2021
DOI: 10.18488/journal.aefr.2021.118.672.681
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The Nexus Between Economic Growth, Financial Development, Financial Inclusion and Financial Innovation in Africa

Abstract: This research explores the connection between economic growth, financial development, financial inclusion and financial innovation in Africa by employing the panel structural vector autoregression using annual data from 2004 to 2018. The vector error correction model Granger causality test was applied to examine directional causality with financial inclusion, financial innovation and economic growth used as dependent variables, and error correction term (ECT) coefficients are negatively significant at one perc… Show more

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Cited by 6 publications
(2 citation statements)
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References 26 publications
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“…Financial innovation allows the unbanked population to avail of financial services and incorporates them into the formal financial system. The existing literature supports our study findings; see [6,32,127]. In particular, a 10% development in financial innovation can facilitate unbanked population inclusion into the formal financial system by 1.8% to 2.71%.…”
Section: Plos Onesupporting
confidence: 87%
“…Financial innovation allows the unbanked population to avail of financial services and incorporates them into the formal financial system. The existing literature supports our study findings; see [6,32,127]. In particular, a 10% development in financial innovation can facilitate unbanked population inclusion into the formal financial system by 1.8% to 2.71%.…”
Section: Plos Onesupporting
confidence: 87%
“…Using a technique such as the capital asset pricing model (CAPM), only systematic risk is considered, avoiding excessive involvement of other threats. As a result, the discount rate used for valuation is higher [6]. It is, therefore, a more basic method of calculating the required rate of return, allowing investors to choose between competing offers of financial assets based on absolute risk to solve general problems in investment decisions.…”
Section: Capital Asset Pricing Model (Capm)mentioning
confidence: 99%