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Do women hold the key to financial sector development in Africa?

Hervé William Mougnol A Ekoula, Brice Kamguia and Hermann Ndoya

International Economics, 2023, vol. 173, issue C, 233-248

Abstract: This paper complements the literature on the determinants of financial development by offering one of the first studies on the effect of women's political empowerment on financial development. Across a sample of 43 African countries over the period 1996–2018, the main results show the positive effect of women's political empowerment on financial development. Our disaggregated analysis shows that women's political representation promotes both components of financial development; however, with a stronger effect for financial institutions. This result remains valid when we consider the subcomponents of these two indicators. Furthermore, the analysis of transmission mechanisms shows that control of corruption, democracy and human capital are the channels through which women's political empowerment affects financial development.

Keywords: Financial development; Women's political empowerment; Human capital; Institution (search for similar items in EconPapers)
JEL-codes: G20 J16 N20 O17 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:inteco:v:173:y:2023:i:c:p:233-248

DOI: 10.1016/j.inteco.2022.12.004

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