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Economic Freedom and Financial Development in Africa: Evidence from Panel Quantile Regression

Year: 2024

Type: article

Abstract: : The study examines if economic freedom matters for financial development in Africa, using a panel of 41 countries from 2000 to 2021, adopting the panel quantile regression estimator. The empirical results show that the impact of economic freedom on financial development is significantly positive with evidence of non-linearity, highlighting that indeed, economic freedom matters for financial development in Africa. Findings suggest the need to encourage policies which promote greater economic freedom, to raise Africa’s financial development. Keywords: Africa, Formal Institutional Quality, Economic Freedom, Financial Development, Panel Quantile Regression JEL classification Number: G28, O11, O43, O55

Source: Zenodo (CERN European Organization for Nuclear Research)

DOI: 10.5281/zenodo.13731576

Authors: Benard Ohene Kwatia, Godfred Amewu

Institutions: Accra Institute of Technology, University of Ghana

Language: English

Topic: Monetary Policy and Economic Impact

Subfield: General Economics, Econometrics and Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDG: Decent work and economic growth

Open Access status: green

OpenAlex ID: W6948938434

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