آزادسازی مالی، شکنندگی مالی و رشد اقتصادی در کشورهای جنوب صحرای آفریقا

This paper investigates the dual role of financial liberalization on growth using a bank crisis model and a growth model. It applies panel econometric techniques on data covering 34 countries in Sub-Saharan Africa over the period 1983–2008. The results indicate that the growth retarding effects of financial liberalization, are dominant over growth enhancing effects, which show mixed results. The results also indicate that institutional variables, human capital formation and foreign aid are key factors in explaining growth in Sub-Saharan Africa. The study therefore recommends adoption of a ‘managed financial openness’ policy and institutional reform measures.