A bootstrap panel granger causality analysis of the relationships between financial sector development and globalization in sub-saharan african countries

Ibrahim Ouattara ()
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Ibrahim Ouattara: Alassane Ouattara University of Bouake

Economics Bulletin, 2020, vol. 40, issue 4, 3153-3166

Abstract: This paper explores the causal relationship between financial sector development and globalization for twenty-one sub-Saharan African (SSA, hereafter) countries during the period 1980-2017. To measure financial sector development, we use a more comprehensive index of financial development, meanwhile, we use the economic dimension of globalization and both the de facto and the de jure economic globalization indices. Applying a panel bootstrap causality test which controls for both cross-sectional dependence and heterogeneity across countries, empirical results provide some evidence of causality between financial development and economic globalization indices though there is no causality for half of the sample.

Keywords: Financial sector development; Globalization, Cross-sectional dependency; Slope heterogeneity; bootstrap Granger causality; sub-Sahara Africa. (search for similar items in EconPapers)
JEL-codes: F3 F4 (search for similar items in EconPapers)
Date: 2020-12-02
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