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Nexus between financial integration, capital market development and economic performance: Does institutional
Eugene Iheanacho1, Kingsley I Okere2, John Okey Onoh3
1Department of Economics, Abia State University Uturu, Abia State, Nigeria.
Heliyon
|January 23, 2023
Summary
Financial integration and capital market development impact economic performance in Sub-Saharan Africa (SSA). Institutional quality significantly influences growth, but results vary, indicating underdeveloped dynamics in the region.
Area of Science:
- Economics
- Development Studies
- Financial Economics
Background:
- Sub-Saharan Africa (SSA) faces challenges in harnessing financial integration and capital market development for economic growth.
- Understanding the role of institutional structure is crucial for analyzing these dynamics.
Purpose of the Study:
- To investigate the asymmetric impacts of financial integration and capital market development on economic performance in SSA.
- To examine the moderating role of institutional quality on these relationships.
Main Methods:
- Utilized the Panel Non-linear Autoregressive Distributed Lag (PNARDL) model.
- Analyzed a panel of 16 SSA nations from 1996 to 2019.
- Classified economic performance into real GDP per capita (RGDPC), nominal GDP, and human capital development.
Main Results:
- Long-run positive shocks to financial integration increase RGDPC, while negative shocks decrease it. Both positive and negative shocks to capital markets reduce RGDPC.
- Institutional quality positively impacts RGDPC and nominal GDP, while reducing asymmetries in nominal GDP.
- Both financial integration and capital market shocks negatively affect human capital development, whereas institutional quality enhances it.
Conclusions:
- The interplay between financial integration, capital markets, and economic performance in SSA exhibits asymmetries and is influenced by institutional quality.
- Results suggest that the region's financial and institutional dynamics are less developed compared to other continents.
- Further development is needed to fully harness the benefits of financial integration and capital market growth in SSA.
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