Financial liberalization, financial fragility and economic growth in Sub-Saharan Africa

Journal of Financial Stability

Volumn 8, Issue 3, 2012, Pages 150-160

  Misati, Roseline Nyakerario ^a   Nyamongo, Esman Morekwa ^a  

^a Research Department   (Kenya)

Author keywords

Africa; Crisis; Financial openness; Growth

Indexed keywords

EID: 84862868840     PISSN: 15723089     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jfs.2011.02.001     Document Type: Article

References (68)

1. Ajala O., Kerebih A. Accessibility in equality to basic education in Amhara, Ethiopia. Ethiopian Journal of Education and Science 2008, 3(2):11-26.
2. Alesina A., Perotti R. Income distribution, political instability, and investment. European Economic Review 1996, 40:1203-1228.
3. Altunbas Y., Gambacorta L., Marques-Ibanez Bank risk and monetary policy. Journal of Financial Stability 2010, 6(3):121-129.
4. Andersen T., Tarp F. Financial liberalization, financial development and economic growth in LDCs. Journal of International Development 2003, 15(2):189-209.
5. Arestis, P., 2005. Financial liberalization and the relationship between finance and growth, CEPP Working Paper, No. 05/05, University of Cambridge, Cambridge.
6. Arestis P., Panicos D., Luintel K. Financial development and economic growth: the role of stock markets. Journal of Money, Credit and Banking 2001, 33(1):16-41.
7. Barbara, S., 2004. Financial liberalization, crisis and rescue: lessons for China from Latin America and East Asia? LAEBA Working Paper No. 32, Available from: http://www.iadb.org/laeba/downloads/wp-32-2004.
8. Barro R. Economic growth in a cross-section of countries. Quarterly Journal of Economics 1991, 106:407-443.
9. Barro R. Determinants of Economic Growth: a Cross Country Empirical Study 1997, MIT Press, Cambridge.
10. Barro R., Xavier S. Technological diffusion, convergence, and growth. Journal of Economic Growth 1997, 2(1):1-26.
11. Bekaert G, Harvey C., Lundblad C. Does financial liberalization spur growth?. Journal of Financial Economics 2005, 77(1):3-55.
12. Bekaert G. Market integration and investment barriers in emerging equity markets. World Bank Economic Review 1995, 9(1):75-107.
13. Caprio, G., Klingebiel, D., 1996. Dealing with bank insolvencies: cross-country experience, Policy Research Working Paper No. 1620. The World Bank, Washington, DC.
14. Chinn M., Ito H. A new Measure of Financial Openness 2007, Mimeo.
15. Chinn M., Ito H. What matters for financial development? Capital controls, institutions and interactions. Journal of Development Economics 2006, 81(1):163-192.
16. Chinn, M., Ito H., 2002. Capital account liberalization and financial development: cross country evidence, NBER Working Paper No 8967, Cambridge.
17. Darrat A., Al-Yousif A. On the long run relationship between population and economic growth. Eastern Economic Journal 1999, 25(3):301-313.
18. Del Monte A., Papagni E. Public expenditure, corruption, and economic growth: the case of Italy. European Journal of Political Economy 2001, 17:1-16.
19. Demirguc-Kunt A., Degatriache E. The determinants of banking crises in developing and developed countries. International Monetary Fund Staff Papers 1998, 45:81-109.
20. Disyatat P. Inflation targeting, asset prices, and financial imbalances: contextualizing the debate. Journal of Financial Stability 2010, 6(3):145-155.
21. Dowrick S, Golley J. Trade openness, growth: who benefits?. Oxford Review of Economic Policy 2004, 20(1):38-56.
22. Duca J., Muellbauer J., Murphy A. Housing markets and the financial crisis of 2007-2009: lessons for the future. Journal of Financial Stability 2010, 6(4):203-217.
23. Easterly W., Levine R. Africa's growth tragedy: policies and ethnic divisions. Quarterly Journal of Economics 1997, 112(4):1203-1250.
24. Fowowe B. Financial liberalization policies and economic growth: panel data evidence from Sub-Saharan Africa. African Development Bank 2008, 20(3):549-574.
25. Friedrick C.J. The Pathology of Politics, Violence, Betrayal, Corruption, Secrecy and Propaganda 1972, Harper and Row, New York.
26. Giovanni D., Marquez R. Lending booms and lending standards. Journal of Finance 2006, 61(5):2511-2546.
27. Goldsmith R. Financial Structure and Development 1969, Yale University Press, New Haven.
28. Gruben et al., 1999. When does financial liberalization make banks risky? An empirical examination of Argentina, Canada and Mexico. Federal Reserve Bank of Dallas. Available from: http://www/dallasfed.com/research/claepapers/1999/lawp9903.
29. Henry P. Capital account liberalization, the cost of capital and economic growth. American Economic Review 2003, 93(2):91-96.
30. Huntington S.P Political Order in Changing Societies 1968, Yale University Press, New Haven, CT.
31. Hussein K. Finance and Growth in Egypt 1999, University of Kent at Canterbury, UK. http://www.iceg.org/.
32. Inkoo, L., Shin, J., 2007. Financial liberalization, crises, and economic growth. KIEP Working Paper 07-02.
33. Kaufmann, D., Kraay, A., Mastruzz, M, 2008. Governance matters VII: Aggregate and individual governance indicators, 1996-2007, World Bank Policy Research Paper No. 4654.
34. Kaufmann, D., Kraay, A., Mastruzz, M, 2006. Governance matters V: Aggregate and individual governance indicators, 1996-2005, World Bank Policy Research Paper No. 4012.
35. King R., Levine R. Finance and growth: Schumpeter might be right. Quarterly Journal of Economics 1993, 108(3):717-737.
36. King R., Levine R. Finance, entrepreneurship and growth: theory and evidence. Journal of Monetary Economics 1993, 32(3):513-542.
37. Knack S, Keefer P. Institutions and economic performance: cross-country tests using alternative institutional measures. Economics and Politics 1995, 7(3):207-227.
38. Kothare, R., 1999. Does India's population growth have a positive impact on economic growth, Social Science 410, Available from: http://www.pages.cs.wisc.edu/~dluu/ps/rkothare99.
39. Laeven, L. Valencia, F., 2008. Systematic bank crises: a new database, IMF Working Paper, WP/08/224, Washington, DC.
40. Li H., Xu C., Zou H. Corruption, income distribution and growth. Economics and Politics 2000, Vol. 12:155-182.
41. Lindgren, J., Garcia., G., Saal, M., 1996. Bank soundness and macroeconomic policy, No. 215, IMF, Washington, DC.
42. Loayza N., Ranciere R. Financial development, financial fragility, and growth. Journal of Money, Credit and Banking 2006, 38(4):1051-1076.
43. Lui F.T An equilibrium queuing model of bribery. Journal of Political Economy 1985, 93:760-781.
44. Mauro P. Corruption and growth. Quarterly Journal of Economics 1995, 110:681-712.
45. McKinnon R. Money and Capital in Economic Development 1973, The Brooking's Institution, Washington.
46. Misati R.N. The role of the informal sector in investment in Sub-Saharan Africa. International Entrepreneurship and Management Journal 2010, 6(2):221-230.
47. Misati R., Nyamongo E. Financial development and private investment in Sub-Saharan Africa. Journal of Economics and Business 2011, 63(2):139-151.
48. Myrdal G. Corruption: Its Causes and Effects: Political Corruption: A Handbook 1989, Transaction Books, New Brunswick NJ, pp. 953-961.
49. Ndikumana L. Financial determinants of domestic investment in Sub-Saharan Africa: evidence from panel data. World Development 2000, 28(2):381-400.
50. Nyamongo E., Schoeman N. The quality of governance and education spending in Africa. Southern African Business Review 2010, 14(2):1-23.
51. Olaf H., Menkhoff L., Suwanaporn C. Financial liberalization in emerging markets: how does bank lending change?. World Economy 2008, 31(3):393-415.
52. Pak Hung M. Corruption and economic growth. Journal of Comparative Economics 2001, 29:66-79.
53. Qaisar A. Endogeneous growth and human capital: a comparative study of Pakistan and Srilanka. The Pakistan Development Review 2001, 40(4):987-1007.
54. Rajan R. Why bank credit policies fluctuate: a theory and some evidence. Quarterly Journal of Economics 1994, 109:399-442.
55. Ranciere R., Tornell A., Westermann F. Decomposing the effects of financial liberalization: crises vs. growth. Journal of Banking and Finance 2006, 30(12):3331-3348.
56. Reinhart C., Ioannis T. Financial liberalization: the African experience. Journal of African Economies 2003, 12(2):53-88.
57. Rock M.T., Bonnet H. The comparative politics of corruption: accounting for the East Asian paradox in empirical studies of corruption, growth and investment. World Development 2004, 32:999-1017.
58. Ross L. Financial development and economic growth: views and agenda. Journal of Economic Literature 1997, 35(2):688-726.
59. Ross L., Sava Z. Stock market development and long-run growth. The World Bank Economic Review 1996, 10(2):323-339.
60. Ross L., Sava Z. Stock markets, banks and economic growth. The American Economic Review 1998, 88(3):537-558.
61. Rousseau, P., Wachtel, P., 2007. What is happening to the impact of financial deepening on economic growth, NYU Working Paper, No. 2451/26077.
62. Sachs J., Warner A. Sources of slow growth in African economies. Journal of African Economies 1997, 6(3):335-376.
63. Shaw E. Financial Deepening in Economic Development 1973, Oxford University Press, London.
64. Shleifer A., Vishny R.W. Corruption. Quarterly Journal of Economics 1993, 108:599-617.
65. Tanzi Vito, Davoodi, H.R., 2000. Corruption, growth and public finances. IMF Working Paper WP/00/182. International Monetary Fund, Washington.
66. 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.
67. Vikesh, G., Subrina, H., 2004. Relationship between inflation and economic growth, Working Paper, 2004/04, Economics Department, Reserve Bank of Fiji, Fiji.
68. Von Peter G. Asset prices and banking distress: a macroeconomic approach. Journal of Financial Stability 2009, 5(3):298-319.