Financial Sector Reforms And Private Investment In Sub-Saharan African Countries
Financial sector reforms have been undertaken by many countries in Sub-Saharan Africa and one of the key targets of these reforms has been investment. This study conducts an empirical investigation of the effect of financial sector reforms on private investment in selected Sub-Saharan African countries. An index is developed which tracks the gradual progress made with implementation of the phases of the reforms. The results of econometric estimations show that financial sector reforms (measured by the index) have had a positive effect on private investment in the selected countries, thus offering support to the financial liberalization hypothesis.
Volume (Year): 36 (2011)
Issue (Month): 3 (September)
|Contact details of provider:|| Web page: http://www.jed.or.kr/|
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Abdul Abiad & Ashoka Mody, 2005.
"Financial Reform: What Shakes It? What Shapes It?,"
American Economic Review,
American Economic Association, vol. 95(1), pages 66-88, March.
- Shrestha, M.B. & Chowdhury, k., 2006. "Financial Liberalization Index for Nepal," International Journal of Applied Econometrics and Quantitative Studies, Euro-American Association of Economic Development, vol. 3(1), pages 41-54.
- Ang, James B., 2009. "Private Investment and Financial Sector Policies in India and Malaysia," World Development, Elsevier, vol. 37(7), pages 1261-1273, July.
- Gyimah-Brempong, Kwabena & Traynor, Thomas L, 1999. "Political Instability, Investment and Economic Growth in Sub-Saharan Africa," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 8(1), pages 52-86, March.
- Ndikumana, Leonce, 2000. "Financial Determinants of Domestic Investment in Sub-Saharan Africa: Evidence from Panel Data," World Development, Elsevier, vol. 28(2), pages 381-400, February.
- Philip Arestis & Panicos O. Demetriades & Bassam Fattouh & Kostas Mouratidis, 2002.
"The Impact of Financial Liberalisation Policies on Financial Development Evidence from Developing Economies,"
Discussion Papers in Economics
02/1, Department of Economics, University of Leicester.
- Arestis, Philip, et al, 2002. "The Impact of Financial Liberalization Policies on Financial Development: Evidence from Developing Economies," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 7(2), pages 109-21, April.
- Geert Bekaert & Campbell R. Harvey & Christian Lundblad, 2001.
"Does Financial Liberalization Spur Growth?,"
NBER Working Papers
8245, National Bureau of Economic Research, Inc.
- Blundell, R. & Bond, S., 1995.
"Initial Conditions and Moment Restrictions in Dynamic Panel Data Models,"
104, Economics Group, Nuffield College, University of Oxford.
- 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.
- Richard Blundell & Steve Bond, 1995. "Initial conditions and moment restrictions in dynamic panel data models," IFS Working Papers W95/17, Institute for Fiscal Studies.
- R Blundell & Steven Bond, . "Initial conditions and moment restrictions in dynamic panel data model," Economics Papers W14&104., Economics Group, Nuffield College, University of Oxford.
- Francisco JosÃ© Veiga & Ari Aisen, 2006.
"Political Instability and Inflation Volatility,"
IMF Working Papers
06/212, International Monetary Fund.
- repec:chb:bcchwp:03 is not listed on IDEAS
- Jenkins, Carolyn, 1998. "Determinants of Private Investment in Zimbabwe," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 7(1), pages 34-61, March.
- Khan, Mohsin S. & Reinhart, Carmen M., 1990.
"Private investment and economic growth in developing countries,"
Elsevier, vol. 18(1), pages 19-27, January.
- Reinhart, Carmen & Khan, Mohsin, 1989. "Private investment and economic growth in developing countries," MPRA Paper 13655, University Library of Munich, Germany.
- Caselli, Francesco & Esquivel, Gerardo & Lefort, Fernando, 1996.
" Reopening the Convergence Debate: A New Look at Cross-Country Growth Empirics,"
Journal of Economic Growth,
Springer, vol. 1(3), pages 363-89, September.
When requesting a correction, please mention this item's handle: RePEc:jed:journl:v:36:y:2011:i:3:p:79-97. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Changhui Kang)
If references are entirely missing, you can add them using this form.