Financial Development: The Role of GDP per Capita Dynamics in Low- & Middle-Income Economies
Saganga Mussa Kapaya
Abstract:This study delves into the complex role of economic growth on financial development within low- and middle-income economies (LMIE). It analyzes a dataset spanning 85 countries from 1980 to 2020, collapsed into 9 periods, yielding 765 observations. Employing General Method of Moments (GMM), including two-step system GMM and forward-orthogonal deviations IV/GMM methods, the research uncovers intriguing dynamics. Positive shifts in GDP per capita are found to correspond with heightened financial development, wher… Show more
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