phd thesis financial integration

Financial Development, Integration and Access to Finance in Africa

--> Essien, Grace Etim (2017) Financial Development, Integration and Access to Finance in Africa. PhD thesis, University of Leeds.

This thesis is made up of three empirical studies that fall under the general classification of international and financial economics, particularly the study focuses on the financial system of selected African countries. The first empirical study presented in Chapter 2 examines the role of financial development in improving the effect of FDI on the economic growth of some African countries. Investigations were conducted to pinpoint which financial structure could provide the best improvement by applying the bank-based vs. market-based debate. Results from the regression analysis conducted show that the effect of FDI on economic growth becomes significant only when financial development measures were factored in. Analysis of results indicate that development of the overall financial system of African countries would be more beneficial in comparison to developing either the banks or financial markets alone. Chapter 3 empirically measures the level of financial integration in Africa’s Regional Economic Communities (RECs) using beta and sigma convergence to measure the speed and degree of financial integration in four RECs. These chapter also theoretically examines how regional financial integration contributes to financial development and economic growth in Africa. Analysis of the results show that Africa’s RECs are integrating at a relatively slow and diverse rate. Therefore, policy makers in Africa would need to focus on reform strategies that would strengthen financial integration in their regions. A fully financially integrated system would contribute immensely to financial development and promote sustainable economic growth. The fourth chapter investigates the effect of access to finance on firms’ productivity. Using cross-sectional firm-level data to estimate the effect of access to finance on labor productivity, total factor productivity (TFP), and the stochastic frontier trans-log model. This study estimates an instrumental variable (GMM) model to address potential endogeneity bias between access to credit and firms’ productivity. The results obtained show that the lack of access to finance negatively affects the productivity of firms in Africa. This study suggests that the development of a balanced financial system should be of topmost priority to policy makers. This ensures that more finance is channelled towards those firms whose productivity depends heavily on the availability of finance irrespective of their characteristics. This would result in firms increasing their investments in productivity-enhancing activities, which would benefit long-term economic growth.

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Home > Graduate Theses, Dissertations, and Problem Reports > 150

Graduate Theses, Dissertations, and Problem Reports

Three essays on financial and trade integration.

Elena Bondarenko , West Virginia University

Date of Graduation

Document type.

Dissertation

Degree Type

Chambers College of Business and Economics

Committee Chair

Shuichiro Nishioka

Committee Co-Chair

Ronald Balvers

Committee Member

Arabinda Basistha

Stratford Douglas

Alexander Kurov

This dissertation consists of three essays on financial and trade integration. Financial and trade integration are the processes though which a country's financial and commodities markets become more integrated with those in other countries. The first essay addresses the determinants of financial integration, the second essay examines the contribution of financial and trade integration to the convergence in marginal products of capital, the third essay accesses the effect of international trade in physical capital on economic growth.;The first essay addresses the empirical question of whether international financial flows are responsive to capital account restrictions or liberalization policies. The effect of capital controls on financial flows differs across countries and types of financial flows (FDI, portfolio equity, and debt). Capital controls are found to be effective for all types of international capital flows in developed countries. However, short-term volatile flows are not responsive to capital controls in developing countries. Capital controls can be an effective policy tool in developed countries with liberalized international trade and adequate reserves. Policies in developing countries should facilitate FDI flows and restrict non-productive short-term equity or debt flows in order to maintain macroeconomic stability and lower the probability of a crisis.;The second essay examines the determinants of convergence in the marginal product of capital. The essays derives an empirical model from Solow's growth model and augment it to include global factors of financial flows and capital embodied in commodity trade. The marginal products of capital converges, however, this convergence is conditional upon country- specific variables such as reproducible capital share. Saving rates, foreign direct investment, and international trade are essential determinants of this conditional convergence. There is no evidence that debt financial flows reduce the global difference in the marginal product of capital. International trade also contributes to this convergence by equalizing international prices of investment and consumption goods.;The final essay estimates the effects of inflows of foreign physical capital on the output per capita growth. The essay uses an open economy extension of a neoclassical growth model to include the share of foreign physical capital in domestic investment. Inflows of machinery and capital equipment reinforce a positive growth in output per worker. Non-industrial (non-OECD) countries that rely on foreign high-quality capital grow faster. The findings suggest that policies should facilitate trade liberalization in developing countries and strengthen the domestic ability to absorb technological benefits from abroad.

Recommended Citation

Bondarenko, Elena, "Three Essays on Financial and Trade Integration" (2012). Graduate Theses, Dissertations, and Problem Reports . 150. https://researchrepository.wvu.edu/etd/150

Since October 29, 2018

https://doi.org/10.33915/etd.150

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Financial inclusion, institutional quality and financial development: empirical evidence from oic countries.

• MINHAJ ALI , 
• MUHAMMAD IMRAN NAZIR , 
• SHUJAHAT HAIDER HASHMI , and 
• WAJEEH ULLAH

https://orcid.org/0000-0002-5876-1297

School of Economics, Zhongnan University of Economics and Law, P. R. China

E-mail Address: [email protected]

Search for more papers by this author

School of Finance, Zhongnan University of Economics and Law, P. R. China

School of Economics, Huazhong University of Science and Technology, P. R. China

Corresponding author.

This unique study examines the moderation effect of institutional quality (IQ) on the relationship between financial inclusion (FI) and financial development (FD) of 45 Organization of Islamic Cooperation (OIC) countries. For empirical analysis, panel data are used for the period 2000–2016. We use the Arellano–Bond generalized method of moments (GMM) and two-stage least-squares (2SLS) method in our estimations to draw multidimensional results. The empirical results confirm the significant positive relationship between FI, IQ and FD. Interestingly, we find that IQ moderates FI and has a significant positive impact on FD. Our findings are robust to alternative econometric specifications of FI, IQ and FD. Therefore, policymakers must sensibly understand the pivotal role of FI and IQ in establishing sustainable future development of OIC countries.

• Financial inclusion
• institutional quality
• financial development
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• Competition, stability, and institutional environment: The case of dual banking economies Wajahat Azmi, Zaheer Anwer, Mohsin Ali and Shamsher Mohamad 22 September 2022 | International Journal of Finance & Economics, Vol. 29, No. 1
• CEO overpower and corporate social responsibility of commercial banks: The moderating role of state ownership Khoa Dang Duong, Phuong Mai Duong Tran and Ha Pham 26 February 2023 | Cogent Economics & Finance, Vol. 11, No. 1
• Determinants of Financial Inclusion in Africa: Is Institutional Quality Relevant? Anthony Yaw Nsiah and George Tweneboah 13 March 2023 | Cogent Social Sciences, Vol. 9, No. 1
• Financial Development, R&D and Knowledge Production: Empirical Evidence from China Abdul Jalil, Abdul Rauf and Li Han 22 December 2023 | Journal of the Knowledge Economy, Vol. 10
• Nexus between financial inclusion, workers’ remittances, and unemployment rate in Asian economies Wen Wu, Leow Hon-Wei, Siyao Yang, Iskandar Muda and Zhaoyi Xu 12 October 2023 | Humanities and Social Sciences Communications, Vol. 10, No. 1
• Financial inclusion: a catalyst for financial system development in emerging and frontier markets Josephine Ofosu-Mensah Ababio, Eric B. Yiadom, Emmanuel Sarpong-Kumankoma and Isaac Boadi 27 September 2023 | Journal of Financial Economic Policy, Vol. 15, No. 6
• Regulatory policy uncertainty, banking industry innovations and financial development among emerging markets Rexford Abaidoo and Elvis Kwame Agyapong 3 October 2023 | Journal of Financial Economic Policy, Vol. 15, No. 6
• The trilogy between CEO overpower, green credit, and core competence: Evidence from commercial banks in Vietnam Khoa Dang Duong, Phuc Huu Truong, Diep Van Nguyen and Ai Ngoc Nhan Le 1 Oct 2023 | Heliyon, Vol. 9, No. 10
• The impact of fiscal decentralization on economic growth: A comparative analysis of selected African and OECD countries Melat Sima, Peng Liang and Zhou Qingjie 1 Sep 2023 | Heliyon, Vol. 9, No. 9
• Nonlinear relationship between financial inclusion and inclusive economic development in developed economies: evidence from panel smooth transition regression model Sehrish Timer and Syed Ali Raza 18 October 2022 | International Journal of Social Economics, Vol. 50, No. 8
• Testing the resource curse hypothesis: The dynamic roles of institutional quality, inflation and growth for Dragon ShiYong Zheng, Hua Liu, Muhammad Hafeez, Xiaofeng Wang and Shah Fahad et al. 1 Aug 2023 | Resources Policy, Vol. 85
• Does foreign aid procurement in resource-rich countries depend on these countries’ financial development and institutional quality? Evidence from PVECM and quantile-on-quantile regression Rudra P. Pradhan, Sara E. Bennett, Mahendhiran S. Nair and Mak B. Arvin 1 Aug 2023 | Socio-Economic Planning Sciences, Vol. 88
• Institutional quality, financial development and sustainable economic growth among lower income countries Rudra P. Pradhan, Mahendhiran S. Nair, Mak B. Arvin and John H. Hall 15 May 2023 | Natural Resources Forum, Vol. 47, No. 3
• Corporate governance and financial inclusion Peterson K. Ozili 25 May 2023 | Journal of Money and Business, Vol. 3, No. 1
• Governance, regulatory quality and financial institutions: emerging economies perspective Rexford Abaidoo and Elvis Kwame Agyapong 19 June 2023 | Journal of Economic and Administrative Sciences, Vol. 24
• Financial Instability and CO 2 Emissions in India: Evidence from ARDL Bound Testing Approach Muhammad Qayyum, Yuyuan Yu, Mir Muhammad Nizamani, Saqlain Raza and Minhaj Ali et al. 1 February 2022 | Energy & Environment, Vol. 34, No. 4
• Sustaining Performance of Wheat–Rice Farms in Pakistan: The Effects of Financial Literacy and Financial Inclusion Ali Raza, Guangji Tong, Vasilii Erokhin, Alexey Bobryshev and Lyubov Chaykovskaya et al. 23 April 2023 | Sustainability, Vol. 15, No. 9
• Does financial inclusion control corruption in upper-middle and lower-middle income countries? Rajesh Barik and Sanjaya Kumar Lenka 2 December 2022 | Asia-Pacific Journal of Regional Science, Vol. 7, No. 1
• The role of institutional quality in assessing the environmental externality of financial inclusion: A DCCE approach Nazia Latif, Noreen Safdar, Malka Liaquat, Kanwal Younas and Nadia Nazeer et al. 24 January 2023 | Frontiers in Environmental Science, Vol. 11
• Analyzing the dynamic relationship between financial development, financial inclusion, and institutional quality in developing countries Orhan Cengiz and Muge Manga 1 Jan 2023
• Financial inclusion in developing countries: Do quality institutions matter? Veton Zeqiraj, Kazi Sohag and Shawkat Hammoudeh 1 Nov 2022 | Journal of International Financial Markets, Institutions and Money, Vol. 81
• How Do Institutional Quality, Natural Resources, Renewable Energy, and Financial Development Reduce Ecological Footprint without Hindering Economic Growth Trajectory? Evidence from China Muhammad Sohail Amjad Makhdum, Muhammad Usman, Rakhshanda Kousar, Javier Cifuentes-Faura and Magdalena Radulescu et al. 26 October 2022 | Sustainability, Vol. 14, No. 21
• Effects of Financial Inclusion on Economic Growth, Poverty, Sustainability, and Financial Efficiency: Evidence from the G20 Countries Nasir Khan, Mahwish Zafar, Abiodun Funso Okunlola, Zeman Zoltan and Magda Robert 6 October 2022 | Sustainability, Vol. 14, No. 19
• A symmetric and asymmetric nexus between environmental sustainability and tourism development in BRIC nations: What is the role of good governance and globalization? Changchun Guan and Md Qamruzzaman 19 September 2022 | Frontiers in Environmental Science, Vol. 10
• Nexus between government debt, economic policy uncertainty, government spending, and governmental effectiveness in BRIC nations: Evidence for linear and nonlinear assessments Ru Ma and Md Qamruzzaman 19 August 2022 | Frontiers in Environmental Science, Vol. 10
• Do Income Inequality and Institutional Quality affect CO2 Emissions in Developing Economies? Bo Yang, Minhaj Ali, Shujahat Haider Hashmi and Atif Jahanger 28 January 2022 | Environmental Science and Pollution Research, Vol. 29, No. 28
• EVALUATION OF A NATIONAL LEVEL SCHEME FOR UPLIFTING RURAL POPULATION THROUGH FINANCIAL INCLUSION IN A DEVELOPING COUNTRY: EVIDENCES FROM RURAL INDIA 5 December 2021 | Indian Journal of Finance and Banking

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Published: 9 January 2021

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Digital Commons @ USF > Muma College of Business > Finance > Theses and Dissertations

Finance Theses and Dissertations

Theses/dissertations from 2023 2023.

Do Industries' Political Profiles Affect Their Portfolio Return Performance? , Shaddy S. Douidar

Do Firms Overreact to the Enactment of Corporate Laws: Evidence from Anti-Price Gouging Laws , Mario Marshall

Theses/Dissertations from 2021 2021

Essays on CEO Personal Characteristics and Corporate Outcomes: Athlete CEOs and Foreign CEOs , Kirill Pervun

Theses/Dissertations from 2020 2020

Predictors of Economic Outlook in Stability Operations , Juan Carlos Garcia

The Warren Buffett Project: A Qualitative Study on Warren Buffett , Christian G. Koch

Theses/Dissertations from 2019 2019

Closing America’s Retirement Savings Gap: Nudging Small Business Owners to Adopt Workplace Retirement Plans , Peter W. Kirtland

Theses/Dissertations from 2018 2018

Growth Options and Corporate Goodness , Linh Thompson

Theses/Dissertations from 2017 2017

Essays on the Tax Policy and Insider Trading , Han Shi

Theses/Dissertations from 2016 2016

Two Essays on Lottery-type Stocks , Yun Meng

Theses/Dissertations from 2015 2015

Two Essays on IPOs and Asset Prices , Gaole Chen

Essays on the impact of CEO gender on corporate policies and outcomes , Nilesh Sah

Theses/Dissertations from 2014 2014

Essays on Corporate Finance , Hari Prasad Adhikari

Two Essays on Individuals, Information, and Asset Prices , Joseph Mohr

Two Essays on Investment , Bin Wang

Two Essays on Corporate Finance , Qiancheng Zheng

Theses/Dissertations from 2013 2013

Two Essays on Mergers and Acquisitions , Dongnyoung Kim

Two Essays on Politics and Finance , Incheol Kim

Two Essays on Stock Repurchases-The Post Repurchase Announcement Drift: An Anomaly in Disguise? and Intra Industry Effects of IPOs on Stock Repurchase Decisions , Thanh Thiet Nguyen

Two Essays on Investor Distraction , Erdem Ucar

Two Essays on Politics in Corporate Finance , Xiaojing Yuan

Theses/Dissertations from 2012 2012

On The Efficiency of US Equity Markets , Mikael Carl Erik Bergbrant

Two Essays on the Sell-side Financial Analysts , Xi Liu

Two essays on Corporate Restructuring , Dung Anh Pham

Two Essays on Corporate Governance , Yuwei Wang

Theses/Dissertations from 2011 2011

Capital Structure, Credit Ratings, and Sarbanes-Oxley , Kelly E. Carter

Institutional Investors and Corporate Financial Policies , Ricky William Scott

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