文章基本信息

标题：Financial Development and Economic Growth in Sub-Saharan Africa: The Role of Institutions
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作者：Witness Nyasha Bandura ; Canicio Dzingirai
期刊名称：PSL Quarterly Review
印刷版ISSN：2037-3643
出版年度：2019
卷号：72
期号：291
页码：315-334
DOI：10.13133/2037-3643_72.291_5
出版社：Economia civile
摘要：The study aims to determine the relationship between financial development and economic growth with respect to the state of institutional quality on 27 Sub-Saharan Africa countries using a five-year averaged dataset over the period 1982-2016. The findings established evidence of a U-shaped relationship between financial development and growth which entails that more (less) finance drives (retards) growth in the region. The turning point beyond which financial development begins to contribute positively on economic growth ranges between 33% and 37%. Even though the connection is not strong, the selected institutional variables also showed both a direct and an indirect positive impact on economic growth. Financial development is positive and significant when embedded in selected well-developed institutions, which implies a complementary relationship of institutions and financial development on growth. It is therefore recommended that policy makers and responsible authorities take stringent measures to ensure the development of institutions and the financial sector for sustainable economic growth in the region.
关键词：institutions; financial development; economic growth; dynamic panel approach; SubSaharan Africa