The impact of financial liberalization on economic growth in sub-Saharan Africa

Figures & data

Table 1. Evolution of deposit rate in selected African countries during financial depression.

Evolution of deposit rate in selected African countries
	1983	1986	1987	1988	1990	Mean
Gambia	−2.1	−54.2	−6.6	5.8	−2.6	−8.2
Ghana	−111.8	−6.1	−18.3	−12.2	N/A	−7.8
Kenya	−2	5.3	4.4	0.7	0.2	1.3
Zimbabwe	−5.3	−2.2	−2.7	2.6	−6.2	−2.6
Botswana	1.4	−2.3	0.4	−3.8	−5.8	−1.8
Malawi	0.7	−0.7	−9.6	−18.0	0.3	4.6

Source: Ikhide (2015, p. 5).

Table

Variables	Dynamic fixed effect	System GMM1	System GMM2
L.lngdp_cap		0.981***
		(0.00789)
lndc_gdp	0.164***	0.0228***	0.628***
	(0.0133)	(0.00576)	(0.0113)
ssc	−0.0267	0.00708	0.0155
	(0.0192)	(0.00616)	(0.0160)
lninv_gdp	0.0312**	0.0321***	−0.0953***
	(0.0154)	(0.00581)	(0.0218)
inf	−3.35e-06	−3.32e-07	−0.000150***
	(2.29e-05)	(1.03e-05)	(4.88e-05)
lnx_gdp	0.192***	0.0303***	0.440***
	(0.0167)	(0.00731)	(0.0227)
fin_lib	0.0504***	−0.00376	0.197***
	(0.0177)	(0.00805)	(0.0183)
fin_crisis	−0.0507*	−0.0291***	0.0303
	(0.0274)	(0.00933)	(0.0290)
Constant	5.791***	0.0116	4.061***
	(0.0627)	(0.0431)	(0.0877)
Observations	949	924	949
R^2	0.316
Number of country_id	30	30	30

Table

Variables	Dynamic fixed effect	System GMM1	System GMM2
L.lngdp_cap		0.943***
		(0.0169)
lndc_gdp	0.0980***	0.0118	0.154***
	(0.0154)	(0.00811)	(0.00827)
ssc	0.0428*	0.0138	−0.000512
	(0.0242)	(0.0101)	(0.0103)
lninv_gdp	0.0442***	0.0251***	0.0275***
	(0.0158)	(0.00713)	(0.00935)
inf	−4.83e-05*	−1.18e-06	0.000202***
	(2.04e-05)	(9.42e-06)	(1.84e-05)
lnx_gdp	0.256***	0.0267***	0.164***
	(0.0215)	(0.00998)	(0.0116)
fin_lib	0.0277	−0.00377	−0.00335
	(0.0202)	(0.0105)	(0.0104)
fin_crisis	−0.0644**	−0.0284**	−0.0731***
	(0.0320)	(0.0140)	(0.0140)
Constant	5.084***	0.235***	5.265***
	(0.0679)	(0.0883)	(0.0364)
Observations	534	521	534
R-squared	0.362
Number of country_id	17	17	17

Table

Variables	Dynamic fixed effect	System GMM1	System GMM2
L.lngdp_cap		0.985***
		(0.00690)
lndc_gdp	0.243***	0.0158***	0.402***
	(0.0204)	(0.00437)	(0.00876)
ssc	−0.0411	0.00842	−0.0418***
	(0.0270)	(0.00544)	(0.0140)
lninv_gdp	−0.0780**	0.0303***	−0.281***
	(0.0308)	(0.00661)	(0.0203)
inf	0.00157***	7.12e-05**	0.000672***
	(0.000151)	(2.90e-05)	(9.87e-05)
lnx_gdp	0.0577**	0.0208***	0.284***
	(0.0225)	(0.00560)	(0.0187)
fin_lib	0.0282	0.00907	0.135***
	(0.0278)	(0.00777)	(0.0168)
fin_crisis	0.0341	−0.0261***	0.0756***
	(0.0390)	(0.00827)	(0.0211)
Constant	7.124***	−0.00951	6.421***
	(0.110)	(0.0499)	(0.0927)
Observations	415	403	415
R-squared	0.517
Number of country_id	15	15	15

Ikhide, S. (2015). The finance and growth debate in Africa: What role for financial inclusion? Inaugural lecture delivered at the University of Stellenbosch, 26 November 2015.

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