Does International Financial Integration Increase the Standard of Living in Africa? A Frontier Approach

Gilles Dufrénot (gilles.dufrenot@sciencespo-aix.fr) and Kimiko Sugimoto
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Kimiko Sugimoto: Hirao School of Management - Konan University

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Abstract: We investigate whether a higher financial integration with the rest of the world can help the African countries reduce their production inefficiency and/or push up their efficient frontier of production. We use two alternative empirical approaches based, respectively, on a stochastic frontier analysis and quantile regressions. We provide evidence of heterogeneous situations across countries and time. This paper proposes a new approach for defining, at the aggregate level, a link between financial openness and production efficiency. We show that one size does not fit all: international financial integration can increase or decrease African countries' standard of living.

Keywords: African countries; financial openness; stochastic frontier; quantile regression (search for similar items in EconPapers)
Date: 2019-04
New Economics Papers: this item is included in nep-afr, nep-eff and nep-fdg
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Working Paper: Does International Financial Integration Increase the Standard of Living in Africa? A Frontier Approach (2019)
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