal and monetary policies suitable for improving economic freedom. It also emphasizes the need for African countries to reduce international trade barriers and open up African economies to foreign trade. This will bring about increased economic growth and improved quality of life.

Keywordseconomic freedom; Africa ; fiscal and monetary policies
Year2023
JournalInternational Review of Economics
Journal citation68, p. 357–387
PublisherSpringer
ISSN1865-1704
1863-4613
Digital Object Identifier (DOI)https://doi.org/10.1007/s12232-021-00372-2
Web address (URL)http://dx.doi.org/10.1007/s12232-021-00372-2
Output statusPublished
Publication dates31 Mar 2021
Publication process dates
Accepted04 Mar 2021
Deposited13 Nov 2023
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