Human capital, financial sector development and inclusive growth in sub-Saharan Africa

Oyinlola, Mutiu Abimbola; Adedeji, Abdulfatai A.

doi:10.1007/s10644-017-9217-2

Cited by 51 publications

(45 citation statements)

References 33 publications

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“…Notably, we observe that the role of labour for economic progress varies with the level of income and regions. Previous literature has also confirmed similar findings regarding human capital and economic growth (Abbas & Foreman-peck, 2008;Abimbola & Abdulfatai, 2017;Altiner & Toktas, 2017;Amir, Khan, & Bilal, 2015;Khan, 2018).…”

Section: Laboursupporting

confidence: 73%

Revisiting the empirical relationship among the main targets of sustainable development: Growth, education, health and carbon emissions

Sarwar

Štreimikienė

Waheed

et al. 2020

Sustainable Development

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Section: Laboursupporting

confidence: 73%

Revisiting the empirical relationship among the main targets of sustainable development: Growth, education, health and carbon emissions

Sarwar

Štreimikienė

Waheed

et al. 2020

Sustainable Development

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“…However, the ASEAN economies still practice English as an official language and most tertiary education systems in the region are conducted in the English language (ASEAN Secretariat 2018). Furthermore, many previous studies suggest that human capital is essential in enhancing the productivity of an economy and promotes technological progress that can spill over to other sectors in the economy (Oyinlola and Adedeji 2019;Zhou 2018). Focusing on the coefficients of hc, it can be observed that human capital accounts for over 20% of real GDP per labour growth across the sets of regressions.…”

Section: Resultsmentioning

confidence: 99%

Examining the relationship between finance, institutions and economic growth: evidence from the ASEAN economies

Haini

2019

Econ Change Restruct

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This study investigates the role of financial and institutional development on economic growth in the Association of Southeast Asian Nations (ASEAN) economies from 1995 to 2017 using a dynamic panel estimator. Financial development is instrumental in promoting economic growth; however, the effect of financial institutions and financial markets can differ. In recent years, the ASEAN economies have launched financial and institutional integration initiatives towards the goal of an integrated ASEAN Economic Community, which can have a profound impact on economic growth. The estimated results show that financial institutions are positive and significant towards economic growth, while financial markets are insignificant. Equally important, institutional quality plays a significant and positive role in economic growth. More interestingly, the study finds that institutional development is complementary to financial institutions and markets. Member states should emphasise on further financial integration across the ASEAN economies, allowing for the development of financial institutions and markets alongside improvements in institutional quality to increase the effectiveness of financial development.

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“…Subsequently, a number of authors have established a positive impact of finance on growth irrespective of the indicators of financial development used. They include, among others, Adelakun (2010) for the Nigerian economy between 1980 and 2008; Agbélénko and Kibet (2015) for the WAEMU region between 1981 and 2010, and Oyinlola and Adedeji (2017) for 19 countries in sub-Saharan Africa over the period of 1999 to 2014. The literature also suggests unidirectional causality from financial development to growth (Examples include, Balago (2014) for the Nigerian economy and Agbélénko and Kibet (2015) in their study of the 9 Francophone West African countries).…”

Section: Empirical Literature Reviewmentioning

confidence: 99%

“…In addition, a large quantum of the empirical literature reviewed above, with the exception of Bettin and Zazzaro (2011) and Oyinlola and Adedeji (2017) utilized only the quantitative measures of financial development. This study attempts to fill this gap.…”

Section: Remittances-growth Nexus: the Role Of Financementioning

confidence: 99%

“…First, it represents a pioneer attempt to investigate the role of the financial sector in the nexus between foreign remittances and economic growth in the Nigerian context 4 . Second, this study differs from previous studies by employing both quantitative and qualitative measures of financial development, which represent the volume and efficiency indicators of financial development (Oyinlola and Adedeji, 2017). Since official remittances flow into the country through banks, only banking development indicators would be employed.…”

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

Nexus between Foreign Remittances and Economic Growth in Nigeria: Role of the Financial Sector

Garba¹,

Adekunle²,

Adeniyi³

2020

Asian Journal of Economics and Empirical Research

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In recent times, the economic growth literature is becoming more interested in the macroeconomic impacts of foreign remittances. This focus could be because foreign remittances now constitute the largest source of foreign capital flows for developing countries next to foreign direct investment (FDI). To this end, the present study analyzed the possible role of the financial sector in the nexus between foreign remittances and economic growth in Nigeria over the period of 1981 to 2015. To circumvent the possible endogeneity problem among foreign remittances, financial development and economic growth, we employed the two-stage least squares (2SLS) technique. Unlike the previous findings, we offered new evidence that the complementarity or substitutability between foreign remittances and financial development in promoting Nigeria's economic growth depends on the indicators of financial development used. We confirmed the complementary hypothesis in the case of the quantitative indicators of financial development, while we validated the substitutability hypothesis in favour of its qualitative measure. Both migrant workers and their beneficiaries should be encouraged to make use of banks so that foreign remittances could be made available to finance genuine investments. This could be possibly achieved through boosting the confidence of migrant workers in the domestic financial system and by raising the deposit rate so as to entice the beneficiaries to save a large chunk of remittances received.

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Human capital, financial sector development and inclusive growth in sub-Saharan Africa

Cited by 51 publications

References 33 publications

Revisiting the empirical relationship among the main targets of sustainable development: Growth, education, health and carbon emissions

Revisiting the empirical relationship among the main targets of sustainable development: Growth, education, health and carbon emissions

Examining the relationship between finance, institutions and economic growth: evidence from the ASEAN economies

Nexus between Foreign Remittances and Economic Growth in Nigeria: Role of the Financial Sector

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