Financial development and economic growth nexus in SSA economies: The moderating role of telecommunication development

References

• Adeyeye, P. O., Fapetu, O., Aluko, O. A., & Migiro, S. O. (2015). Does supply-leading hypothesis hold in a developing economy? A Nigerian focus. Procedia Economics and Finance, 30(1), 30–24. https://doi.org/10.1016/S2212-5671(15)01252-6
   Google Scholar
• Agbloyor, E. K., Gyeke–Dako, A., Kuipo, R., & Abor, J. Y. (2016). Foreign direct investment and economic growth in SSA: The role of institutions. Thunderbird International Business Review, 58(5), 479–497
   Google Scholar
• Akinsola, F. A., & Odhiambo, N. M. (2017). The impact of financial liberalization on economic growth in sub-Saharan Africa. Cogent Economics & Finance, 5(1), 1338851. https://doi.org/10.1080/23322039.2017.1338851
   Web of Science ®Google Scholar
• Andersen, T. B., & Tarp, F. (2003). Financial liberalization, financial development and economic growth in LDCs. Journal of International Development: The Journal of the Development Studies Association, 15(2), 189–209. https://doi.org/10.1002/jid.971
   Google Scholar
• Asongu, S. A., & Odhiambo, N. M. (2020). Foreign direct investment, information technology and economic growth dynamics in Sub-Saharan Africa. Telecommunications Policy, 44(1), 101838.
   Google Scholar
• Assefa, T. A., & Mollick, A. V. (2017). Financial development and economic growth in Africa. Journal of African Business, 18(3), 320–339.
   Google Scholar
• Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277–297. https://doi.org/10.2307/2297968
   Web of Science ®Google Scholar
• Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29–51. https://doi.org/10.1016/0304-4076(94)01642-D
   Web of Science ®Google Scholar
• Barajas, A., Chami, R., & Yousefi, R. S. (2011). Differing benefits. AllforOne, 48(3).
   Google Scholar
• Barro, R. J., & Sala-I-Martin, X. (1995). Technological Diffusion, Convergence, and Growth, 2. https://doi.org/10.3386/w5151
   Google Scholar
• Beck, T., & Levine, R. (2004). Stock markets, banks, and growth: Panel evidence. Journal of Banking & Finance, 28(3), 423–442. https://doi.org/10.1016/S0378-4266(02)00408-9
   Web of Science ®Google Scholar
• Beck, T., Levine, R., & Loayza, N. (2000). Finance and the sources of growth. Journal of Financial Economics, 58(1–2), 261–300. https://doi.org/10.1016/S0304-405X(00)00072-6
   Web of Science ®Google Scholar
• Berkes, M. E., Panizza, U., & Arcand, M. J. L. (2012). Too much finance? (No. 12–161). International Monetary Fund.
   Google Scholar
• Bist, J. P. (2018). Financial development and economic growth: Evidence from a panel of 16 African and non-African low-income countries. Cogent Economics & Finance, 6(1), 1449780. https://doi.org/10.1080/23322039.2018.1449780
   Web of Science ®Google Scholar
• Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. https://doi.org/10.1016/S0304-4076(98)00009-8
   Web of Science ®Google Scholar
• Cecchetti, S. G., & Kharroubi, E. (2012). Reassessing the impact of finance on growth. Bank for International Settlements.
   Google Scholar
• Choong, C. K., Yusop, Z., Law, S. H., & Sen, V. L. K. (2003). Financial development and economic growth in Malaysia: The stock market perspective. Macroeconomics, 307010, 178–183. https://econpapers.repec.org/scripts/redir.pf?u=https%3A%2F%2Feconwpa.ub.uni-muenchen.de%2Fecon-wp%2Fmac%2Fpapers%2F0307%2F0307010.pdf;h=repec:wpa:wuwpma:0307010
   Google Scholar
• Christopoulos, D. K., & Tsionas, E. G. (2004). Financial development and economic growth: Evidence from panel unit root and cointegration tests. Journal of Development Economics, 73(1), 55–74. https://doi.org/10.1016/j.jdeveco.2003.03.002
   Web of Science ®Google Scholar
• Claessens, S., Djankov, S., Fan, J. P., & Lang, L. H. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. The Journal of Finance, 57(6), 2741–2771. https://doi.org/10.1111/1540-6261.00511
   Web of Science ®Google Scholar
• Dabla-Norris, M. E., & Srivisal, M. N. (2013). Revisiting the link between finance and macroeconomic volatility (No. 13–29). International Monetary Fund.
   Google Scholar
• Dalal, D. K., & Zickar, M. J. (2012). Some common myths about centering predictor variables in moderated multiple regression and polynomial regression. Organizational Research Methods, 15(3), 339–362. https://doi.org/10.1177/1094428111430540
   Web of Science ®Google Scholar
• Datta, A., & Agarwal, S. (2004). Telecommunications and economic growth: a panel data approach. Applied Economics, 36(15), 1649–1654.
   Google Scholar
• Demirgüç-Kunt, A., & Levine, R. (1996). Stock markets, corporate finance, and economic growth: An overview. The World Bank Economic Review, 10(2), 223–239. https://doi.org/10.1093/wber/10.2.223
   Web of Science ®Google Scholar
• Donou-Adonsou, F., Lim, S., & Mathey, S. A. (2016). Technological progress and economic growth in sub-Saharan Africa: Evidence from telecommunications infrastructure. International Advances in Economic Research, 22(1), 65–75. https://doi.org/10.1007/s11294-015-9559-3
   Web of Science ®Google Scholar
• Echambadi, R., & Hess, J. D. (2007). Mean-centering does not alleviate collinearity problems in moderated multiple regression models. Marketing Science, 26(3), 438–445. https://doi.org/10.1287/mksc.1060.0263
   Web of Science ®Google Scholar
• Favarra, G. (2003). An empirical reassessment of the relationship between finance and growth (No. 3–123). International Monetary Fund.
   Google Scholar
• Gennaioli, N., Shleifer, A., & Vishny, R. (2012). Neglected risks, financial innovation, and financial fragility. Journal of Financial Economics, 104(3), 452–468. https://doi.org/10.1016/j.jfineco.2011.05.005
   Web of Science ®Google Scholar
• Hsueh, S. J., Hu, Y. H., & Tu, C. H. (2013). Economic growth and financial development in Asian countries: A bootstrap panel Granger causality analysis. Economic Modelling, 32(1), 294–301. https://doi.org/10.1016/j.econmod.2013.02.027
   Web of Science ®Google Scholar
• Huang, H. C., & Lin, S. C. (2009). Non‐linear finance–growth nexus: A threshold with instrumental variable approach 1. Economics of Transition, 17(3), 439–466. https://doi.org/10.1111/j.1468-0351.2009.00360.x
   Web of Science ®Google Scholar
• International Monetary Fund (2019). FinTech in Sub-Saharan African Countries: A Game Changer? Washington, DC: The International Monetary Fund.
   Google Scholar
• Ishtiaq, M., Majeed, M. T., & Sohail, M. (2016). Financial sector, democracy and economic growth: A panel data analysis. The Pakistan Development Review, 55(4I–II), 437–453. https://doi.org/10.30541/v55i4I-IIpp.437-453
   Google Scholar
• Kacho, A. A., & Dahmardeh, N. (2017). The effects of financial development and institutional quality on economic growth with the dynamic panel data generalized moment method method: Evidence from the organization for economical cooperation and development countries. International Journal of Economics and Financial Issues, 7(3), 461. https://www.econjournals.com/index.php/ijefi/article/view/4728/pdf
   Google Scholar
• Kar, M., Nazlıoğlu, Ş., & Ağır, H. (2011). Financial development and economic growth nexus in the MENA countries: Bootstrap panel Granger causality analysis. Economic Modelling, 28(1–2), 685–693. https://doi.org/10.1016/j.econmod.2010.05.015
   Web of Science ®Google Scholar
• Kaushal, L. A., & Pathak, N. (2015). The causal relationship among economic growth, financial development and trade openness in Indian economy. International Journal of Economic Perspectives, 9(2), 5–22. DOI:10.5539/ijef.v2n2p137
   Google Scholar
• Kennedy, P. (2008). A guide to econometrics. Blackwell.
   Google Scholar
• Kpodar, K., & Andrianaivo, M. (2011). ICT, financial inclusion, and growth evidence from African countries (No. 11–73). International Monetary Fund.
   Google Scholar
• Kromrey, J. D., & Foster-Johnson, L. (1998). Mean centering in moderated multiple regression: Much ado about nothing. Educational and Psychological Measurement, 58(1), 42–67. https://doi.org/10.1177/0013164498058001005
   Web of Science ®Google Scholar
• Law, S. H., & Singh, N. (2014). Does too much finance harm economic growth? Journal of Banking & Finance, 41, 36–44. https://doi.org/10.1016/j.jbankfin.2013.12.020
   Web of Science ®Google Scholar
• Lee, S. H., Levendis, J., & Gutierrez, L. (2012). Telecommunications and economic growth: An empirical analysis of sub-Saharan Africa. Applied Economics, 44(4), 461–469. https://doi.org/10.1080/00036846.2010.508730
   Web of Science ®Google Scholar
• Levine, R., & Zervos, S. (1998). Stock markets, banks, and economic growth. American Economic Review, 537–558. http://links.jstor.org/sici?sici=0002-8282%2819980 ... O%3B2-9&origin=repec
   Web of Science ®Google Scholar
• Makki, S. S., & Somwaru, A. (2004). Impact of foreign direct investment and trade on economic growth: Evidence from developing countries. American Journal of Agricultural Economics, 86(3), 795–801. https://doi.org/10.1111/j.0002-9092.2004.00627.x
   Web of Science ®Google Scholar
• McKinnon, R. I. (1973). Money and capital in economic development. Brookings Institute.
   Google Scholar
• Menyah, K., Nazlioglu, S., & Wolde-Rufael, Y. (2014). Financial development, trade openness and economic growth in African countries: New insights from a panel causality approach. Economic Modelling, 37, 386–394. https://doi.org/10.1016/j.econmod.2013.11.044
   Web of Science ®Google Scholar
• Myovella, G., Karacuka, M., & Haucap, J. (2020). Digitalization and economic growth: A comparative analysis of sub-Saharan Africa and OECD economies. Telecommunications Policy, 44(2), 101856. https://doi.org/10.1016/j.telpol.2019.101856
   Web of Science ®Google Scholar
• Naceur, S. B., & Ghazouani, S. (2007). Stock markets, banks, and economic growth: Empirical evidence from the MENA region. Research in International Business and Finance, 21(2), 297–315. https://doi.org/10.1016/j.ribaf.2006.05.002
   Google Scholar
• Nair, M., Pradhan, R. P., & Arvin, M. B. (2020). Endogenous dynamics between R&D, ICT and economic growth: Empirical evidence from the OECD countries. Technology in Society, 62, 101315. https://doi.org/10.1016/j.techsoc.2020.101315
   Web of Science ®Google Scholar
• Ncanywa, T., & Mabusela, K. (2019). Can financial development influence economic growth: The sub-Saharan analysis? Journal of Economic and Financial Sciences, 12(1), 1–13. https://doi.org/10.4102/jef.v12i1.194
   Google Scholar
• Ngongang, E. (2015). Financial development and economic growth in sub-Saharan Africa: A dynamic panel data analysis. European Journal of Sustainable Development, 4(2), 369. https://doi.org/10.14207/ejsd.2015.v4n2p369
   Web of Science ®Google Scholar
• Obeng-Amponsah, W., Sun, Z., Havidz, H. B. H., & Dey, E. A. (2019, April). Determinants of domestic credit to the private sector in Ghana: Application of vector auto-regressive method. The First International Symposium on Management and Social Sciences (ISMSS 2019). Atlantis Press.
   Google Scholar
• Oluitan, R. O. (2012). Financial development and economic growth in Africa: Lessons and prospects. Business and Economic Research, 2(2).
   Google Scholar
• Owusu-Agyei, S., Okafor, G., Chijoke-Mgbame, A. M., Ohalehi, P., & Hasan, F. (2020). Internet adoption and financial development in sub-Saharan Africa. Technological Forecasting and Social Change, 161, 120293. https://doi.org/10.1016/j.techfore.2020.120293
   Web of Science ®Google Scholar
• Rioja, F., & Valev, N. (2004). Finance and the sources of growth at various stages of economic development. Economic Inquiry, 42(1), 127–140. https://doi.org/10.1093/ei/cbh049
   Web of Science ®Google Scholar
• Romer, P. M. (1986). Increasing returns and long-run growth. Journal of Political Economy, 94(5), 1002–1037. https://doi.org/10.1086/261420
   Web of Science ®Google Scholar
• Romer, P. M. (1987). Growth based on increasing returns due to specialization. The American Economic Review, 77(2), 56–62. http://links.jstor.org/sici?sici=0002-8282%2819870 ... O%3B2-Y&origin=repec
   Web of Science ®Google Scholar
• Sala-i-Martin, X. X. (1996). Regional cohesion: Evidence and theories of regional growth and convergence. European Economic Review, 40(6), 1325–1352. https://doi.org/10.1016/0014-2921(95)00029-1
   Web of Science ®Google Scholar
• Sassi, S., & Goaied, M. (2013). Financial development, ICT diffusion and economic growth: Lessons from MENA region. Telecommunications Policy, 37(4–5), 252–261. https://doi.org/10.1016/j.telpol.2012.12.004
   Web of Science ®Google Scholar
• Schumpeter, J. (1911). The theory of economic development. Harvard Economic Studies., XLVI.
   Google Scholar
• Shamim, F. (2007). The ICT environment, financial sector and economic growth: A cross‐country analysis. Journal of Economic Studies, 34(4), 352–370. https://doi.org/10.1108/01443580710817452
   Google Scholar
• Shaw, E. S. (1973). Financial deepening in economic development. Oxford University Press: New York.
   Google Scholar
• Solomon, E. M., & van Klyton, A. (2020). The impact of digital technology usage on economic growth in Africa. Utilities Policy, 67, 101104. https://doi.org/10.1016/j.jup.2020.101104
   PubMed Web of Science ®Google Scholar
• Solow, R. M. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65–94. https://doi.org/10.2307/1884513
   Web of Science ®Google Scholar
• Sy, A. N., Maino, R., Massara, A., Saiz, H. P., & Sharma, P. (2019). FinTech in sub-Saharan African countries: A game changer? (No. 19/04). International Monetary Fund.
   Google Scholar
• Wolde-Rufael, Y. (2007). Another look at the relationship between telecommunications investment and economic activity in the United States. International Economic Journal, 21(2), 199–205. https://doi.org/10.1080/10168730701345372
   Google Scholar
• World Bank. (2017). World Bank annual report 2017 (English).
   Google Scholar
• World Bank. (2018). World Bank annual report 2018 (English).
   Google Scholar
• World Bank. (2019). World Bank annual report 2019 (English).
   Google Scholar