메뉴 건너뛰기




Volumn 63, Issue 2, 2011, Pages 139-151

Financial development and private investment in Sub-Saharan Africa

Author keywords

Africa; Financial development; Panel Data; Private investment

Indexed keywords


EID: 79151472441     PISSN: 01486195     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jeconbus.2010.10.001     Document Type: Article
Times cited : (41)

References (55)
  • 1
    • 0042606086 scopus 로고    scopus 로고
    • Institutional distortions, economic freedom and growth
    • Abdiweli A., Crain M. Institutional distortions, economic freedom and growth. Cato Journal 2002, 21(3):415-426.
    • (2002) Cato Journal , vol.21 , Issue.3 , pp. 415-426
    • Abdiweli, A.1    Crain, M.2
  • 3
    • 85185433496 scopus 로고    scopus 로고
    • Stock market development: Preliminary evidence from African countries, downloadable from
    • Agarwal, S. (1999). Stock market development: Preliminary evidence from African countries, downloadable from, http://www.jsd-africa.com/.
    • (1999)
    • Agarwal, S.1
  • 5
    • 0003243573 scopus 로고    scopus 로고
    • Chapter 2 in Gerald P. O'Driscoll, Jr., Kim R. Holmes, and Melanie Kirkpatrick, 2000 Index of economic Freedom Available at.
    • Barro R. Rule of law, democracy and economic performance 2000, Chapter 2 in Gerald P. O'Driscoll, Jr., Kim R. Holmes, and Melanie Kirkpatrick, 2000 Index of economic Freedom Available at www. heritage. org.
    • (2000) Rule of law, democracy and economic performance
    • Barro, R.1
  • 6
    • 85185427176 scopus 로고    scopus 로고
    • Modeling the long run determinants of private investment in Senegal, CREDIT research paper, no. 04/05.
    • Bazoumana, O. (2005). Modeling the long run determinants of private investment in Senegal, CREDIT research paper, no. 04/05.
    • (2005)
    • Bazoumana, O.1
  • 7
    • 0030455102 scopus 로고    scopus 로고
    • Equity markets, transaction costs and capital accumulation
    • Bencivenga V., Smith B., Starr R. Equity markets, transaction costs and capital accumulation. The World Bank Economic Review 1996, 10(2):241-265.
    • (1996) The World Bank Economic Review , vol.10 , Issue.2 , pp. 241-265
    • Bencivenga, V.1    Smith, B.2    Starr, R.3
  • 8
    • 0000386917 scopus 로고
    • Government policy and private investment in developing countries
    • Blejer M., Khan M.S. Government policy and private investment in developing countries. IMF Staff Papers 1984, 31(2):379-403.
    • (1984) IMF Staff Papers , vol.31 , Issue.2 , pp. 379-403
    • Blejer, M.1    Khan, M.S.2
  • 9
    • 45949128596 scopus 로고
    • Financial Intermediary-coalitions
    • Boyd J., Prescott E. Financial Intermediary-coalitions. Journal of Economic Theory 1986, 38(2):211-232.
    • (1986) Journal of Economic Theory , vol.38 , Issue.2 , pp. 211-232
    • Boyd, J.1    Prescott, E.2
  • 10
    • 69849114654 scopus 로고    scopus 로고
    • Financial development and economic growth: A panel data analysis of emerging countries
    • Burcu K. Financial development and economic growth: A panel data analysis of emerging countries. International Research Journal of Finance and Economics 2009, 30(2009):87-94.
    • (2009) International Research Journal of Finance and Economics , vol.30 , Issue.2009 , pp. 87-94
    • Burcu, K.1
  • 11
    • 0004571310 scopus 로고    scopus 로고
    • The investment decision: A re-examination of competing theories using panel data
    • Cherian S. The investment decision: A re-examination of competing theories using panel data. Applied Economics 1998, 30(1):95-104.
    • (1998) Applied Economics , vol.30 , Issue.1 , pp. 95-104
    • Cherian, S.1
  • 14
    • 0001247474 scopus 로고
    • International risk sharing and economic growth
    • Devereux M., Smith G. International risk sharing and economic growth. International Economic Review 1994, 35(2):535-550.
    • (1994) International Economic Review , vol.35 , Issue.2 , pp. 535-550
    • Devereux, M.1    Smith, G.2
  • 15
    • 24944507382 scopus 로고    scopus 로고
    • The effects of public investment in developing economies
    • Erden L., Holcombe R. The effects of public investment in developing economies. Public Finance Review 2005, 33(5):575-602.
    • (2005) Public Finance Review , vol.33 , Issue.5 , pp. 575-602
    • Erden, L.1    Holcombe, R.2
  • 16
    • 5044220699 scopus 로고    scopus 로고
    • The impact on private investment of corruption and the quality of public investment
    • IFC discussion paper no. 44.
    • Everhart, S., & M. Sumlinski (2001). The impact on private investment of corruption and the quality of public investment, IFC discussion paper no. 44.
    • (2001)
    • Everhart, S.1    Sumlinski, M.2
  • 17
    • 0001168646 scopus 로고
    • Financial development, growth and the distribution of income
    • Greenwood J., Jovanovic B. Financial development, growth and the distribution of income. Journal of Political Economy 1990, 98(5):1076-1107.
    • (1990) Journal of Political Economy , vol.98 , Issue.5 , pp. 1076-1107
    • Greenwood, J.1    Jovanovic, B.2
  • 18
    • 0028885894 scopus 로고
    • Financial development and economic growth
    • Gregorio J, Guidotti P. Financial development and economic growth. World Development 1995, 23(3):433-448.
    • (1995) World Development , vol.23 , Issue.3 , pp. 433-448
    • Gregorio, J.1    Guidotti, P.2
  • 19
    • 0000323668 scopus 로고    scopus 로고
    • Do stock market liberalization cause investment booms
    • Henry P Do stock market liberalization cause investment booms. Journal of Financial Economics 2000, 58(1-2):301-334.
    • (2000) Journal of Financial Economics , vol.58 , Issue.1-2 , pp. 301-334
    • Henry, P.1
  • 21
    • 79151481072 scopus 로고    scopus 로고
    • Africa's struggling stock exchange: Boost to economic development or costly relevancy
    • Africa recovery.
    • Irving, J. (2000). Africa's struggling stock exchange: Boost to economic development or costly relevancy. Africa recovery.
    • (2000)
    • Irving, J.1
  • 22
    • 34247482883 scopus 로고
    • Finance and growth: Schumpeter might be right
    • King R., Levine R. Finance and growth: Schumpeter might be right. Quarterly Journal of Economics 1993, 108(3):717-737.
    • (1993) Quarterly Journal of Economics , vol.108 , Issue.3 , pp. 717-737
    • King, R.1    Levine, R.2
  • 23
    • 34248645054 scopus 로고
    • Finance, entrepreneurship and growth: Theory and evidence
    • King R., Levine R. Finance, entrepreneurship and growth: Theory and evidence. Journal of Monetary Economics 1993, 32(3):513-542.
    • (1993) Journal of Monetary Economics , vol.32 , Issue.3 , pp. 513-542
    • King, R.1    Levine, R.2
  • 24
    • 0003265389 scopus 로고
    • The determinants of investment spending
    • Federal Reserve Bank of Boston.
    • Kopcke R. The determinants of investment spending. New England econometric review 1985, Federal Reserve Bank of Boston, pp. 19-35.
    • (1985) New England econometric review , pp. 19-35
    • Kopcke, R.1
  • 26
    • 85185434532 scopus 로고    scopus 로고
    • Examining private investment heterogeneity: Evidence from a dynamic model, UNU-WIDER, discussion paper no. 2005/11.
    • Kul, L., & Mavrotas, G. (2005). Examining private investment heterogeneity: Evidence from a dynamic model, UNU-WIDER, discussion paper no. 2005/11.
    • (2005)
    • Kul, L.1    Mavrotas, G.2
  • 27
    • 0030485586 scopus 로고    scopus 로고
    • Stock market development and long-run growth
    • Levine R., Zervos S. Stock market development and long-run growth. World Bank Economic Review 1996, 10(2):323-339.
    • (1996) World Bank Economic Review , vol.10 , Issue.2 , pp. 323-339
    • Levine, R.1    Zervos, S.2
  • 28
    • 0346613552 scopus 로고    scopus 로고
    • Stock markets, banks, and growth
    • Levine R., Zervos S. Stock markets, banks, and growth. American Economic Review 1998, 88(3):537-558.
    • (1998) American Economic Review , vol.88 , Issue.3 , pp. 537-558
    • Levine, R.1    Zervos, S.2
  • 29
    • 0000329790 scopus 로고    scopus 로고
    • Financial development and economic growth: Views and agenda
    • Levine R. Financial development and economic growth: Views and agenda. Journal of Economic Literature 1997, 35(2):688-726.
    • (1997) Journal of Economic Literature , vol.35 , Issue.2 , pp. 688-726
    • Levine, R.1
  • 30
    • 0000584292 scopus 로고    scopus 로고
    • The economics of the informal sector: A simple model and some empirical evidence from latin America
    • Loayza V. The economics of the informal sector: A simple model and some empirical evidence from latin America. Carnegie-Rochester Conference Series on Public Policy 1996, 45(1996):129-162.
    • (1996) Carnegie-Rochester Conference Series on Public Policy , vol.45 , Issue.1996 , pp. 129-162
    • Loayza, V.1
  • 31
  • 33
    • 85185430833 scopus 로고    scopus 로고
    • Corruption and growth: exploring investment channel, University of Massachusetts working paper 2008-08.
    • Mina, B., & Ndikumana L. (2008). Corruption and growth: exploring investment channel, University of Massachusetts working paper 2008-08.
    • (2008)
    • Mina, B.1    Ndikumana, L.2
  • 34
    • 77952876069 scopus 로고    scopus 로고
    • The role of the informal sector in private investment in Sub-Saharan Africa
    • Misati R. The role of the informal sector in private investment in Sub-Saharan Africa. International entrepreneurship and Management Journal 2010, 6(2):221-230.
    • (2010) International entrepreneurship and Management Journal , vol.6 , Issue.2 , pp. 221-230
    • Misati, R.1
  • 35
  • 36
    • 0034066507 scopus 로고    scopus 로고
    • Financial determinants of domestic investment in Sub-Saharan Africa: Evidence from panel data
    • Ndikumana L. Financial determinants of domestic investment in Sub-Saharan Africa: Evidence from panel data. World Development 2000, 28(2):381-400.
    • (2000) World Development , vol.28 , Issue.2 , pp. 381-400
    • Ndikumana, L.1
  • 37
    • 85055301141 scopus 로고    scopus 로고
    • The benefits of economic freedom: A survey
    • Niclas B. The benefits of economic freedom: A survey. The Independent Review 2003, VIII(2):193-211.
    • (2003) The Independent Review , vol.8 , Issue.2 , pp. 193-211
    • Niclas, B.1
  • 39
    • 0028560106 scopus 로고
    • Risk taking, global diversification and growth
    • Obstfeld M. Risk taking, global diversification and growth. American Economic Review 1994, 84(5):1310-1329.
    • (1994) American Economic Review , vol.84 , Issue.5 , pp. 1310-1329
    • Obstfeld, M.1
  • 40
    • 85185423080 scopus 로고    scopus 로고
    • International liquidity, financial constraints and private investment in an emerging market economy, MPRA paper no. 9620.
    • Oner, G. (2008). International liquidity, financial constraints and private investment in an emerging market economy, MPRA paper no. 9620.
    • (2008)
    • Oner, G.1
  • 41
    • 85185426159 scopus 로고    scopus 로고
    • Financial determinants of private investment in Turkey: Euler equation approach to time series data
    • Oner, et al. Financial determinants of private investment in Turkey: Euler equation approach to time series data. Econoquantum 2006, 2(2):71-88.
    • (2006) Econoquantum , vol.2 , Issue.2 , pp. 71-88
    • Oner1
  • 42
    • 0028559051 scopus 로고
    • Macroeconomic determinants of domestic private investment in Africa: An empirical analysis
    • Oshikoya T. Macroeconomic determinants of domestic private investment in Africa: An empirical analysis. Economic Development and Cultural Change 1994, 42(3):573-596.
    • (1994) Economic Development and Cultural Change , vol.42 , Issue.3 , pp. 573-596
    • Oshikoya, T.1
  • 43
    • 0028584004 scopus 로고
    • Public and private investment in Mexico, 1950-90: An empirical analysis
    • Ramírez D. Public and private investment in Mexico, 1950-90: An empirical analysis. Southern Economic Journal 1994, 61(1):1-17.
    • (1994) Southern Economic Journal , vol.61 , Issue.1 , pp. 1-17
    • Ramírez, D.1
  • 44
    • 77952876447 scopus 로고    scopus 로고
    • Private investment in Kenya: trends, composition and determinants
    • IPAR discussion paper, DP no. 009/97.
    • Ronge, E., & Kimuyu, P. (1997). Private investment in Kenya: trends, composition and determinants, IPAR discussion paper, DP no. 009/97.
    • (1997)
    • Ronge, E.1    Kimuyu, P.2
  • 45
    • 44049118879 scopus 로고
    • Technological choice, financial markets and economic development
    • Saint-Paul G. Technological choice, financial markets and economic development. European Economic Review 1992, 36(4):763-781.
    • (1992) European Economic Review , vol.36 , Issue.4 , pp. 763-781
    • Saint-Paul, G.1
  • 46
    • 85185436167 scopus 로고    scopus 로고
    • Capital accumulation in less developed countries: Does stock market matter, MPRA paper no. 5053.
    • Sarkar, P. (2007). Capital accumulation in less developed countries: Does stock market matter, MPRA paper no. 5053.
    • (2007)
    • Sarkar, P.1
  • 47
    • 85185420016 scopus 로고    scopus 로고
    • Shadow economies around the world: What do we know?, IZA discussion paper no. 1043
    • Schneider, F., & Klinglmair R. (2004). Shadow economies around the world: What do we know?, IZA discussion paper no. 1043.
    • (2004)
    • Schneider, F.1    Klinglmair, R.2
  • 51
    • 85185423326 scopus 로고
    • A survey of corporate governance, Nobel symposium on law and finance, Stockholm.
    • Shleifer, A., & Vishny, R. (1995). A survey of corporate governance, Nobel symposium on law and finance, Stockholm.
    • (1995)
    • Shleifer, A.1    Vishny, R.2
  • 52
    • 85185420885 scopus 로고    scopus 로고
    • Private investment and public policy in Sub-Saharan Africa: An empirical analysis, ORPAS-ISS, working paper no. 356.
    • Sioum, A. (2002). Private investment and public policy in Sub-Saharan Africa: An empirical analysis, ORPAS-ISS, working paper no. 356.
    • (2002)
    • Sioum, A.1
  • 53
    • 28244439310 scopus 로고    scopus 로고
    • Equity returns and economic freedom
    • Stocker M. Equity returns and economic freedom. Cato Journal 2005, 25(3):583-594.
    • (2005) Cato Journal , vol.25 , Issue.3 , pp. 583-594
    • Stocker, M.1
  • 54
    • 0002661755 scopus 로고
    • A general equilibrium approach to monetary theory
    • Tobin J. A general equilibrium approach to monetary theory. Journal of Money Credit and Banking 1969, 1(1):15-29.
    • (1969) Journal of Money Credit and Banking , vol.1 , Issue.1 , pp. 15-29
    • Tobin, J.1
  • 55
    • 77958473362 scopus 로고    scopus 로고
    • Financial liberalization and economic growth: Lessons from the south african experience
    • Tswamuno D., Pardee S., Wunnava P. Financial liberalization and economic growth: Lessons from the south african experience. International Journal of Applied Economics 2007, 4(2):75-89.
    • (2007) International Journal of Applied Economics , vol.4 , Issue.2 , pp. 75-89
    • Tswamuno, D.1    Pardee, S.2    Wunnava, P.3


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.