Journal of
Economics and International Finance

  • Abbreviation: J. Econ. Int. Finance
  • Language: English
  • ISSN: 2006-9812
  • DOI: 10.5897/JEIF
  • Start Year: 2009
  • Published Articles: 364

Full Length Research Paper

Panel VAR analysis of liberalization and financial development dynamics: Evidence from Sub-Sahara Africa (SSA)

Iddrisu Suhaibu
  • Iddrisu Suhaibu
  • Banking and Finance Department, Nyankpala, School of Applied Economics and Management Studies, University for Development Studies, P. O. Box 1350, NR, Tamale, Ghana.
  • Google Scholar
Abdulai Abdul-Malik
  • Abdulai Abdul-Malik
  • Economics Department, School of Applied Economics and Management Studies, University for Development Studies, Nyankpala, P. O. Box 1350, NR, Tamale-Ghana.
  • Google Scholar
Charles Kwaku Adzagbre
  • Charles Kwaku Adzagbre
  • Department of Finance, KAAF University College, P. O. Box WU 177, Kasoa, Central Region, Ghana.
  • Google Scholar


  •  Received: 17 November 2021
  •  Accepted: 30 December 2021
  •  Published: 28 February 2022

References

Abiad A, Mody A (2005). Financial reform: What shakes it? What shapes it? American Economic Review 95(1):66-88.
Crossref

 

Aboutorabi MA (2012). The Effect of Inflation on Financial Development: The Case of Iran. Journal of Basic and Applied Scientific Research 2(8):8394-8400.

 

Ahmed AD (2013). Effects of financial liberalization on financial market development and economic performance of the SSA region: An empirical assessment. Economic Modelling 30:261-273.
Crossref

 

Ayouni SE, Issaoui F, Brahim S (2014). Financial Liberalization, Foreign Direct Investment and Eco. Growth: A Dynamic Panel Data Validation. International Journal of Economics and Financial Issues 4(3):677-697.

 

Bartolini L, Draze A (1997). Capital-Account Liberalization as a Signal. American Economic Review 87(1):138-54.

 

Bittencourt M (2011). Inflation and Financial Development: Evidence from Brazil. Economic modeling 28(1):91-99.
Crossref

 

Chartziantoniou I, Duffy D, Filis G (2013). Stock market response to monetary and fiscal policy shocks: Multi-country evidence. Economic Modelling 30:754-769.
Crossref

 

Choong C, Chan S (2011). Financial Development and Economic Growth, A Review. African Journal of Business Management 5(6):2017-2027.

 

El-Wassal AK (2005). Understanding the Growth in Emerging Stock Markets. Journal of Emerging Market Finance 4(3):227-261.
Crossref

 

Fowowe B (2008). Financial liberalization policies and economic growth: panel data evidence from sub-Saharan. African Development Review 20(3):549-574.
Crossref

 

Ghosh J (2005). The economic and social effects of financial liberalization: A primer for developing countries. Economic and Social Affairs 4:1-18.

 

Gupta R (2005). Financial Liberalization and inflationary dynamics: An Open economy analysis. Economics working papers, 200532.

 

Habibullah MS, Eng YK (2006). Does Financial Development Cause Economic Growth? A Panel Data Dynamic Analysis for the Asian Developing Countries. Journal of the Asian Pacific Economy 11(4):377-393.
Crossref

 

Hami M (2017). The effects of inflation on financial development indicators in Iran (2000-2015). Studies in Business and Economics 12:2.
Crossref

 

Hanif MN, Batool I (2006). Openness and Inflation: A Case Study of Pakistan. MPRA Paper 10214:1-8.

 

Ikhide S (1992). Financial Deepening, Credit Availability and the Efficiency of Investment: Evidence of Selected African Countries. Development Research Paper Series, Research Paper 2.

 

Kabir SH, Hoque HA (2007). Financial Liberalization, Financial Development and Economic Growth: Evidence from Bangladesh. Journal of Savings and Development 31(4):431-448.

 

Kaminsky GL, Reinhart CM (1999). The Twin Crises: The Causes of Banking and Balance of Payments Problems. American Economic Review 89(3):473-500.
Crossref

 

Karikari JA (2010). Governance, Financial Liberalization, and Financial Development in Sub-Saharan Africa. Paper presented at the African Development Bank's African Economic Conference, Tunisia. Pp. 27-29.

 

Khalaf A, Sanhita A (2011). Financial liberalization and ?nancial development in Iraq. The Review of Finance and Banking 3(2):67-78.

 

Kim D, Lin S, Suen Y (2010). Dynamic Relationship between Inflation and Financial Development. Macroeconomic Dynamics 14(3):343-364.
Crossref

 

Li Kui-Wai (1997). Money and monetization in China's economic reform. Applied Economics 29(9):1139-1145.
Crossref

 

Luuk E, Niels H, Jan J, Aljar M (2017). Financial development, Financial liberalization and Social capital. Applied Economics 50(11):1268-1288.
Crossref

 

McKinnon RI (1973). Money and Capital in Economic Development. Washington, D.C.: Brookings Institution.

 

Mekki H, Samir M (2018). Overall effect of financial liberalization: Financial Crisis versus Economic growth. International Review of Applied Economics 33(4):568-595.
Crossref

 

Misati RN, Nyamongo EM (2011). Financial liberalization, financial fragility and economic growth in Sub-Saharan Africa. Journal of Financial Stability 7(1):26-37
Crossref

 

.

 

Mosley P ( 1999). Micro Macro Linkages in Financial Markets: The impact of Financial Liberalization on Access to Rural Credit in Four African Countries. Finance and Development Research program, Development Initiative. Working Paper 4.
Crossref

 

Odhiambo NM (2005). Financial liberalization and financial deepening: Evidence from Three Sub-Saharan African (SSA) Countries. Journal of African Review of Money, Finance and Banking pp. 5-23.

 

Odhiambo NM (2012). The Impact of Inflation on Financial Sector Development: Experience from Zambia. Journal of Applied Business Research 28(6):1497-1508.
Crossref

 

Ozturk N, Karagoz K (2012). Relationship between Inflation and Financial Development: Evidence from Turkey. Journal of Alanya Faculty of Business/Alanya Isletme Fakültesi Dergisi 4(2):81-87.

 

Prasad E, Rogoff K, Wei S, Kose M (2007). Financial globalization, growth and volatility in developing countries. NBER Chapters, in: Globalization and Poverty. National Bureau of Economic Research, Incorporation pp. 457-516.
Crossref

 

Pill H, Pradhan M (1995). Financial Indicators and Financial Change in Africa and Asia. International Monetary Fund, Research Department, Working Paper 123/95, i-31.
Crossref

 

Salimifar M, Mojtahedi S, Hadad MM, Zendehdel SH (2012). The Impact of Inflation on Financial Sector Performance in Iran. Quarterly Journal of Applied Economics Studies in Iran 1(2):177-215.

 

Shaw ES (1973). Financial Deepening in Economic Development. New York: Oxford University Press.

 

Suhaibu I, Abdulai A (2017). Economic growth and stock market developments; evidence from Africa. UDS International Journal of Development 4(2):2026-5336.