Stock market development, foreign private investment and economic growth in sub-Saharan Africa

Ibrahim Nandom Yakubu, Alhassan Bunyaminu and Nuhu Alhassan Abdulrahman

MPRA Paper from University Library of Munich, Germany

Abstract: This study investigates the impact of stock market development and foreign private investment on economic growth in Sub-Saharan Africa (SSA) over the period 2000-2017. The study controls for the impact of trade openness and inflation. Using the pooled estimated generalized least squares (EGLS) technique, we establish that there exists a negative relationship between stock market development and economic growth in Sub-Saharan Africa. We note that foreign private investment positively and significantly influences economic growth. The study further reveals that inflation negatively affects growth. We present key implications for policy based on the findings.

Keywords: stock market development; foreign private investment; economic growth; SSA (search for similar items in EconPapers)
JEL-codes: E22 F21 F23 O16 (search for similar items in EconPapers)
Date: 2022-05-01
New Economics Papers: this item is included in nep-fdg
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Published in Empirical Economics Letters 5.21(2022): pp. 37-46

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:115184

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