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Financial development, economic growth and millennium development goals in South Africa

Author

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  • Oludele Akinloye Akinboade
  • Emilie Chanceline Kinfack

Abstract

Purpose - – The purpose of this paper is to empirically report the findings on the relationship between financial sector development, economic growth and of millennium development goals (MDGs) for poverty reduction, education and health development in South Africa. Design/methodology/approach - – The autoregressive distributed lag bounds testing technique was applied to two indicators of financial development, economic growth and four indicators of MDGs. Findings - – Economic growth and MDGs jointly cause financial development. Similarly, economic growth and financial sector development jointly cause the attainment of MDGs. The attainment of MDGs such as increased per capita expenditure on food and education as well as economic growth jointly cause financial development. Practical implications - – The findings highlight the complexity of the relationship between financial development, economic growth and MDGs. It is essential that the government of South Africa pursue a three track strategy of promoting financial sector development, economic growth and MDGs. The development of one strategy causes and is caused by the development of the other two. Originality/value - – Relationships between financial development, economic growth and MDG targets are unsettled in the literature. This paper studies the link between the three variables in South Africa. Hence, the contribution of this study is to enrich the understanding of this important field in the context of an important African country.

Suggested Citation

  • Oludele Akinloye Akinboade & Emilie Chanceline Kinfack, 2015. "Financial development, economic growth and millennium development goals in South Africa," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 42(5), pages 459-479, May.
    • Handle: RePEc:eme:ijsepp:v:42:y:2015:i:5:p:459-479
    DOI: 10.1108/IJSE-01-2013-0006
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    Citations

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    Cited by:

    1. Tuna, Gulcay & Almahadin, Hamed Ahmad, 2021. "Does interest rate and its volatility affect banking sector development? Empirical evidence from emerging market economies," Research in International Business and Finance, Elsevier, vol. 58(C).
    2. Samuel Orekoya & Joseph Afolaby & Oluwatoyin Akintunde, 2021. "Bank-Based versus Stock Market-Based Development in Nigeria: A Fully-Modified Ordinary Least Squares Approach," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 13(1), pages 33-45, June.

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