Determinants of financial development in Africa: How robust is the interactive effect of trade openness and human capital?
Author
Abstract
Suggested Citation
DOI: 10.1016/j.eap.2018.09.002
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Franklin Allen & Elena Carletti & Robert Cull & Jun Qian & Lemma Senbet & Patricio Valenzuela, 2014.
"Resolving the African Financial Development Gap: Cross-Country Comparisons and a Within-Country Study of Kenya,"
NBER Chapters, in: African Successes, Volume III: Modernization and Development, pages 13-62,
National Bureau of Economic Research, Inc.
- ALLEN, Franklin & CARLETTI, Elena & CULL, Robert & QIAN, Jun & SENBET, Lemma & VALENZUELA, Patricio, 2012. "Resolving the African Financial Development Gap: Cross-country comparisons and a within-country study of Kenya," Economics Working Papers ECO2012/15, European University Institute.
- Allen, Franklin & Carletti, Elena & Cull, Robert & Qian, Jun & Senbet, Lemma & Valenzuela, Patricio, 2012. "Resolving the African Financial Development Gap: Cross-Country Comparisons and a Within-Country Study of Kenya," Working Papers 12-07, University of Pennsylvania, Wharton School, Weiss Center.
- Allen, Franklin & Carletti, Elena & Cull, Robert & Qian, Jun & Senbet, Lemma & Valenzuela, Patricio, 2013. "Resolving the African financial development gap : cross-country comparisons and a within-country study of Kenya," Policy Research Working Paper Series 6592, The World Bank.
- Franklin Allen & Elena Carletti & Robert Cull & Jun Qian & Lemma Senbet & Patricio Valenzuela, 2012. "Resolving the African Financial Development Gap: Cross-Country Comparisons and a Within-Country Study of Kenya," NBER Working Papers 18013, National Bureau of Economic Research, Inc.
- Patrick Honohan & Thorsten Beck, 2007. "Making Finance Work for Africa," World Bank Publications - Books, The World Bank Group, number 6626.
- Carmen M. Reinhart & Graciela L. Kaminsky, 1999.
"The Twin Crises: The Causes of Banking and Balance-of-Payments Problems,"
American Economic Review, American Economic Association, vol. 89(3), pages 473-500, June.
- Reinhart, Carmen & Kaminsky, Graciela, 1999. "The twin crises: The causes of banking and balance of payments problems," MPRA Paper 14081, University Library of Munich, Germany.
- Reinhart, Carmen & Kaminsky, Graciela, 2000. "Las crisis gemelas: las causas de los problemas bancarios y de balanza de pagos [The twin crises: Te causes of banking and balance of payments problems]," MPRA Paper 13842, University Library of Munich, Germany.
- Emmanuel Kumi & Muazu Ibrahim & Thomas Yeboah, 2017. "Aid, Aid Volatility and Sectoral Growth in Sub-Saharan Africa: Does Finance Matter?," Journal of African Business, Taylor & Francis Journals, vol. 18(4), pages 435-456, October.
- Ross Levine, 1997.
"Financial Development and Economic Growth: Views and Agenda,"
Journal of Economic Literature, American Economic Association, vol. 35(2), pages 688-726, June.
- Levine, Ross, 1996. "Financial development and economic growth : views and agenda," Policy Research Working Paper Series 1678, The World Bank.
- Carmen M. Reinhart & Graciela L. Kaminsky, 1999.
"The Twin Crises: The Causes of Banking and Balance-of-Payments Problems,"
American Economic Review, American Economic Association, vol. 89(3), pages 473-500, June.
- Graciela L. Kaminsky & Carmen M. Reinhart, 1996. "The twin crises: the causes of banking and balance-of-payments problems," International Finance Discussion Papers 544, Board of Governors of the Federal Reserve System (U.S.).
- Reinhart, Carmen & Kaminsky, Graciela, 1999. "The twin crises: The causes of banking and balance of payments problems," MPRA Paper 14081, University Library of Munich, Germany.
- Levine, Ross, 2005.
"Finance and Growth: Theory and Evidence,"
Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 12, pages 865-934,
Elsevier.
- Ross Levine, 2004. "Finance and Growth: Theory and Evidence," NBER Working Papers 10766, National Bureau of Economic Research, Inc.
- Svaleryd, Helena & Vlachos, Jonas, 2002.
"Markets for risk and openness to trade: how are they related?,"
Journal of International Economics, Elsevier, vol. 57(2), pages 369-395, August.
- Svaleryd, Helena & Vlachos, Jonas, 1999. "Markets for Risk and Openness to Trade: How are they Related?," SSE/EFI Working Paper Series in Economics and Finance 327, Stockholm School of Economics, revised 28 Aug 2001.
- Asli Demeirgüç-Kunt & Ross Levine (ed.), 0. "Finance and Growth," Books, Edward Elgar Publishing, number 17119.
- Ross Levine & Norman Loayza & Thorsten Beck, 2002.
"Financial Intermediation and Growth: Causality and Causes,"
Central Banking, Analysis, and Economic Policies Book Series, in: Leonardo Hernández & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Se (ed.),Banking, Financial Integration, and International Crises, edition 1, volume 3, chapter 2, pages 031-084,
Central Bank of Chile.
- Levine, Ross & Loayza, Norman & Beck, Thorsten, 2000. "Financial intermediation and growth: Causality and causes," Journal of Monetary Economics, Elsevier, vol. 46(1), pages 31-77, August.
- Levine, Ross & Loayza, Norman & Beck, Thorsten, 1999. "Financial intermediation and growth : Causality and causes," Policy Research Working Paper Series 2059, The World Bank.
- Thorsten Beck & Ross Levine & Norman Loayza, 1999. "Financial Intermediation and Growth: Causality and Causes," Working Papers Central Bank of Chile 56, Central Bank of Chile.
- Blundell, Richard & Bond, Stephen, 1998.
"Initial conditions and moment restrictions in dynamic panel data models,"
Journal of Econometrics, Elsevier, vol. 87(1), pages 115-143, August.
- R Blundell & Steven Bond, "undated". "Initial conditions and moment restrictions in dynamic panel data model," Economics Papers W14&104., Economics Group, Nuffield College, University of Oxford.
- Blundell, R. & Bond, S., 1995. "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models," Economics Papers 104, Economics Group, Nuffield College, University of Oxford.
- Richard Blundell & Stephen Bond, 1995. "Initial conditions and moment restrictions in dynamic panel data models," IFS Working Papers W95/17, Institute for Fiscal Studies.
- Beck, Thorsten & Demirguc-Kunt, Asli & Levine, Ross, 2003.
"Law, endowments, and finance,"
Journal of Financial Economics, Elsevier, vol. 70(2), pages 137-181, November.
- Thorsten Beck & Asli Demirguc-Kunt & Ross Levine, 2002. "Law, Endowment, and Finance," NBER Working Papers 9089, National Bureau of Economic Research, Inc.
- Adams, Samuel & Opoku, Eric Evans Osei, 2015. "Foreign direct investment, regulations and growth in sub-Saharan Africa," Economic Analysis and Policy, Elsevier, vol. 47(C), pages 48-56.
- Mihasonirina Andrianaivo & Charles Amo Yartey, 2009. "Understanding the growth of african financial markets," Post-Print halshs-00422047, HAL.
- Beck, Thorsten & Levine, Ross & Loayza, Norman, 2000.
"Finance and the sources of growth,"
Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 261-300.
- Beck,Thorsten & Levine,Ross Eric & Loayza,Norman V., 1999. "Finance and the sources of growth," Policy Research Working Paper Series 2057, The World Bank.
- J. François OUTREVILLE, 1999. "Financial Development, Human Capital And Political Stability," UNCTAD Discussion Papers 142, United Nations Conference on Trade and Development.
- Baltagi, Badi H. & Demetriades, Panicos O. & Law, Siong Hook, 2009.
"Financial development and openness: Evidence from panel data,"
Journal of Development Economics, Elsevier, vol. 89(2), pages 285-296, July.
- Badi H. Baltagi & Panicos O. Demetriades & Siong Hook Law, 2008. "Financial Development and Openness: Evidence from Panel Data," Center for Policy Research Working Papers 107, Center for Policy Research, Maxwell School, Syracuse University.
- Mihasonirina Andrianaivo & Charles Amo Yartey, 2009. "Understanding the Growth of African Financial Markets," IMF Working Papers 2009/182, International Monetary Fund.
- Siong Hook Law & Muzafar Shah Habibullah, 2009. "The Determinants Of Financial Development: Institutions, Openness And Financial Liberalisation," South African Journal of Economics, Economic Society of South Africa, vol. 77(1), pages 45-58, March.
- Awudu Sare Yakubu & Anthony Q. Q. Aboagye & Lord Mensah & Godfred A. Bokpin, 2018. "Effect of financial development on international trade in Africa: Does measure of finance matter?," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 27(8), pages 917-936, November.
- Rajan, Raghuram G. & Zingales, Luigi, 2003. "The great reversals: the politics of financial development in the twentieth century," Journal of Financial Economics, Elsevier, vol. 69(1), pages 5-50, July.
- Muazu Ibrahim & Paul Alagidede, 2017. "Financial Development, Growth Volatility and Information Asymmetry in Sub†Saharan Africa: Does Law Matter?," South African Journal of Economics, Economic Society of South Africa, vol. 85(4), pages 570-588, December.
- Mr. Antonio David & Mr. Montfort Mlachila & Ashwin Moheeput, 2014. "Does Openness Matter for Financial Development in Africa?," IMF Working Papers 2014/094, International Monetary Fund.
- Adeniyi, Oluwatosin & Oyinlola, Abimbola & Omisakin, Olusegun & Egwaikhide, Festus O., 2015. "Financial development and economic growth in Nigeria: Evidence from threshold modelling," Economic Analysis and Policy, Elsevier, vol. 47(C), pages 11-21.
- Menyah, Kojo & Nazlioglu, Saban & Wolde-Rufael, Yemane, 2014. "Financial development, trade openness and economic growth in African countries: New insights from a panel causality approach," Economic Modelling, Elsevier, vol. 37(C), pages 386-394.
- Ogundari, Kolawole & Awokuse, Titus, 2018. "Human capital contribution to economic growth in Sub-Saharan Africa: Does health status matter more than education?," Economic Analysis and Policy, Elsevier, vol. 58(C), pages 131-140.
- Ibrahim, Muazu & Alagidede, Paul, 2018. "Effect of financial development on economic growth in sub-Saharan Africa," Journal of Policy Modeling, Elsevier, vol. 40(6), pages 1104-1125.
- Ibrahim, Muazu & Alagidede, Paul, 2017.
"Financial sector development, economic volatility and shocks in sub-Saharan Africa,"
Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 484(C), pages 66-81.
- Muazu Ibrahim & Paul Alagidede, 2016. "Financial sector development, economic volatility and shocks in sub-Saharan Africa," Working Papers 648, Economic Research Southern Africa.
- Muazu Ibrahim & Emmanuel Kumi & Thomas Yeboah, 2015. "Greasing or sanding the wheels? Effect of corruption on economic growth in sub-Saharan Africa," African Journal of Economic and Sustainable Development, Inderscience Enterprises Ltd, vol. 4(2), pages 157-173.
- Kangni Kpodar & Raju Jan Singh & Dhaneshwar Ghura, 2009.
"Financial Deepening in the CFA Franc Zone: The Role of Institutions,"
Post-Print
hal-00450079, HAL.
- Mr. Dhaneshwar Ghura & Mr. Kangni R Kpodar & Mr. Raju J Singh, 2009. "Financial Deepening in the CFA Franc Zone: The Role of Institutions," IMF Working Papers 2009/113, International Monetary Fund.
- Windmeijer, Frank, 2005. "A finite sample correction for the variance of linear efficient two-step GMM estimators," Journal of Econometrics, Elsevier, vol. 126(1), pages 25-51, May.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Ibrahim, Muazu & Alagidede, Paul, 2018. "Effect of financial development on economic growth in sub-Saharan Africa," Journal of Policy Modeling, Elsevier, vol. 40(6), pages 1104-1125.
- Chris Doucouliagos & Jakob de Haan & Jan-Egbert Sturm, 2022.
"What drives financial development? A Meta-regression analysis [A new database of financial reforms],"
Oxford Economic Papers, Oxford University Press, vol. 74(3), pages 840-868.
- Chris Doucouliagos & Jakob de Haan & Jan-Egbert Sturm, 2020. "What Drives Financial Development? A Meta-Regression Analysis," CESifo Working Paper Series 8356, CESifo.
- Paul Alagidede, 2018. "Effect of Financial Development on Economic Growth in sub–Saharan Africa: Does Sectoral Growth Matter?," Working Papers 754, Economic Research Southern Africa.
- Jean-Pierre Allegret & Sana Azzabi, 2014.
"Intégration financière internationale et croissance économique dans les pays émergents et en développement : le canal du développement financier,"
Revue d’économie du développement, De Boeck Université, vol. 22(3), pages 27-68.
- Jean-Pierre Allegret & Sana Azzabi, 2014. "Intégration financière internationale et croissance économique dans les pays émergents et en développement : le canal du développement financier," Post-Print hal-01385944, HAL.
- Effiong, Ekpeno, 2015. "Financial Development, Institutions and Economic Growth: Evidence from Sub-Saharan Africa," MPRA Paper 66085, University Library of Munich, Germany.
- Ahmad Hassan Ahmad & Christopher Green & Fei Jiang, 2020. "Mobile Money, Financial Inclusion And Development: A Review With Reference To African Experience," Journal of Economic Surveys, Wiley Blackwell, vol. 34(4), pages 753-792, September.
- Yongfu Huang & Jonathan Temple, 2005.
"Does external trade promote financial development?,"
Bristol Economics Discussion Papers
05/575, School of Economics, University of Bristol, UK.
- Temple, Jonathan & Huang, Yongfu, 2005. "Does External Trade Promote Financial Development?," CEPR Discussion Papers 5150, C.E.P.R. Discussion Papers.
- Nasreen, Samia & Mahalik, Mantu Kumar & Shahbaz, Muhammad & Abbas, Qaisar, 2020.
"How do financial globalization, institutions and economic growth impact financial sector development in European countries?,"
Research in International Business and Finance, Elsevier, vol. 54(C).
- Nasreen, Samia & Mahalik, Mantu Kumar & Shahbaz, Muhammad & Abbas, Qaisar, 2020. "How Do Financial Globalization, Institutions and Economic Growth Impact Financial Sector Development in European Countries?," MPRA Paper 100457, University Library of Munich, Germany, revised 16 May 2020.
- Jean Arcand & Enrico Berkes & Ugo Panizza, 2015.
"Too much finance?,"
Journal of Economic Growth, Springer, vol. 20(2), pages 105-148, June.
- Mr. Enrico G Berkes & Ugo Panizza & Mr. Jean-Louis Arcand, 2012. "Too Much Finance?," IMF Working Papers 2012/161, International Monetary Fund.
- Gnangnon, Sèna Kimm, 2019. "Financial Development and Tax Revenue in Developing Countries: Investigating the International Trade and Economic Growth Channels," EconStor Preprints 206628, ZBW - Leibniz Information Centre for Economics.
- Christiansen, Lone & Schindler, Martin & Tressel, Thierry, 2013.
"Growth and structural reforms: A new assessment,"
Journal of International Economics, Elsevier, vol. 89(2), pages 347-356.
- Lone Engbo Christiansen & Mr. Thierry Tressel & Mr. Martin Schindler, 2009. "Growth and Structural Reforms: A New Assessment," IMF Working Papers 2009/284, International Monetary Fund.
- Becerra, O. & Cavallo, E. & Scartascini, C., 2012.
"The politics of financial development: The role of interest groups and government capabilities,"
Journal of Banking & Finance, Elsevier, vol. 36(3), pages 626-643.
- Oscar Becerra & Eduardo Cavallo & Carlos Scartascini, 2010. "The Politics of Financial Development - The Role of Interest Groups and Government Capabilities," Research Department Publications 4686, Inter-American Development Bank, Research Department.
- Becerra, Oscar & Cavallo, Eduardo A. & Scartascini, Carlos, 2010. "The Politics of Financial Development: The Role of Interest Groups and Government Capabilities," IDB Publications (Working Papers) 1980, Inter-American Development Bank.
- Fajeau, Maxime, 2021.
"Too much finance or too many weak instruments?,"
International Economics, Elsevier, vol. 165(C), pages 14-36.
- Maxime Fajeau, 2021. "Too much finance or too many weak instruments?," International Economics, CEPII research center, issue 165, pages 14-36.
- Nahed Zghidi & Zouheir Abida, 2014. "Financial Development, Trade Openness and Economic Growth in North African Countries," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 17(53), pages 91-120, September.
- Demirguc-Kunt, Asli, 2006. "Finance and economic development : policy choices for developing countries," Policy Research Working Paper Series 3955, The World Bank.
- Menyelim M. Chima & Abiola Ayopo Babajide & Alex Adegboye & Segun Kehinde & Oluwatobi Fasheyitan, 2021. "The Relevance of Financial Inclusion on Sustainable Economic Growth in Sub-Saharan African Nations," Sustainability, MDPI, vol. 13(10), pages 1-20, May.
- Raja Almarzoqi & Sami Ben Naceur & Akshay Kotak, 2015. "What Matters for Financial Development and Stability?," IMF Working Papers 2015/173, International Monetary Fund.
- Frederic S. Mishkin, 2007. "Is Financial Globalization Beneficial?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(2‐3), pages 259-294, March.
- Law, Siong Hook & Singh, Nirvikar, 2014.
"Does too much finance harm economic growth?,"
Journal of Banking & Finance, Elsevier, vol. 41(C), pages 36-44.
- Law, Siong Hook & Singh, Nirvikar, 2014. "Does too much finance harm economic growth?," Santa Cruz Department of Economics, Working Paper Series qt9z21r44x, Department of Economics, UC Santa Cruz.
- Bonfiglioli, Alessandra, 2005. "How Does Financial Liberalization affect Economic Growth?," Seminar Papers 736, Stockholm University, Institute for International Economic Studies.
More about this item
Keywords
Financial development; Trade openness; Human capital; GMM; Africa;All these keywords.
JEL classification:
- J19 - Labor and Demographic Economics - - Demographic Economics - - - Other
- G20 - Financial Economics - - Financial Institutions and Services - - - General
- K49 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Other
- K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:ecanpo:v:60:y:2018:i:c:p:18-26. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.journals.elsevier.com/economic-analysis-and-policy .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.