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Effect of Financial Development on Economic Growth in sub-Saharan African: Does Sectoral Growth Matter?


  • Muazu Ibrahim
  • Paul Alagidede


The role of financial sector development in economic growth has received an extensive attention in the literature. Indeed, a well–developed domestic financial sector such as those of developed countries, can significantly contribute growth by increasing savings and investment, improves technological innovations and efficiently allocates resources. The development of the financial sector entails the institutionalization of […]

Suggested Citation

  • Muazu Ibrahim & Paul Alagidede, 2019. "Effect of Financial Development on Economic Growth in sub-Saharan African: Does Sectoral Growth Matter?," Working Papers 171, Economic Research Southern Africa.
  • Handle: RePEc:rza:wpaper:171

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    Blog mentions

    As found by, the blog aggregator for Economics research:
    1. African tourism
      by Johan Fourie in Johan Fourie's Blog on 2012-04-14 15:39:50
    2. Explaining African tourism
      by Johan Fourie in Johan Fourie's Blog on 2012-04-14 15:39:50


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    Cited by:

    1. Groizard, José Luis & Marques, Helena & Santana, María, 2014. "Islands in trade: Disentangling distance from border effects," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 8, pages 1-46.
    2. Morley, Clive & Rosselló, Jaume & Santana-Gallego, Maria, 2014. "Gravity models for tourism demand: theory and use," Annals of Tourism Research, Elsevier, vol. 48(C), pages 1-10.
    3. Jaume Roselló Nadal & María Santana Gallego, 2012. "Climate change and global international tourism: An evaluation for different scenarios," DEA Working Papers 52, Universitat de les Illes Balears, Departament d'Economía Aplicada.
    4. Iuliana Pop & Adrian Kanovici & Gratiela Ghic & Madalina Andrei, 2016. "The Economic Effects of the Mega Sport Events on Tourism in the BRICS Countries Case," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 18(S10), pages 960-960, November.
    5. Wonho Song, 2010. "Impacts Of Olympics On Exports And Tourism," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 35(4), pages 93-110, December.
    6. Dennis Coates, 2012. "Not-So-Mega Events," Chapters, in: Wolfgang Maennig & Andrew Zimbalist (ed.), International Handbook on the Economics of Mega Sporting Events, chapter 23, Edward Elgar Publishing.
    7. Biao He & Lianxin Zhu & Xiaomei Cai & Jun (Justin) Li & Hong Zhu, 2020. "Examining the Impacts of Mega-Events on Urban Development Using Coupling Analysis: A Case Study of the Boao Forum for Asia," Sustainability, MDPI, vol. 12(2), pages 1-14, January.
    8. Johan Fourie & Jaume Rosselló & Maria Santana-Gallego, 2015. "Religion, Religious Diversity and Tourism," Kyklos, Wiley Blackwell, vol. 68(1), pages 51-64, February.
    9. Khalifa Al-Dosari, 2020. "The significance of mega sporting event on infrastructure development: A case of FIFA 2022 World Cup in Qatar," Journal of Social Sciences (COES&RJ-JSS), , vol. 9(3), pages 1295-1319, July.
    10. Johan Fourie & María Santana-Gallego, 2013. "The determinants of African tourism," Development Southern Africa, Taylor & Francis Journals, vol. 30(3), pages 347-366, September.
    11. Jaume Rosselló & Maria Santana-Gallego, 2014. "Recent trends in international tourist climate preferences: a revised picture for climatic change scenarios," Climatic Change, Springer, vol. 124(1), pages 119-132, May.
    12. Twila-Mae Logan & Eritha Huntley Lewis & Clive Scott, 2016. "A Time Series Analysis of the Impact of International Sporting Events on International Arrivals: Melbourne, Australia and Jamaica," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(6), pages 267-267, June.

    More about this item


    financial development; Sub-Saharan Africa;

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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