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Financial Permeation and Economic Growth: Evidence from Sub-Saharan Africa

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  • Inoue, Takeshi
  • Hamori, Shigeyuki

Abstract

This article empirically analyzes the role of finance in economic growth in Sub-Saharan Africa from the perspective of what is termed herein “financial permeation”. By estimating panel data on 37 countries in Sub-Saharan Africa between 2004 and 2010, we examine whether financial permeation through improved convenience and access to financial services has contributed to economic growth in this region. Empirical results clearly indicate that financial permeation has a statistically significant and robust effect on increasing economic growth in Sub-Saharan Africa.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 53417.

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Date of creation: Oct 2013
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Handle: RePEc:pra:mprapa:53417

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Keywords: Economic growth; Financial inclusion; Financial permeation; Sub-Sahara Africa;

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  1. Jose Brambila-Macias & Isabella Massa & Victor Murinde, 2011. "Cross-border bank lending versus FDI in Africa's growth story," Applied Financial Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 21(16), pages 1205-1213.
  2. Demetriades, Panicos O. & James, Gregory A., 2011. "Finance and growth in Africa: The broken link," Economics Letters, Elsevier, Elsevier, vol. 113(3), pages 263-265.
  3. Luintel, Kul B. & Khan, Mosahid, 1999. "A quantitative reassessment of the finance-growth nexus: evidence from a multivariate VAR," Journal of Development Economics, Elsevier, Elsevier, vol. 60(2), pages 381-405, December.
  4. King, Robert G & Levine, Ross, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 108(3), pages 717-37, August.
  5. Victor Murinde, 2012. "Financial Development and Economic Growth: Global and African Evidence," Journal of African Economies, Centre for the Study of African Economies (CSAE), Centre for the Study of African Economies (CSAE), vol. 21(suppl_1), pages -i56, January.
  6. Boopen Seetanah, 2009. "The economic importance of education: Evidence from Africa using dynamic panel data analysis," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 137-157, May.
  7. Abdullahi D. Ahmed, 2010. "Financial liberalization, financial development and growth linkages in Sub-Saharan African countries: An empirical investigation," Studies in Economics and Finance, Emerald Group Publishing, Emerald Group Publishing, vol. 27(4), pages 314-339, October.
  8. Takeshi Inoue & Shigeyuki Hamori, 2013. "Financial permeation as a role of microfinance: has microfinance actually been a viable financial intermediary for helping the poor?," Applied Financial Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 23(20), pages 1567-1578, October.
  9. Nicholas Apergis & Ioannis Filippidis & Claire Economidou, 2007. "Financial Deepening and Economic Growth Linkages: A Panel Data Analysis," Review of World Economics (Weltwirtschaftliches Archiv), Springer, Springer, vol. 143(1), pages 179-198, April.
  10. Inoue, Takeshi & Hamori, Shigeyuki, 2011. "Financial permeation as a role of microfinance : has microfinance actually been helpful to the poor?," IDE Discussion Papers, Institute of Developing Economies, Japan External Trade Organization(JETRO) 299, Institute of Developing Economies, Japan External Trade Organization(JETRO).
  11. Mamadou Wane & Paul Burkett & Robert Guell, 1996. "Economic growth and monetary union in sub-Saharan Africa: new evidence on the effects of CFA-zone membership," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 3(12), pages 769-773.
  12. Adams, Samuel, 2009. "Foreign Direct investment, domestic investment, and economic growth in Sub-Saharan Africa," Journal of Policy Modeling, Elsevier, Elsevier, vol. 31(6), pages 939-949, November.
  13. Babajide Fowowe, 2011. "The finance‐growth nexus in Sub‐Saharan Africa: Panel cointegration and causality tests," Journal of International Development, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 23(2), pages 220-239, March.
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