Conflits et développement financier en Afrique subsaharienne

Gislain Stéphane Gandjon Fankem and Aurelien Kamdem Yeyouomo

Revue d'économie politique, 2023, vol. 133, issue 1, 47-104

Abstract: In this paper, we study the effect of conflicts on financial development from a sample of sub-Saharan Africa (SSA) countries. We consider all types of conflicts (internal and external) and use a non-restrictive definition of financial development. Estimates are made using the two-step system Generalized Method of Moment (GMM). Over the 1984-2013 period, our results show that in SSA, the level of financial development is a decreasing function of conflicts, whether these are internal, external or general. Our results, which do not depend on the choice of financial development and conflict indicators, are robust to both ?de jure? and ?de facto? financial openness, ethnic heterogeneity, currency unions and regional trade agreements, and the Rajan and Zingales [2003] hypothesis. They seem to suggest that the reduction of conflicts, in addition to its humanitarian objectives, is also crucial for economic progress.

Keywords: Conflicts; financial development; dynamic panel data; sub-Saharan Africa (search for similar items in EconPapers)
Date: 2023
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