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Publication Details
AFRICAN RESEARCH NEXUS
SHINING A SPOTLIGHT ON AFRICAN RESEARCH
economics, econometrics and finance
Role of financial development for sustainable economic development in low middle income countries
Finance Research Letters, Volume 47, Article 102793, Year 2022
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Description
This paper investigates the impact of financial development on sustainable economic development (SED) in low-middle-income countries. It adopts an unbalanced panel data approach on 50 low-and middle-income countries over the period of 1991–2020. We apply Fixed Effects (FE), the Feasible Generalized Least Squares (FGLS) and Bootstrap Panel Quantile Regression to analyze the results. We find that sustainable economic development is positively affected by financial development, natural resource abundance, international tourism, trade openness and foreign direct investment. Additionally, financial development plays a positive moderating role through natural resource abundance. Foreign direct investment (FDI) also enjoys a positive moderating role through international tourism. The Bootstrap Quantile outcomes point out the diversified effects of the addressed variables at different quantiles. Accordingly, it is crucial to consider financial development alongside socioeconomic variables such as trade openness, aging population and FDI to identify and address sustainable economic development issues. © 2022
Authors & Co-Authors
Hunjra, Ahmed Imran
Pakistan, Dera Ghazi Khan
Ghazi University
Azam, Muhammad
Pakistan, Dera Ghazi Khan
Ghazi University
Bruna, Maria Giuseppina
Unknown Affiliation
Taşkın, Dilvin
Turkey, Izmir
Yaşar Universitesi
Statistics
Citations: 47
Authors: 4
Affiliations: 2
Identifiers
Doi:
10.1016/j.frl.2022.102793
ISSN:
15446123
Study Design
Cross Sectional Study