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Cited by 51Monetary Policy and Economic ImpactEconomic Growth and DevelopmentEconomic Growth and Productivity

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Financial Development and Economic Growth in Sub-Saharan Africa: A Dynamic Panel Data Analysis

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Ngongang, Elie·2015·European Journal of Sustainable Development
DOI 10.14207/ejsd.2015.v4n2p369
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Abstract

Financial Development is the accumulation of financial assets at a rate that is more rapid than the rate of non-financial assets accumulation.Economic growth is the evolution of gross domestic product (GDP) in the short, medium and long terms.We have attempted in this paper to analyze and to verify empirically the controversy on the relationship between the financial sphere and the real sphere.From the data observed on 21 Sub-Saharan African (SSA) countries and by using the dynamic panel GMM technique, we were able to show that there exists a positive link between financial development and economic growth.This link is intense for the issue of the financial system in the space of Sub-Saharan Africa.However, an outcome highlighting an eventual link between foreign direct investment and economic growth is opportune.

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Cited by

Sorted by citations

  • Finance-growth nexus in sub-Saharan Africa

    Machado, C. M. D. C., Saraiva, A. F. M. G., & Vieira, P. D. D. (2021) · South African Journal of Economic and Management Sciences · doi:10.4102/sajems.v24i1.3435 · Cited by 17

    “…for instance, Adusei (2013) and Ehigiamusoe and Lean (2018) find evidence of a significant and positive relationship between finance and growth, Ngongang (2015) find no statistical significance and Bist (2018) show that private credit has a positive and significant impact on economic growth…”
    BackgroundResultInfluential

See all 51

Metadata

Authors
Ngongang, E.
Venue
European Journal of Sustainable Development
Publisher
European Center of Sustainable Development
Published
2015-06-01
Volume
4
Issue
2
ISSN
  • 2239-5938 (ISSN-L)
  • 2239-6101
DOI
10.14207/ejsd.2015.v4n2p369
OpenAlex
W2139670025
Cited by
51
References
2
Citations by year
2026: 3 · 2025: 1 · 2024: 4 · 2023: 6 · 2022: 7 · 2021: 10 · 2020: 8 · 2019: 2 · 2018: 1 · 2017: 4 · 2016: 4
FWCI
8.92
Type
journal article
Language
en
Open access
Locations
European Journal of Sustainable Development (publishedVersion)
Topics
  • Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
  • Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic Growth and Development
  • Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic Growth and Productivity
Keywords
financial development, economic growth, financial system, financial assets, foreign direct investment, financial sector and real economy, sub-Saharan Africa

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Ngongang, E. (2015). Financial Development and Economic Growth in Sub-Saharan Africa: A Dynamic Panel Data Analysis. European Journal of Sustainable Development. https://doi.org/10.14207/ejsd.2015.v4n2p369