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PurposeThe study explores the relationship among economic growth, population growth, gross savings and energy consumption over the period 1987– 2017.Design/methodology/approachThe autoregressive distributed lag (ARDL) bounds test approach by Pesaran et al. (2001) was employed to investigate variables for the study.FindingsIn the key findings, both gross savings and population growth negatively affect economic growth. However, energy consumption has positive impact on economic growth.Practical implicationsThese findings call for policy portfolios to address the impacts of gross savings and population growth on economic development. In particular, the financial sector needs to be revamped to be more efficient in channeling funds from the surplus units to the deficit units. It is recommended that investment be made in financial and technological innovation to provide efficient access to credits and other financial products even though individual savings may not move with economic growth.Originality/valueMany studies have explored the nexus between savings and economic growth without considering population growth and energy consumption. In this study, the relationship among savings, economic growth, population growth and energy consumption provide additional knowledge in policy formulation.

This article examines the role of institutional structures in the relationship between trade openness and financial development in sub-Saharan economies. The study is based on empirical data from sampled sub-Saharan African countries for a period of 1996-2017. The system generalized method of moment was employed to estimate the models. The findings suggest that, even though trade openness has a positive significant influence on the level of financial development in sub-Saharan African economies, this relationship is enhanced through the presence of good institutions in these economies. Thus, for these economies to realize the full benefit of the effect of trade openness on financial development, they need to strengthen their institutions.

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