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Do financial development, foreign direct investment, and economic growth enhance industrial development? Fresh evidence from Sub‑Sahara African countries
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Orientador(es)
Resumo(s)
This study investigates the impact of financial development, economic growth, and
foreign direct investment on enhancing industrial growth for a panel of selected
Sub-Sahara African (SSA) countries from 1990—2017. However, the present study
enriches our understanding of financial development by employing a new comprehensive
index focused on the accessibility, scope, and productivity of capital systems
and banking institutions and incorporated foreign direct investment and economic
growth as significant industrial growth drivers in the selected countries. A more
robust technique Augmented Mean Group (AMG) and Common Correlated Effect
Mean Group (CCEMG), were employed to access the long-run relationship among
the understudy variables. Further empirical results shows that financial development
and economic growth enhance industrial development with finance exhibiting signifcance
while foreign direct investment is seen as adverse. Moreover, a two-way
causality was obtained between industrialization and financial development while
both foreign direct investment and economic growth had a one-way causality relationship
with industrialization. Thus, our study implies that the government officials
within these countries must provide a suitable environment for the public, private
partnerships, i.e. private sector, which is the backbone for industrial development.
Descrição
Palavras-chave
Financial development Foreign development investment Economic growth Industrialization Panel econometrics Sub-Sahara African countries
Contexto Educativo
Citação
Appiah, Michael ... [et al.] (2023). "Do financial development, foreign direct investment, and economic growth enhance industrial development? Fresh evidence from Sub‑Sahara African countries". Portuguese Economic Journal, 22(2):203-227. https://doi.org/10.1007/s10258-022-00207-0
Editora
Springer