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How different is Africa? A comment on Masanjala and Papageorgiou

Authors: Crespo Cuaresma J

Publication Year: 2011

Reference: Journal of Applied Econometrics, 26(6):1041-1047 (September/October 2011) (Published online 26 April 2010)

Abstract

Masanjala and Papageorgiou (Rough and lonely road to prosperity: a reexamination of the sources of growth in Africa using Bayesian model averaging, Journal of Applied Econometrics 2008; 23(5):671-682) use Bayesian model averaging to evaluate the existence of parameter heterogeneity between African and non-African countries in the framework of cross-country growth regressions. We show that their results are not robust to the use of a prior over the model space that respects the strong heredity principle put forward by Chipman for models including interaction terms.