Financial sector development and Investment in selected countries of the Economic Community of West African States: empirical evidence using heterogeneous panel data method

Iheonu, Chimere; Asongu, Simplice; Odo, Kingsley O.; Ojiem, Patrick

doi:10.1186/s40854-020-00195-0

Cited by 28 publications

(27 citation statements)

References 53 publications

(48 reference statements)

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“…Energy is the basic building block of all sectors of modern economic growth and is considered a basic factor of production, including capital and labor (Alam et al, 2016;Solarin et al, 2017). However, energy consumption has become a crucial aspect of the economic growth (GDP) of any nation (Azam et al, 2020a;Azam et al, 2020c;Iheonu et al, 2020;Azam et al, 2021a;Azam et al, 2021c). Due to the rapid growth of the global economy, energy consumption is rapidly increasing as a result of globalization and industrialization (Shafique et al, 2020;Shafique et al, 2021a).…”

Section: Introductionmentioning

confidence: 99%

Towards Achieving Environmental Sustainability: The Role of Nuclear Energy, Renewable Energy, and ICT in the Top-Five Carbon Emitting Countries

et al. 2022

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In the era of globalization, the incidence of global warming emerges from the issue of climate change, which attracts the attention of several scholars to attain sustainability with respect to ensuring sufficient energy access and diminishing environmental adversities. However, in view of these circumstances, this study examines the heterogenous impacts of nuclear energy, renewable energy, and information and communication technologies (ICTs) on pollution emissions reduction for the top-five emitter countries, covering the data from the period from 1995–2017. This study employs an advanced panel quantile regression model that takes into account both unobserved individual heterogeneity and distributional heterogeneity. The findings illustrate that the effect of all the selected explanatory variables on CO2 emissions is heterogenous along the quantiles. Our outcome supports the notion that nuclear energy consumption is insignificant in contributing to lower environmental pollution. Renewable energy consumption and ICT significantly decrease the carbon emissions of emitter economies, but the negative influence is more robust at the quantiles level (0.30–0.80) and (0.10, 0.20), both factors correct the environmental pollution in the five emitter countries. Finally, the findings of the study provide crucial policy recommendations to policymakers.

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Section: Introductionmentioning

confidence: 99%

Towards Achieving Environmental Sustainability: The Role of Nuclear Energy, Renewable Energy, and ICT in the Top-Five Carbon Emitting Countries

et al. 2022

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“…Annual average of 0.33% and 0.39% with the range of 0.23% to 0.50% and 0.21% to 0.92% recorded in Mexico and Indonesia respectively. While, Turkey was 1.00%on annual average recording 1.00% each rformed below the annual bench mark throughout the period except in 2007 and 2008, and the FSDled to growth in SADC but no statistically significant effect in ECOWAS, as the effect of FSD through institutional development supports a positive complementarity Iheonu et al (2020)research found the impact of financial sector development on domestic investment depends on the measure of financial sector development utilized, as banking intermediation efficiency and broad money supply negatively and significant influence domestic Sarwar et al ( 2020) study revealed that financial development has a positive and significant effect on economic growth of emerging economies. Guru and Yadav ( 2019…”

Section: -003mentioning

confidence: 88%

“…While, Stiglingh, Muzindutsi and Bezuidenhout (2018) succinctly posit that there seems to be a lack of strong financial systems and policies to deliver the required economic results in most developing countries. Iheonu et al (2020) collaborate that development of the financial sector enhances efficient access to financial services and products. Vol 9 Issue 6 D 2.1.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Sulemana and Dramani (2020) comparatively revealed that FSDled to growth in SAD significant effect in ECOWAS, as the effect of FSD through institutional development supports a positive complementarity effects on growth in both regions but only statistically significant in ECOWAS. Iheonu et al (2020)research fou impact of financial sector development on domestic investment depends on the measure of financial sector development utilized, as banking intermediation efficiency and broad money supply negatively and significant influence domestic Sarwar et al ( 2020) study revealed that financial development has a positive and significant effect on economic growth of emerging economies. Guru and Yadav (2019) depicts that banking sector development and stock www.theijst.com…”

Section: Markets Accessin Mint and Bench Mark For Emerging Economies Researchers Graph Of Financial System Development Indicatormentioning

confidence: 99%

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Financial System Development in Emerging Economies: An Array of MINT Economic Bloc

Ogbu¹,

Yaro²,

Yekeen³

2021

theijst

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This study investigated financial system development in emerging economies of Mexico, Indonesia, Nigeria and Turkey (MINT)with a view to ascertaining the level of financial institutions and markets depth, access and efficiency and intradependency of these financial system development indicators in member countries from 2000-2020. Comparatively, the level financial institutions and markets depth, access and efficiency in some MINT member countries were below standards for emerging economies especially in Nigeria, while some performed above the benchmark.VAR results revealed that indicators of financial system development were strongly endogenous and exogenous in the short and long run except financial institutions efficiency and financial markets depth, depicting independent influence and significant self-predictions. Based on the findings, researchers recommends that MINT monetary zone should be established to facilitate cross border effect of financial institutions and markets development in member states, and there should be common policy measure to pursue a robust financial institutions and markets development to complement and harness innovations in the different components of the financial system.

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“…Olanrewaju / International Journal of Finance & Banking Studies, Vol 10 No 1, 2021ISSN: 2147 Review of Empirical Literature Iheonu, Asongu, Odo, and Ojiem (2020) examined the impact of financial system development on investment in Economic Community of West African State (ECOWAS) between the period of 1985 and 2017. By using heterogenous panel data estimation techniques, findings of the study revealed that the effect of financial system development on domestic investment relies on the parameters of financial sector development employed.…”

Section: Introductionmentioning

confidence: 99%

Financial System Stability and Manufacturing Performance in Nigeria

Saliu¹

2021

IJFBS

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This study investigates the relationship between the three measures of manufacturing performance [manufacturing production growth rate (MPGR), share of manufacturing in GDP (SMGDP), capacity utilization rate (CUR)] and the variables of financial system stability [exchange rate (EXR), fiscal deficit (FD), lending rate (LR), saving rate (SR), consumer price index (CPI), bank loan to manufacturing sector (BLM)]. The study uses Johansen cointegration and Parsimonious error correction model as the estimation techniques. Findings from the results of the study reveals that there is a long-run relationship between the three measures of manufacturing performance (i.e. MPGR, SMGDP and CUR) and the variables of financial system stability in Nigeria during the period under review. Also, consumer price index (CPI) and lending rate (LR) have negative and significant impacts on manufacturing production growth rate (MPGR) in Nigeria. In addition, fiscal deficit (FD) and lending rate (LR) have significant and negative effect on share of manufacturing in GDP (SMGDP). Lastly, banks loan to manufacturing sector (BLM) has significant negative effect on capacity utilization rate (CUR) while exchange rate (EXR) has positive and significant impact on capacity utilization rate (CUR).

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Financial sector development and Investment in selected countries of the Economic Community of West African States: empirical evidence using heterogeneous panel data method

Cited by 28 publications

References 53 publications

Towards Achieving Environmental Sustainability: The Role of Nuclear Energy, Renewable Energy, and ICT in the Top-Five Carbon Emitting Countries

Towards Achieving Environmental Sustainability: The Role of Nuclear Energy, Renewable Energy, and ICT in the Top-Five Carbon Emitting Countries

Financial System Development in Emerging Economies: An Array of MINT Economic Bloc

Financial System Stability and Manufacturing Performance in Nigeria

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