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Do women hold the key to financial sector development in Africa?

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  • Mougnol A Ekoula, Hervé William
  • Kamguia, Brice
  • Ndoya, Hermann

Abstract

This paper complements the literature on the determinants of financial development by offering one of the first studies on the effect of women's political empowerment on financial development. Across a sample of 43 African countries over the period 1996–2018, the main results show the positive effect of women's political empowerment on financial development. Our disaggregated analysis shows that women's political representation promotes both components of financial development; however, with a stronger effect for financial institutions. This result remains valid when we consider the subcomponents of these two indicators. Furthermore, the analysis of transmission mechanisms shows that control of corruption, democracy and human capital are the channels through which women's political empowerment affects financial development.

Suggested Citation

  • Mougnol A Ekoula, Hervé William & Kamguia, Brice & Ndoya, Hermann, 2023. "Do women hold the key to financial sector development in Africa?," International Economics, Elsevier, vol. 173(C), pages 233-248.
    • Handle: RePEc:eee:inteco:v:173:y:2023:i:c:p:233-248
    DOI: 10.1016/j.inteco.2022.12.004
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    More about this item

    Keywords

    Financial development; Women's political empowerment; Human capital; Institution;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements

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