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The aim of this paper is to analyze the effect of institutional reforms on the revival of African economies. The authors study the impact of positive changes in business environment indicators of the Doing Business project and the Economic Freedom Index of the Heritage Foundation on the private sector development indicators and economic performances of African countries. Econometric estimations with panel data of African countries during the period 2003-08 indicate that differences across countries over time in terms of private investment, foreign direct investment, domestic credit to private sector, and the growth rate of gross domestic product are significantly influenced by differences in efforts of institutional and economic reforms.
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