Financial Sector Development and Economic Growth in Africa - Sviluppo finanziario e crescita economica in Africa

Oluremi Ogun
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Oluremi Ogun: Department of Economics University of Ibadan, Postal: lbadan, Nigeria, ,, http://ui.edu.ng/

Economia Internazionale / International Economics, 2014, vol. 67, issue 1, 127-149

Abstract: This paper tests the proposition that financial development promotes economic growth and the extent, focusing exclusively on Africa. Twenty countries spread over the different regions of the continent constituted the sample. Dynamic panel data analyses were conducted under an arrangement recognizing the distinction between the outcome of with and without fixed effects models. The monetary variables in the models posted clear superior performance. However, both the monetary and the financial factors appeared to be more important to growth with the less advanced countries in the sample. Generally, there was evidence supporting monetarism in the growth dynamics of the sample. - Questo studio esamina l’assunto secondo il quale lo sviluppo finanziario promuove la crescita economica, e in che misura, attraverso l’analisi del caso africano. Il campione considerato è di venti paesi di regioni differenti. Le analisi dinamiche di dati panel sono state effettuate in modo da distinguere i risultati ottenuti da modelli con e senza effetti fissi. Le variabili monetarie hanno avuto una performance chiaramente migliore nei modelli. In ogni caso sia i fattori monetari che quelli finanziari sembrano essere più importanti per la crescita nei paesi meno avanzati del campione. In generale sono emerse evidenze a sostegno del monetarismo nelle dinamiche di crescita del campione.

Keywords: Financial Markets and Institutions – Africa; Monetary Growth Models (search for similar items in EconPapers)
JEL-codes: N27 O42 (search for similar items in EconPapers)
Date: 2014
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