Does the Development of Financial Services Improve Export Diversification? The Case of the Cemac Zone

Dimala Olivier, Mekanda Eto'O Jean Steve, Wepaguiewe Armel Romaric, Medjo Nna Sinclair and Tsomb Tsomb Etienne Inedit Blaise
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Dimala Olivier: Faculty of Economics and Applied Management, University of Douala, Cameroon.
Mekanda Eto'O Jean Steve: Faculty of Economics and Applied Management, University of Douala, Cameroon.
Wepaguiewe Armel Romaric: Faculty of Economics and Management, University of Yaoundé II, Cameroon.
Medjo Nna Sinclair: Faculty of Economics and Applied Management, University of Douala, Cameroon.
Tsomb Tsomb Etienne Inedit Blaise: Faculty of Economics and Applied Management, University of Douala, Cameroon.

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Abstract: Aims: The main objective of this paper is to analyze the effect of financial services development on export diversification in the countries of the Economic Community of Central African States. Methodology: We applied the two stage least squares estimation method on a panel model to capture the effects of financial services on Theil's export concentration index. The sample comprises five countries observed over the period from 2007 to 2022. Results: The results show that, the development of financial services and the increase in intra-regional trade in this community promote export diversification. In addition, increased investment and access to electricity are key to export diversification in this region. Recommendation and conclusion: Hence the need for these countries to implement policies conducive to trade liberalization and investment promotion in the CEMAC zone. Economic liberalization and investment development are essential to export diversification.

Date: 2024-07-17
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Published in Journal of Economics, Management and Trade, 2024, 30 (8), pp.1-10. ⟨10.9734/jemt/2024/v30i81230⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05100823

DOI: 10.9734/jemt/2024/v30i81230

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