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Journal of Economic Integration 2021 December;36(4) :689-717.
DOI: https://doi.org/10.11130/jei.2021.36.4.689
Economic Globalization, Entrepreneurship, and Inclusive Growth in Africa

Folorunsho M. Ajide1 Tolulope T. Osinubi2 James T. Dada 2

1University of Ilorin, Nigeria
2Obafemi Awolowo University, Nigeria
Corresponding Author: Folorunsho M. Ajide ,Email: ajide.fm@unilorin.edu.ng
Copyright ©2021 Journal of Economic Integration
ABSTRACT
An increasing number of studies are examining the relationship between entrepreneurship and growth. This relationship is controversial, especially for developing countries. Recent improvements in economic growth have led to a focus on growth inclusiveness, which spreads economic opportunities throughout a society. However, studies that focus on the role of entrepreneurship in inclusive growth remain scarce. To fill that gap, this study investigates the dynamic relationship between economic globalization, entrepreneurship, and inclusive growth in 21 African countries using panel econometrics to examine data covering 2006 to 2018. The results reveal that the impact of economic globalization and entrepreneurship on inclusive growth is positive and significant. We find that economic globalization enhances entrepreneurial development, and causality tests show that economic globalization drives inclusive growth. We also find a unidirectional causality from entrepreneurship to inclusive growth. Finally, we observe no direction of causality between economic globalization and entrepreneurship but observe a bidirectional causality between governance and entrepreneurship. We discuss the implications of these results.

JEL Classification
L26: Entrepreneurship
O47: Measurement of Economic Growth; Aggregate Productivity; Cross Country Output Convergence
O55: Africa
F6: Globalization
F43: Economic Growth of Open Economies
Keywords: Africa | causality | entrepreneurship | globalization | inclusive growth
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De jure, De facto Globalization and Economic Growth in Sub-Saharan Africa  2019 March;34(1)
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