{"title":"Financial liberalization and economic growth in the ECOWAS Sub-Region","authors":"Eghosa Lawson Igbinovia, I. Igbinovia","doi":"10.20414/jed.v5i2.6944","DOIUrl":null,"url":null,"abstract":"Purpose — The study examines the nexus between financial liberalization and the economic growth of ECOWAS member states.Method — The longitudinal and latitudinal survey research design (expo-facto) is used in this study. Data are sourced from the World Bank and IMF Data Set for 2012-2020 and employed panel co-integration and system GMM for analyses.Result — We found that financial liberalization significantly impacts the economic growth of selected ECOWAS member countries. Similarly, the domestic economy's openness significantly impacts economic growth. While financial development exerts a positive impact, exchange rate and inflation negatively impact economic growth, the impact of interest rate is positive but insignificant.Contribution — The study provides cross-country evidence on the empirical nexus between financial liberalization and the economic growth from ECOWAS member states. To the best of authors’ knowledge, the study is one of the few studies on cross-country financial liberalization and the economic growth and used the panel data regression analysis. By this, the study covers a methodological gap, using a technique that can account for endogeneity and omitted variable problem.","PeriodicalId":35485,"journal":{"name":"International Journal of Management and Enterprise Development","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2023-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Journal of Management and Enterprise Development","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.20414/jed.v5i2.6944","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"Business, Management and Accounting","Score":null,"Total":0}
引用次数: 0
Abstract
Purpose — The study examines the nexus between financial liberalization and the economic growth of ECOWAS member states.Method — The longitudinal and latitudinal survey research design (expo-facto) is used in this study. Data are sourced from the World Bank and IMF Data Set for 2012-2020 and employed panel co-integration and system GMM for analyses.Result — We found that financial liberalization significantly impacts the economic growth of selected ECOWAS member countries. Similarly, the domestic economy's openness significantly impacts economic growth. While financial development exerts a positive impact, exchange rate and inflation negatively impact economic growth, the impact of interest rate is positive but insignificant.Contribution — The study provides cross-country evidence on the empirical nexus between financial liberalization and the economic growth from ECOWAS member states. To the best of authors’ knowledge, the study is one of the few studies on cross-country financial liberalization and the economic growth and used the panel data regression analysis. By this, the study covers a methodological gap, using a technique that can account for endogeneity and omitted variable problem.
期刊介绍:
IJMED is a major international research journal dedicated to business development strategy and entrepreneurship policy as well as management processes in an international and cross-cultural context. IJMED provides a venue for high quality papers including theoretical research articles, evidence-based case studies and practical applications seeking to explore best practice and investigate strategies for rapid growth management in SMEs. IJMED has a history of contributing to the academic literature, providing conceptual and practical insights and generating innovative ideas for organizational enterprise. Topics covered include: -SMEs'' start-up development, corporate venturing- Technological opportunities, new firm creation, valuation- Technological adoption, technology transfer, technopreneurship- Joint ventures/alliances, franchising and corporate ownership- Business incubator development strategy- Economic and social entrepreneurship- Virtual coaching services for SMEs- SMEs and entrepreneurship policy- Start-up cognitions/behaviours- Halo effect, technology licensing- Long-run technology investments- Knowledge management/technology strategy in SMEs- Managing rapid growth, accelerating competitive effectiveness- Strategy decision speed and SME performance- Entrepreneurs in non-profit sector.