Stock market development, human capital, and economic growth in Sub-Saharan Africa

John Kagochi and Nazif Durmaz

Review of Development Finance Journal, 2020, vol. 10, issue 1, 17-30

Abstract: The study examines the relationship between stock market development, human capital development, and economic growth for nine Sub-Saharan Africa using a dynamic panel (system GMM) data model technique. The study employs stock market and banking sector development as measures of financial sector development. We also use the Human Capital Index based on the average years of schooling and an assumed rate of return to education. Our findings indicate that human capital leads to economic growth while stock market development does not influence economic growth, perhaps due to the relative underdevelopment of these markets or economic stagnation of the region.

Keywords: Stock market; human capital; sub Saharan Africa; economic growth; GMM model (search for similar items in EconPapers)
JEL-codes: C33 F63 (search for similar items in EconPapers)
Date: 2020
References: Add references at CitEc
Citations:

Downloads: (external link)
https://journals.co.za/content/rdfin/10/1/ejc-rdfin-v10-n1-a2 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:afj:journ3:v:10:y:2020:i:1:p:17-30

Access Statistics for this article

More articles in Review of Development Finance Journal from Chartered Institute of Development Finance Contact information at EDIRC.
Bibliographic data for series maintained by Kirk De Doncker ().