Structural transformation in the presence of trade and financial integration in sub–Saharan Africa

Central Bank Review - Tập 20 - Trang 21-31 - 2020
Imhotep Paul Alagidede1, Muazu Ibrahim2,3,4, Yakubu Awudu Sare2
1Wits Business School, University of the Witwatersrand, Johannesburg, South Africa
2School of Business and Law, Department of Banking and Finance, University for Development Studies, Wa, Upper West region, Ghana
3Macroeconomic and Governance Division (MGD), United Nations Economic Commission for Africa (UNECA), Addis Ababa, Ethiopia
4Centre on African Philanthropy and Social Investment (CAPSI), Wits Business School University of the Witwatersrand, Johannesburg, South Africa

Tài liệu tham khảo

Abor, 2014, Bank finance and export activities of small and medium enterprises, Rev. Dev. Finance, 4, 97, 10.1016/j.rdf.2014.05.004 Aluko, 2020, Institutions and financial development in ECOWAS, J. Sustain. Finance Invest., 10.1080/20430795.2020.1717240 Arellano, 1991, Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations, Rev. Econ. Stud., 58, 277, 10.2307/2297968 Arellano, 1995, Another look at the instrumental variable estimation of error-components models, J. Econom., 68, 29, 10.1016/0304-4076(94)01642-D Baltagi, 2009, Financial development and openness: evidence from panel data, J. Dev. Econ., 89, 285, 10.1016/j.jdeveco.2008.06.006 Ben-David, 1998, Free trade, growth, and convergence, J. Econ. Growth, 3, 143, 10.1023/A:1009705702579 Ben-David, 2000, Knowledge dissemination, capital accumulation, trade, and endogenous growth, Oxf. Econ. Pap., 52, 637, 10.1093/oep/52.4.637 Ben-David, 2003, Trade and the neoclassical growth model, J. Econ. Integrat., 18, 1 Blunch, 2006, Shared sectoral growth versus the dual economy model: evidence from Cote d’Ivoire, Ghana, and Zimbabwe, Afr. Dev. Rev., 18, 283, 10.1111/j.1467-8268.2006.00150.x Blundell, 1998, Initial conditions and moment restrictions in dynamic panel data models, J. Econom., 87, 115, 10.1016/S0304-4076(98)00009-8 Bos, 2011 Christiaensen, 2006 Čihák, 2012 Dabla-Norris, 2013 Devereux, 1994, International risk sharing and economic growth, Int. Econ. Rev., 35, 535, 10.2307/2527072 Diao, 2007 Dollar, 2003, Institutions, trade, and growth, J. Monetary Econ., 50, 133, 10.1016/S0304-3932(02)00206-4 Eckel, 2008, Globalization and specialization, J. Int. Econ., 75, 219, 10.1016/j.jinteco.2007.08.007 Ekpo, 2017 Fujita, 2001 Geda, 2002 Geda, 2013 Grossman, 1991 Gupta, 2006, Unblocking trade, Finance Dev., 43, 22 Ibrahim, 2019, Asymmetric effects of financial development on economic growth in Ghana Ibrahim, 2018, Effect of financial development on economic growth in sub–Saharan Africa, J. Pol. Model., 40, 1104, 10.1016/j.jpolmod.2018.08.001 IMF, 2012 Iwanow, 2009, Trade facilitation and manufactured exports: is Africa different?, World Dev., 37, 1039, 10.1016/j.worlddev.2008.09.014 Jha, 2016 Kim, 2010, Are financial development and trade openness complements or substitutes?, South. Econ. J., 76, 827, 10.4284/sej.2010.76.3.827 Kose, 2006, How do trade and financial integration affect the relationship between growth and volatility?, J. Int. Econ., 69, 176, 10.1016/j.jinteco.2005.05.009 Kose, 2009, Financial globalization: a reappraisal, IMF Staff Pap., 56, 8, 10.1057/imfsp.2008.36 Kumi, 2017, Aid, aid volatility and sectoral growth in sub–Saharan Africa, J. Afr. Bus., 18, 435 Kuznets, 1955, Economic growth and income inequality, Am. Econ. Rev., 45, 1 Lane, 2018, International financial integration in the aftermath of the global financial crisis, IMF Econ. Rev., 66, 189, 10.1057/s41308-017-0048-y Longhi, 2003, Determinants of manufacturing location in EU accession countries, Eur. Reg. Sci. Assoc. Conf. Pap., 310, 1 Matthew, 2014, Trade openness, institutions and economic growth in sub-Saharan Africa, Develop. Countr. Stud., 4, 18 McMillan, 2011, Globalization, structural change and productivity growth Mensah, 2016, What drives structural transformation in sub-Saharan Africa?, Afr. Dev. Rev., 28, 157, 10.1111/1467-8268.12187 Menyah, 2014, Financial development, trade openness and economic growth in African countries: new insights from a panel causality approach, Econ. Modell., 37, 386, 10.1016/j.econmod.2013.11.044 Nickell, 1981, Biases in dynamic models with fixed effects, Econometrica, 49, 1417, 10.2307/1911408 Obstfeld, 1994, Risk-taking, global diversification, and growth, Am. Econ. Rev., 84, 1310 Opoku, 2019, The causal nexus between financial development and economic growth in Africa, Int. Rev. Appl. Econ., 33, 789, 10.1080/02692171.2019.1607264 Osei, 2019, On the determinants of trade openness in low and lower middle-income countries in Africa: how important is economic growth?, Future Bus. J., 10.1186/s43093-019-0002-8 Romer, 1990, Endogenous technological change, J. Polit. Econ., 98, 71, 10.1086/261725 Roodman, 2009, A note on the theme of too many instruments, Oxf. Bull. Econ. Stat., 71, 135, 10.1111/j.1468-0084.2008.00542.x Saint-Paul, 1992, Technological choice, financial markets, and economic development, Eur. Econ. Rev., 36, 763, 10.1016/0014-2921(92)90056-3 Sakyi, 2017, Effects of trade and FDI on economic growth in Africa: an empirical investigation, Transnatl. Corp. Rev., 9, 66 Sare, 2019, Threshold effects of financial sector development on international trade in Africa, Int. J. Finance Econ., 10.1002/ijfe.1665 Sare, 2019, Financial development, sectoral effects, and international trade in Africa: an application of pooled mean group (PMG) estimation approach, Int. J. Finance Econ., 24, 328, 10.1002/ijfe.1665 Sare, 2019, Effect of financial development on international trade in Africa: does measure of finance matter?, J. Int. Trade Econ. Dev., 1 Schumpeter, 1934 Svirydzenka, 2016 Timmer, 2012 Udegbunam, 2002, Openness, stock market development, and industrial growth in Nigeria, Pakistan Dev. Rev., 41, 69, 10.30541/v41i1pp.69-92 UNCTAD, 2015 UNCTAD, 2016 UNCTAD, 2005 UNCTAD, 2008 UNCTAD, 2014 UNECA, 2004 UNECA, 2017 Yucel, 2009, Causal relationships between financial development, trade openness and economic growth: the case of Turkey, J. Soc. Sci., 5, 33 Zahonogo, 2016, Trade and economic growth in developing countries: evidence from sub–Saharan Africa, J. Afr. Trade, 3, 41, 10.1016/j.joat.2017.02.001