金融发展、金融稳定、经济增长纽带：来自撒哈拉以南非洲的证据

elopment and economic growth. The firstview known as the supply-leading hypothesis, suggest that, financial development causeseconomic growth. Thus, the development of the financial sector will play a significantrole in the growth of an economy Schumpeter (1911);Robert G King, Levine, andintermediation (1993); and Calderón and Liu (2003). Hence, causal effect runs fromfinancial development to economic growth and not in the opposite direction. This is as aresult of high savings rate and an increase in productive investments. The second is thedemand-leading hypothesis. This view suggest that, economic growth causes financialdevelopment. Hence, when the economy is improved, the financial sector will bedeveloped Jung and change (1986); and Ireland (1994). As a result, causality runs fromeconomic growth to financial development and not in the reverse direction.

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2.2 Empirical Literature

The relationship between financial development and economic growth is acontroversialissue. The area of financial development and economic growth has attracted manyresearchers to undertake a comprehensive study on the subject matter using differenteconometric methods. The first researcher to study on the area of finance and growth wasGoldsmith (1969). Goldsmith (1969) studied if banks and stock market affect growth ofan economy. Goldsmith (1969) data was based on 35 underdeveloped and developed inthe period of 1860 to 1963. He concluded from the study that, there was a positiverelationship between financial development and economic growth.

It is a fact that the development of the finance sector is a key determinant of economicgrowth Khalifa Al‐Yousif (2002); Rahaman and Finance (2011) in accordance with thepioneering work of Schumpeter (1911) and the later supposition of ‘more finance, moregrowth’ by Levine (2003). These studies however assumed the link between thepersistence of finance-growth along time or linear relationship. Several studies have however shown that the effect of financial development on economic growth is alsoconditional on many other factors rather than by itself alone. These included thethresholds of other variables such as inflation Rousseau, Wachtel, and finance (2002),government size, trade openness and income per capita Yilmazkuday (2011), policies inthe financial sector Abiad and Mody (2005); Ang (2008),legal systems La Porta et al. (1997), government ownership of bank Andrianova,Demetriades, and Shortland (2008), culture Stulz and Williamson (2003), trade andfinancial openness Law (2009); Rajan and Zingales (2003), remittances Demirguc-Kuntet al. (2011), political institutions Girma and Shortland (2008); Huang et al. (2010); Roeand Siegel (2011), and institutional quality S. H. Law and Azman-Saini (2012); Law, et al.(2018).

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Chapter Three Financial Sector and Economic Growth in Sub-Saharan Africa................19

Chapter Four Methodology of the Study...........................27

4.1 Conceptual Framework........................27

4.2 Operational Model..........................27

Chapter Five Estimation and Discussion of Results......................34

5.1 Descriptive Analysis.............................34

5.2 Estimation Results...........................35

Chapter Five Estimation and Discussion of Results

5.1 Descriptive Analysis

Based on the panel data from the 48 countries from Sub-Saharan Africa, the summarystatistics of the variables and the pairwise correlation between regression variables areshown in the table 5.1 and 5.2 respectively. Form table 5.1, it emerged that economicgrowth averaged 1.358 percent over the study’s time period, with a minimum ofapproximately negative 48 percent and a maximum of 140 percent. Summary statistics onmeasures of financial development and financial stability are provided. Table 5.2 revealsthat trade openness, investment and financial stability have a statistically significantpositive correlation with economic growth. As confirmed by theory,