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Does International Financial Integration Increase the Standard of Living in Africa? A Frontier Approach

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  • Gilles Dufrénot

    (AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique, CEPII - Centre d'Etudes Prospectives et d'Informations Internationales - Centre d'analyse stratégique)

  • Kimiko Sugimoto

    (Hirao School of Management - Konan University)

Abstract

We investigate whether a higher financial integration with the rest of the world can help the African countries reduce their production inefficiency and/or push up their efficient frontier of production. We use two alternative empirical approaches based, respectively, on a stochastic frontier analysis and quantile regressions. We provide evidence of heterogeneous situations across countries and time. This paper proposes a new approach for defining, at the aggregate level, a link between financial openness and production efficiency. We show that one size does not fit all: international financial integration can increase or decrease African countries' standard of living.

Suggested Citation

  • Gilles Dufrénot & Kimiko Sugimoto, 2019. "Does International Financial Integration Increase the Standard of Living in Africa? A Frontier Approach," Working Papers halshs-02093938, HAL.
    • Handle: RePEc:hal:wpaper:halshs-02093938
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-02093938
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    Cited by:

    1. Léleng Kebalo & Hamitande Dout & Mawuli K. Couchoro & Stéphane Zouri, 2022. "Intégration – commerciale, budgétaire, financière – régionale et inégalités de revenu dans la Communauté Economique des Etats de l'Afrique de l'Ouest (CEDEAO)," African Development Review, African Development Bank, vol. 34(S1), pages 102-116, July.
    2. Zouri, Stéphane, 2019. "Business cycles,bilateral trade and international financial intergration : Evidence from Economic Community of West African States (ECOWAS)," MPRA Paper 98748, University Library of Munich, Germany.
    3. Zouri, Stéphane, 2019. "Business cycles,bilateral trade and international financial intergration : Evidence from Economic Community of West African States (ECOWAS)," MPRA Paper 95275, University Library of Munich, Germany.

    More about this item

    Keywords

    African countries; financial openness; stochastic frontier; quantile regression;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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