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

  • Asongu Simplice

    ()

    (Yaoundé/Cameroun)

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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File URL: http://www.afridev.org/RePEc/agd/agd-wpaper/Financial-sector-competition-and-knowledge-economy.pdf
File Function: Revised version, 2013
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Paper provided by African Governance and Development Institute. in its series Working Papers with number 12/021.

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Length: 37
Date of creation: 20 Aug 2012
Date of revision:
Publication status: Published in Journal of the Knowledge Economy
Handle: RePEc:agd:wpaper:12/021
Contact details of provider: Web page: http://www.afridev.org/index.php/en/
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  1. Merton H. Miller, 2012. "Financial Markets and Economic Growth," Journal of Applied Corporate Finance, Morgan Stanley, vol. 24(1), pages 8-13, 03.
  2. Asongu Simplice, 2012. "How has Mobile Banking Stimulated Financial Development in Africa?," Working Papers 12/027, African Governance and Development Institute..
  3. 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.
  4. Ang, James B. & McKibbin, Warwick J., 2007. "Financial liberalization, financial sector development and growth: Evidence from Malaysia," Journal of Development Economics, Elsevier, vol. 84(1), pages 215-233, September.
  5. Simplice A, Asongu, 2012. "New indicators for the mobile banking nexus," MPRA Paper 38575, University Library of Munich, Germany.
  6. Thomas Gries & Manfred Kraft & Daniel Meierrieks, 2008. "Linkages between Financial Deepening,Trade Openness and Economic Development: Causality Evidence from Sub-Saharan Africa," Working Papers CIE 15, University of Paderborn, CIE Center for International Economics.
  7. Simplice A., Asongu, 2011. "New financial intermediary development indicators for developing countries," MPRA Paper 30921, University Library of Munich, Germany.
  8. 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.
  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. Henry Kaiser, 1974. "An index of factorial simplicity," Psychometrika, Springer, vol. 39(1), pages 31-36, March.
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