“…A second generation of empirical works outlined the pivotal role of inflation, institutional quality, education, political stability, external aid, and financial development in addition to the previous economic factors (Tanzi and Davoodi, 1997, Grigorian and Davoodi, 2007, Gupta, 2007, Gordon and Li, 2009, Clist and Morrissey, 2011, Fenochietto and Pessino, 2013, Feger and Asafu-Adjaye, 2014.…”