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Finance and Economic Development in Africa: Introduction and Overview


  • Olu Ajakaiye
  • Finn Tarp


It is clear that a lot remains to be learnt about the role of the financial sector in African growth and development process. All three papers in this volume focus on the existing consensus in the literature that there seems to be a positive relationship between financial development and economic progress. Harris aptly draws attention to the broad association between financial sector development and economic growth, and Murinde even suggests that financial development may be as important as human capital accumulation. Andersen et al., in turn, are more sceptical and bring out the existing ambiguities, both theoretical and empirical, underlying the finance-growth consensus. They highlight that existing empirical results are far from robust, a point also clearly subscribed to by Harris. Consequently, the contributors are agreed that the usefulness of the existing literature is severely constrained when it comes to drawing up policy relevant conclusions. Copyright 2012 , Oxford University Press.

Suggested Citation

  • Olu Ajakaiye & Finn Tarp, 2012. "Finance and Economic Development in Africa: Introduction and Overview," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 21(suppl_1), pages -9, January.
  • Handle: RePEc:oup:jafrec:v:21:y:2012:i:suppl_1:p:-i9

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    Cited by:

    1. Zhang, Yu Yvette & Boadu, Frederick O., 2012. "Stock Exchange Development and Economic Growth in Sub-Saharan Africa (SSA)," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124608, Agricultural and Applied Economics Association.

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