Financial globalization, governance and economic growth in Sub-Saharan Africa

IF 1.3 Q3 ECONOMICS Journal of Financial Economic Policy Pub Date : 2024-05-31 DOI:10.1108/jfep-08-2023-0234

Audrey Afua Foriwaa Adjei, John Gartchie Gatsi, Michael Owusu Appiah, Mac Junior Abeka, Peterson Owusu Junior

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Abstract

Purpose

The study aims to assess the interplay between financial globalization, effective governance and economic growth in sub-Saharan African (SSA) economies.

Design/methodology/approach

This study uses the Generalized Method of Moment Estimation and the Panel Quantile Regression techniques to analyze how financial globalization and governance impact sub-Saharan African economies.

Findings

The results show that governance is vital to the region's economic development. In order to achieve significant growth, sub-Saharan African economies must prioritize actions that promote good governance.

Research limitations/implications

The study is limited to sub-Saharan African economies.

Practical implications

It is crucial for the sub-Saharan Africa economies to concentrate on strengthening governance frameworks in order to realize its full economic potential because improvements in governance quality would have a favorable effect on economic growth.

Social implications

The findings indicate that both capital inflows and governance dynamics are essential for fostering economic growth in SSA economies. Also, balancing globalization's benefits with effective governance is crucial for promoting sustainable growth in SSA.

Originality/value

This paper fills a gap in literature by using the KOF financial globalization index to assess the impact of financial globalization and governance on economic growth in sub-Saharan African economies.

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撒哈拉以南非洲的金融全球化、治理和经济增长

目的本研究旨在评估撒哈拉以南非洲经济体的金融全球化、有效治理和经济增长之间的相互作用。社会影响研究结果表明，资本流入和治理动态对于促进撒哈拉以南非洲经济体的经济增长至关重要。此外，平衡全球化的益处和有效的治理对于促进撒哈拉以南非洲地区的可持续增长也至关重要。

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来源期刊

Journal of Financial Economic Policy ECONOMICS-

CiteScore

2.80

自引率

8.30%

发文量

期刊介绍： The Journal of Financial Economic Policy publishes high quality peer reviewed research on financial economic policy issues. The journal is devoted to the advancement of the understanding of the entire spectrum of financial policy and control issues and their interactions to economic phenomena. Economic and financial phenomena involve complex trade-offs and linkages between various types of risk factors and variables of interest to policy makers and market participants alike. Market participants such as economic policy makers, regulators, banking and competition supervisors, corporations and financial institutions, require timely and robust answers to the contemporary and emerging policy questions. In turn, such answers require thorough input by the academics, policy makers and practitioners alike. The Journal of Financial Economic Policy provides the forum to satisfy this need. The journal publishes and invites concise papers to enable a prompt response to current and emerging policy affairs.