An Econometric Analysis of the Relationship Between Millennium Development Goals, Economic Growth and Financial Development in South Africa

Oludele Akinboade () and Emilie Kinfack

Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, 2014, vol. 118, issue 2, 775-795

Abstract: The relationship between financial development, economic growth and millennium development goals are unsettled in the literature. Using four indicators of financial development, this paper studies the link between the three variables in South Africa. In general, per capita income improves per capita spending on education in the short run. However, total domestic credit to GDP ratio decreases spending on education. There are highly significant long run relationships among the variables. Improving access to private sector credit and increasing per capita incomes are associated with improvement in health outcomes in South Africa. There are no short run nor long run relationships between household spending on clothes, economic growth and financial sector development. Improved private sector credit also improves household spending on food. In general, there are long run relationships between per capita spending on food, per capita income and financial sector development. Copyright Springer Science+Business Media Dordrecht 2014

Keywords: South Africa; Financial development; Economic growth; Millennium development goals; Error correction method (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1007/s11205-013-0442-4

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