Finance-growth nexus in sub-Saharan Africa

IF 1.2 4区管理学 Q3 ECONOMICS

South African Journal of Economic and Management Sciences Pub Date : 2021-02-19 DOI:10.4102/SAJEMS.V24I1.3435

Celsa Machado, António F.M.G. Saraiva, Paulo Vieira

引用次数: 5

Abstract

An extensive literature has examined the impact of financial development on economic growth.1 A significant branch found empirical evidence of a positive relationship between financial development and economic growth, suggesting ‘more finance, more growth’ (e.g. Beck, Levine & Loayza 2000; King & Levine 1993a, 1993b; Levine, Loayza & Beck 2000). Indeed, most arguments rely on the fact that a more developed financial system reduces information, transaction and monitoring costs while improving the allocation of capital and risk-taking across the economy. These gains exert positive effects on economic growth by increasing investment and its quality, through affecting its composition and encouraging innovation.

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撒哈拉以南非洲的金融与增长关系

大量文献研究了金融发展对经济增长的影响一个重要分支发现了金融发展与经济增长之间正相关的实证证据，表明“更多的金融，更多的增长”(例如Beck, Levine & Loayza 2000;King & Levine 1993a, 1993b;Levine, Loayza & Beck 2000)。事实上，大多数论点都基于这样一个事实:一个更发达的金融体系可以降低信息、交易和监控成本，同时改善整个经济体的资本配置和风险承担。这些成果通过影响投资构成和鼓励创新，提高投资和投资质量，对经济增长产生积极影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

South African Journal of Economic and Management Sciences Multiple-

CiteScore

2.30

自引率

9.10%

发文量

审稿时长

52 weeks

期刊介绍： The South African Journal of Economic and Management Sciences (SAJEMS) is a leading South African-based publication for interdisciplinary research in the economic and management sciences. The journal publishes and disseminates high-quality academic articles that contribute to the better understanding of the interaction between economic, environmental and social perspectives as applicable to the broader management sciences in an African environment. The editorial board therefore invites authors to submit their research from areas such as economics, finance, accounting, human capital, marketing and other related disciplines that break down common intellectual silos and prepares a new path for debate on the operation and development of sustainable markets and organisations as relevant to the broader African context.