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Working Paper 264 - Institutional Reforms and Economic Outcomes in Africa
In the past few years, there has been significant emphasis on institutional reforms. Reforms have even become major criteria for financial and other forms of assistance from international organisations like the World Bank, the International Monetary Fund (IMF), and other donor agencies. The agitation for institutional reform is premised on close correlation observed between income differences across countries and indicators of institutional quality in recent growth literature (see for example, North, 1990, 1991; North and Weingast 1989; Mauro 1995; Knack and Keefer 1995; Hall and Jones 1999; Acemoglu, Johnson and Robinson 2001, 2002, 2004; Rodrik, Subramanian and Trebbi 2004).