The impact of foreign financial inflows on the economic growth of sub-Saharan African countries: An empirical approach

References

• Abduvaliev, M., & Bustillo, R. (2019). Impact of remittances on economic growth and poverty reduction amongst CIS countries. Post-Communist Economies, 1–12. https://doi.org/10.1080/14631377.2019.1678094
   Google Scholar
• Addison, T., & Tarp, F. (2014). Aid policy and the macroeconomic management of aid. World Development. https://doi.org/10.1016/j.worlddev.2014.02.009
   Google Scholar
• Adedokun, A. J. (2017). Foreign Aid, governance and economic growth in sub-saharan Africa : Does one cap fit all ? African Development Review, 29(2), 184–196. https://doi.org/10.1111/1467-8268.12249
   Web of Science ®Google Scholar
• Adjei, M., Bo, Y., Nketiah, E., Adu-gyamfi, G., & Obuobi, B. (2020). The effects of remittances on economic growth in West Africa. Journal of Human Resource and Sustainability Studies, 8(3), 312–329. https://doi.org/10.4236/jhrss.2020.83018
   Google Scholar
• Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte carlo evidence and an application to employment equations. Review of Economic Studies, 58(2), 277–297. https://doi.org/10.2307/2297968
   Web of Science ®Google Scholar
• Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29–51. https://doi.org/10.1016/0304-4076(94)01642-D
   Web of Science ®Google Scholar
• Bacha, E. L. (1990). A three-gap model of foreign transfers and the gdp growth rate in developing countries. Journal of Development Economics, 32(2), 279–296. https://doi.org/10.1016/0304-3878(90)90039-E
   Web of Science ®Google Scholar
• Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. https://doi.org/10.1016/S0304-4076(98)00009-8
   Web of Science ®Google Scholar
• Chami, R., Fullenkamp, C., & Jahjah, S. (2003). Are immigrant remittance flows a source of capital for development? IMF Working Paper WP/03/189. https://www.imf.org/external/pubs/ft/wp/2003/wp03189.pdf
   Google Scholar
• Depken, C. A. D., II, Nikši, M., & Paleka, H. (2021). Causality between foreign remittance and economic growth : empirical evidence from Croatia. Sustainability, 1–13. https://doi.org/10.3390/su132112201
   Google Scholar
• Dinh, T. T., Vo, D. H., Vo, A. T., & Nguyen, T. C. (2019). Foreign direct investment and economic growth in the short run and long run : empirical evidence from developing countries. Journal of Risk and Financial Management, 12(4), 176. https://doi.org/10.3390/jrfm12040176
   Web of Science ®Google Scholar
• Eaton, J. (1992). Sovereign debt : A primer. policy, research working papers ; no. WPS 855. debt and international finance Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/423051468741322444/Sovereign-debt-a-primer
   Google Scholar
• Jayaraman, T. K., & Lau, E. (2009). Does external debt lead to economic growth in Pacific island countries. Journal of Policy Modeling, 31(2), 272–288. https://doi.org/10.1016/j.jpolmod.2008.05.001
   Web of Science ®Google Scholar
• Joshua, U., Babatunde, D., & Sarkodie, S. (2021). Sustaining economic growth in sub-Saharan Africa : Do FDI inflows and external debt count ? Journal of Risk and Financial Management, 14(4), 146. https://doi.org/10.3390/jrfm14040146
   Web of Science ®Google Scholar
• Joshua, U., Fatai, F., & Asumadu, S. (2020). Examining the external-factors-led growth hypothesis for the South African economy. Heliyon, 6. https://doi.org/10.1016/j.heliyon.2020.e04009
   Google Scholar
• Jugurnath, B., Chuckun, N., & Fauzel, S. (2016). Foreign Direct Investment & economic growth in sub-Saharan Africa: An empirical study. Theoretical Economics Letters, 6(4), 798–807. http://dx.doi.org/10.4236/tel.2016.64084
   Google Scholar
• Kargbo, P. M., & Sen, K. (2014). Aid categories that foster pro ‐ poor growth : The case of Sierra Leone. African Development Review, 26(2), 416–429. https://doi.org/10.1111/1467-8268.12101
   Web of Science ®Google Scholar
• Katerina, L., John, P., & Athanasios, V. (2004). Foreign direct investment and economic growth in transition economies. South Eastern Europe Journal of Economics, 1, 97–110. http://www.asecu.gr/Seeje/issue02/lyroudi.pdf
   Google Scholar
• Kharusi, S. A., & Ada, M. S. (2018). External debt and economic growth : The case of emerging economy. Journal of Economic Integration, 33(1), 1141–1157. http://dx.doi.org/10.11130/jei.2018.33.1.1141
   Web of Science ®Google Scholar
• Krugman, P. (1988). Financing Vs. forgiving a debt overhang. Journal of Development Economics, 29(3), 253–268. https://doi.org/10.1016/0304-3878(88)90044-2
   Web of Science ®Google Scholar
• Louzi, B. M., & Abadi, A. (2011). The impact of foreign direct investment on economic growth in Jordan. International Journal of Recent Research and Applied Studies, 8(2), 253–258. https://www.arpapress.com/Volumes/Vol8Issue2/IJRRAS_8_2_16.pdf
   Google Scholar
• Markusen, J. R., & Venables, A. J. (1999). Foreign direct investment as a catalyst for industrial development. European Economic Review, 43(2), 335–356. https://doi.org/10.1016/S0014-2921(98)00048-8
   Web of Science ®Google Scholar
• Moolio, P., & Kong, S. (2016). Foreign aid and economic growth: Panel cointegration analysis for Cambodia, lao PDR, Myanmar, and Vietnam. Athens Journal of Business & Economics, 2(4), 417–428. https://doi.org/10.30958/ajbe.2.4.6
   Google Scholar
• Nguyen, C. H. (2020). The Impact of foreign direct investment, aid and exports on economic growth in Vietnam. Journal of Asian Finance, Economics and Business, 7(10), 581–589.
   Web of Science ®Google Scholar
• Niyonkuru, F. (2016). Failure of Foreign Aid in developing countries : A quest for alternatives. Business and Economics Journal, 7(3). https://doi.org/10.4172/2151-6219.1000231
   Google Scholar
• OECD. (2002). Foreign Direct Investment for Development:Maximising Benefits, Minimising Costs. https://www.oecd.org/investment/investmentfordevelopment/1959815.pdf
   Google Scholar
• Olayungbo, D. O., & Quadri, A. (2019). Remittances, financial development and economic growth in sub-Saharan African countries : Evidence from a PMG-ARDL approach. Financial Innovation, 8, 1–25. https://doi.org/10.1186/s40854-019-0122-8
   Google Scholar
• Onakoya, A. B., & Ogunade, A. O. (2017). External debt and Nigerian economic growth connection : Evidence from autoregressive distributed lag approach. Journal of Economics and Development Studies, 5(1), 66–78. https://doi.org/10.15640/jeds.v5n1a7
   Google Scholar
• Oshota, S. O., & Badejo, A. (2014). The impact of remittances on economic growth in Nigeria : An error correction modeling approach. Zagreb International Review of Economics & Business, 17(2), 21–43. https://hrcak.srce.hr/129447
   Google Scholar
• Pradhan, G., Upadhyay, M., & Upadhyaya, K. (2008). Remittances and economic growth in developing countries. The European Journal of Development Research, 20(3), 497–506. https://doi.org/10.1080/09578810802246285
   Google Scholar
• Rao, B. B., & Hassan, G. M. (2012). Are the direct and indirect growth effects of remittances significant ? The World Economy, 353, 351–372. The World Economy. https://doi.org/10.1111/j.1467-9701.2011.01399.x
   Web of Science ®Google Scholar
• Romer, P. M. (1986). Increasing returns and long-run growth. Journal of Political Economy, 94(5), 1002–1037. https://doi.org/10.1086/261420
   Web of Science ®Google Scholar
• Senadza, B., Fiagbe, A. K., & Quartey, P. (2018). The effect of external debt on economic growth in sub-Saharan Africa. International Journal of Business and Economic Sciences Applied Research, 11, 61–69. http://hdl.handle.net/10419/185682
   Google Scholar
• Solow, R. M. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65–94. https://doi.org/10.2307/1884513
   Web of Science ®Google Scholar
• Sothan, S. (2017). Foreign aid and economic growth : Evidence from Cambodia. The Journal of International Trade & Economic Development, 1–16. https://doi.org/10.1080/09638199.2017.1349167
   Google Scholar
• Sutradhar, S. R. (2020). The impact of remittances on economic growth in Bangladesh, India, Pakistan and Sri Lanka. International Journal of Economic Policy Studies, 14(1), 275–295. https://doi.org/10.1007/s42495-020-00034-1
   Google Scholar
• Todaro, M. P., & Smith, S. C. (2012). Economic Development (11th Editi ed.). Pearson Addison Wesley.
   Google Scholar
• Yahyaoui, I., & Bouchoucha, N. (2021). The long ‐ run relationship between ODA, growth and governance : An application of FMOLS and DOLS approaches. African Development Review, 33(1), 38–54. https://doi.org/10.1111/1467-8268.12489
   Web of Science ®Google Scholar
• Yiew, T., & Lau, E. (2018). Does foreign aid contribute to or impeded economic growth ? Journal of International Studies, 11(3), 21–30.
   Google Scholar