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Foreign Capital Flows, Financial Development and Growth in Sub-Saharan Africa
This paper investigated how financial development influences the relationship between foreign direct investment (FDI) and economic growth in selected Sub-Saharan Africa (SSA) countries. This study considered three alternative measures of financial development (FD) and their impacts on the FDI-growth...
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2015
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| LEADER | 00000njm a2000000a 4500 | ||
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| 001 | oai:repository.ui.edu.ng:123456789/13707 | ||
| 042 | |a dc | ||
| 720 | |a Adeniyi, O. A. |e author | ||
| 720 | |a Ajide, B. |e author | ||
| 720 | |a Salisu, A. |e author | ||
| 260 | |c 2015 | ||
| 520 | |a This paper investigated how financial development influences the relationship between foreign direct investment (FDI) and economic growth in selected Sub-Saharan Africa (SSA) countries. This study considered three alternative measures of financial development (FD) and their impacts on the FDI-growth linkage. It also explored the possibility of nonlinearities in the tripartite relationships. The results showed a positive influence of FDI on economic growth. Financial system development also had growth-promoting impact in the presence of FDI flows. Interestingly, these findings remained robust when potential endogeneity was accounted for using a well known instrumental variable (IV) estimator. Digging deeper, the findings also supported the existence of non-linearities in the role of FD in the FDI-growth association. In policy terms, these SSA countries will reap more growth benefits from foreign capital flows especially if financial reforms are sustained. | ||
| 024 | 8 | |a 1859-0020 | |
| 024 | 8 | |a ui_art_adeniyi_foreign_2015 | |
| 024 | 8 | |a Journal of Economic Development 40(3), pp. 85-103 | |
| 024 | 8 | |a https://repository.ui.edu.ng/handle/123456789/13707 | |
| 653 | |a Financial Development | ||
| 653 | |a Foreign Direct Investment | ||
| 653 | |a Gross Domestic Product | ||
| 653 | |a Sub-Saharan Africa | ||
| 245 | 0 | 0 | |a Foreign Capital Flows, Financial Development and Growth in Sub-Saharan Africa |