Enhancing Economic Growth Impact of Financial Development and Human Capital throughCapital Flows in Sub-Saharan Africa
2
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
This paper investigated the role of capital flows in shaping the relationship among financial development, human capital and economic growth in selected sub-Saharan African (SSA) countries. This study examined two different forms of capital flows; portfolio equity and foreign direct investment, and their influences on the linkages of financial development, human capital, and growth. We deployed data on eleven SSA countries covering the period between 1999 and 2014 using difference generalized method of moments. Human capital has a direct positive impact on growth only when measured in terms of its efficiency, irrespective of the measures of financial development and capital flows. We obtained mixed results on introducing capital flows irrespective of the choice of financial development and human capital measures; positive and negative impacts almost equally dominated the results albeit largely statistically insignificant and negligible coefficients. Overall, capital flows, especially, foreign direct investment dampens growth through the financial development and human capital.
Abstract
This paper investigated the role of capital flows in shaping the relationship among financial development, human capital and economic growth in selected sub-Saharan African (SSA) countries. This study examined two different forms of capital flows; portfolio equity and foreign direct investment, and their influences on the linkages of financial development, human capital, and growth. We deployed data on eleven SSA countries covering the period between 1999 and 2014 using difference generalized method of moments. Human capital has a direct positive impact on growth only when measured in terms of its efficiency, irrespective of the measures of financial development and capital flows. We obtained mixed results on introducing capital flows irrespective of the choice of financial development and human capital measures; positive and negative impacts almost equally dominated the results albeit largely statistically insignificant and negligible coefficients. Overall, capital flows, especially, foreign direct investment dampens growth through the financial development and human capital.
참고문헌 (30)
- Agbloyor, E. K., "Exploring the Causality Links between Financial Markets and Foreign Direct Investment In Africa", Research in International Business and Finance, 28, pp.118~134 (2013)
- Aghion, P., "A Model of Growth through Creative Destruction", Econometrica, 60, pp.323~351 (1992)
- Alfaro, L., "FDI and Economic Growth : The Role of Local Fnancial Markets", Journal of International Economics, 64, pp.89~112 (2004)
- Arellano, M., "Some Tests of Specification for Panel Data : Monte Carlo Evidence and an Application to Employment Equations", Review of Economic Studies, 58(2), pp.277~297 (1991)
- Private Capital Flows, Financial Development, and Economic Growth in Developing Countries, "Bailliu, J. N.", Bank of Canada, ~, pp.Staff Working Papers 00-16 (2000)
- Becker B., "Do R&D Strategies in High-Tech Sectors Differ from those in Low-Tech Sectors? An Alternative Approach to Testing the Pooling Assumption", Economic Change Restructuring, 46(2), pp.183~202 (2013)
- Bencivenga, V., "Financial Intermediation and Endogenous Growth", Review of Economic Studies, 58(2), pp.195~209 (1991)
- Blundell, R., "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models", Journal of Econometrics, 87(1), pp.115~143 (1998)
- Brambila-Macias, J., "The Global financial Crises and Sub-Saharan Africa : The Effect of Slowing Capital Flows on Growth", African Development Review, 22, pp.366~377 (2010)
- Carp, L., "Financial Globalization and Capital Flows Volatility Effects on Economic Growth", Procedia Economics and Finance, 15, pp.350~356 (2014)
- Chen, Y., "Industrial Electricity Consumption, Human Capital Investment and Economic Growth in Chinese Cities", Economic Modelling, 20(C), pp.205~219 (2017)
- INDUNIL DE SILVA, "DYNAMICS OF GROWTH, POVERTY AND HUMAN CAPITAL: EVIDENCE FROM INDONESIAN SUB-NATIONAL DATA", Journal of Economic Development, 40(2), pp.1~33 (2015), 경제연구소[DOI]
- JUDE EGGOH, "EDUCATION, HEALTH AND ECONOMIC GROWTH IN AFRICAN COUNTRIES", Journal of Economic Development, 40(1), pp.93~111 (2015), 경제연구소[DOI]
- Greenwood, J., "Financial Development, Growth, and the Distribution of Income", Journal of Political Economy, 98(5), pp.1076~1107 (1990)
- Gyimah-Brempong, K., "Health and Economic Growth in Sub-Saharan African and OECD Countries", Quarterly Review of Economics and Finance, 44, pp.296~320 (2004)
- Kendall, J., "Local financial Development and Growth", Journal of Banking and Finance, 36, pp.1548~1562 (2012)
- Lucas, R., "On the Mechanics of Economic Development", Journal of Monetary Economics, 22, pp.3~42 (1988)
- Ogundari, K., "Human Capital Contribution to Economic Growth in Sub-Saharan Africa: Does Health Status Matter More Than Education?", Economic Analysis and Policy, 58, pp.131~140 (2018)
- Ono, T., "Human Capital, Public Debt, and Economic Growth: A Political Economy Analysis", Journal of Macroeconomics, 57(C), pp.1~14 (2018)
- Opperman, P., "The Determinants of Private Capital Flow Volatility in Sub-Saharan African Countries", Research in International Business and Finance, 42, pp.312~320 (2017)
- Oyinlola M. A., "Human Capital, Financial Sector Development and Inclusive Growth in Sub-Saharan Africa", Economic Change Restructuring, 52(1), pp.43~66 (2019)
- Pagano, M., "Financial Markets and Growth: An Overview", European Economic Review, 37(2-3), pp.613~622 (1993)
- Financial Fragilities in Latin America: The 1980s and 1990s, "Rojas-Suarez, L.", International Monetary Fund, ~, pp.Occasional Paper No.132 (1990)
- Romer, P. M., "Human Capital and Growth: Theory and Evidence", Carnegie Rochester Conference Series on Public Policy, 32, pp.251~286 (1990)
- Roodman D., "How to do Xtanbond2 : An Introduction to Difference and System GMM in Stata", Stata Journal, 9(1), pp.86~136 (2009)
- Sachs, J., "Economic Reform and the Process of Global Integration", Brookings Papers on Economic Activity, 25, pp.1~95 (1995)
- Solow R. M., "A Contribution to Theory of Economic Growth", Quarterly Journal of Economics, 70(1), pp.65~94 (1956)
- Tugrul Temel, "FAMILY SIZE, HUMAN CAPITAL AND GROWTH: STRUCTURAL PATH ANALYSIS OF RWANDA", Journal of Economic Development, 38(4), pp.39~73 (2013), 경제연구소[DOI]
- "World Development Indicators" (2016)[URL]
- The Global Human Capital Report 2017, "World Economic Forum", World Economic Forum, ~ (2017)