Financial deepening and economic growth in Africa: The role of financial integration
| Project/Area Number |
16K03763
|
|---|
| Research Category |
Grant-in-Aid for Scientific Research (C)
|
| Allocation Type | Multi-year Fund |
|---|
| Section | 一般 |
|---|
| Research Field |
Money/ Finance
|
|---|
| Research Institution | Konan University |
|---|
Principal Investigator |
Sugimoto kimiko 甲南大学, マネジメント創造学部, 教授 (70351434)
|
|---|
| Research Collaborator |
Dufrénot Gilles Aix Marseille University
|
|---|
| Project Period (FY) |
2016-04-01 – 2019-03-31
|
| Project Status |
Completed (Fiscal Year 2018)
|
| Budget Amount *help |
¥2,600,000 (Direct Cost: ¥2,000,000、Indirect Cost: ¥600,000)
Fiscal Year 2018: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2017: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2016: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
|
|---|
| Keywords | 金融統合 / 資本流入 / 経済成長 / アフリカ / 金融深化 / スピル・オーバー分析 / 株式市場 / 銀行信用 / スピルオーバー分析 / 閾値分析 / 国際金融論 |
|---|
| Outline of Final Research Achievements |
This research investigates non-linear effects of financial integration (FI) on economic growth in Africa by using the Generalized Method of Moments approach for dynamic panels. The African countries have a certain threshold level of financial development (FD) that they need to attain before they can gain the growth benefits from FI. Moreover, the actual level of FD in most of African countries stays below the estimated threshold level, meaning that they cannot derive a benefit from FI. Thus, FD is required to enhance the FI-led growth.
Another research investigates whether a higher FI can help the African countries reduce their production inefficiency and/or push up their efficient frontier of production by using a stochastic frontier model and panel quantile regressions. The results provide evidence of heterogeneous situations across countries and time. In other words, one size does not fit all: international FI can increase or decrease African countries' standard of living.
|
| Academic Significance and Societal Importance of the Research Achievements |
アフリカ諸国は発展段階が異なるだけでなく、国際投資家側が注目する保有資源も異なるため、援助、送金から外資系金融機関による貸付、直接投資、間接投資まで、資金流入の形態と行先は様々である。またアフリカ側の国内金融の発展度合い、為替制度の採用方針、外国資本受け入れに関するスタンスも、国によって異なっており多様である。この多様性こそが、金融のグローバル化が経済成長に貢献するという定説とは異なる結果を生む要因であることを明らかにした点で、学術的に貢献できたと考える。どの国のどのタイプの資本が金融統合を経済成長につなげうるかを示すことで、アフリカへ進出する企業や援助政策にも示唆を与えたと言えるだろう。
|
Report
(4 results)
Research Products
(17 results)
