On the macroeconomic determinants of financial institutions development in sub-Saharan Africa
On the macroeconomic determinants of financial institutions development in sub-Saharan Africa
复制标题
撒哈拉以南非洲金融机构发展的宏观经济决定因素
DOI：
10.1007/s12232-019-00332-x
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发表时间：
2020
影响因子：
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通讯作者：
Muazu Ibrahim
中科院分区：
文献类型：
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作者：
O. Aluko;Muazu Ibrahim
本研究调查了1985年至2015年撒哈拉以南非洲32个国家金融机构发展的宏观经济决定因素。采用两步系统广义矩动态面板模型估计方法，结果表明，贸易开放、收入和政府支出是金融机构发展的积极决定因素，而较高的通货膨胀抑制金融机构的改善。结果表明，贸易开放度、收入和政府支出较高的国家的金融机构较发达，而高通胀国家的金融机构较不发达。结果对于本研究中考虑的金融机构发展维度而言并不稳健。政策影响已记录在案。
This study investigates the macroeconomic determinants of financial institutions development in a panel of 32 countries in sub-Saharan Africa from 1985 to 2015. Using the two-step system generalized method of moments dynamic panel model estimation approach, the results reveal that trade openness, income, and government expenditure are positive determinants of financial institutions development while higher inflation inhibits improvement in financial institutions. The results suggest that financial institutions are better developed in countries with higher trade openness, income, and government expenditure and are less developed in high-inflation countries. The results are not robust to the dimensions of financial institutions development considered in this study. Policy implications are documented.