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Financial sector competition and knowledge economy: evidence from SSA and MENA countries

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  • Simplice A, Asongu

Abstract

The goal of this paper is to assess how financial sector competition plays out in the development of knowledge economy (KE). It contributes at the same time to the macroeconomic literature on measuring financial development and response to the growing field of KE by means of informal sector promotion, micro finance and mobile banking. It suggests a practicable way to disentangle the effects of various financial sectors on different components of KE. The variables identified under the World Bank’s four knowledge economy index (KEI) are employed. Three hypotheses based on seven propositions are tested. Results show: (1) the informal financial sector, a previously missing component in the definition of the financial system by the IMF significantly affects KE dimensions; (2) disentangling different components of the existing measurement of the financial system improves dynamics in the KE-finance nexus and; (3) introduction of measures of sector importance provides relevant new insights into how financial sector competition affects KE.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 43009.

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Date of creation: 20 Aug 2012
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Handle: RePEc:pra:mprapa:43009

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Keywords: Financial development; Knowledge Economy;

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References

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  1. Merton H. Miller, 1998. "Financial Markets and Economic Growth," Journal of Applied Corporate Finance, Morgan Stanley, vol. 11(3), pages 8-15.
  2. King, Robert G & Levine, Ross, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 717-37, August.
  3. Henry Kaiser, 1974. "An index of factorial simplicity," Psychometrika, Springer, vol. 39(1), pages 31-36, March.
  4. James B. Ang & Warwick J. McKibbin, 2005. "Financial Liberalization, Financial Sector Development And Growth: Evidence From Malaysia," CAMA Working Papers 2005-05, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  5. Suleiman Abu-Bader & Aamer S. Abu-Qarn, 2008. "Financial Development and Economic Growth: Empirical Evidence from Six MENA Countries," Review of Development Economics, Wiley Blackwell, vol. 12(4), pages 803-817, November.
  6. Asongu Simplice, 2011. "New financial intermediary development indicators for developing countries," Working Papers 11/005, African Governance and Development Institute..
  7. Simplice A, Asongu, 2012. "New indicators for the mobile banking nexus," MPRA Paper 38575, University Library of Munich, Germany.
  8. Simplice A, Asongu, 2012. "How has mobile banking stimulated financial development in Africa?," MPRA Paper 38576, University Library of Munich, Germany.
  9. Kumbhakar, Subal C. & Mavrotas, George, 2005. "Financial Sector Development and Productivity Growth," Working Paper Series RP2005/68, World Institute for Development Economic Research (UNU-WIDER).
  10. Gries, Thomas & Kraft, Manfred & Meierrieks, Daniel, 2009. "Linkages Between Financial Deepening, Trade Openness, and Economic Development: Causality Evidence from Sub-Saharan Africa," World Development, Elsevier, vol. 37(12), pages 1849-1860, December.
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Cited by:
  1. Asongu, Simplice A, 2012. "The impact of mobile phone penetration on African inequality," MPRA Paper 46041, University Library of Munich, Germany, revised 08 Apr 2013.
  2. Asongu Simplice, 2013. "How do financial reforms affect inequality through financial sector competition? Evidence from Africa," Working Papers 13/011, African Governance and Development Institute..
  3. Simplice A. Asongu, 2014. "The “knowledge economy”–finance nexus in SSA and MENA countries," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing, vol. 7(2), pages 200-213, July.
  4. Simplice A, Asongu, 2013. "The ‘Knowledge Economy’-finance nexus: how do IPRs matter in SSA and MENA countries?," MPRA Paper 43541, University Library of Munich, Germany.
  5. Simplice Asongu, 2014. "Financial development dynamic thresholds of financial globalization: Evidence from Africa," Journal of Economic Studies, Emerald Group Publishing, vol. 41(2), pages 166 - 195, March.
  6. Asongu, Simplice A, 2013. "Liberalization and financial sector competition: a critical contribution to the empirics with an African assessment," MPRA Paper 52212, University Library of Munich, Germany.
  7. Asongu Simplice, 2013. "Finance and growth: New evidence from Meta-analysis," Working Papers 13/029, African Governance and Development Institute..
  8. Asongu, Simplice A, 2013. "Modeling the future of knowledge economy: evidence from SSA and MENA countries," MPRA Paper 44709, University Library of Munich, Germany.

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