Evaluating the Effects of Capital Market Development on Economic Growth in Sub-Saharan African Economies
Posted: Jun 08, 2023
Abstract
The relationship between financial market development and economic growth has been a subject of extensive scholarly inquiry, yet the specific dynamics within Sub-Saharan African economies remain inadequately understood through conventional analytical frameworks. Traditional approaches to evaluating capital market effects on economic growth have predominantly relied on linear models and standardized financial indicators that fail to capture the unique institutional, technological, and structural characteristics of African economies. This research addresses this gap by introducing a novel multi-dimensional framework that accounts for the complex interplay between formal capital markets, informal financial networks, and emerging digital financial ecosystems. Sub-Saharan Africa presents a particularly compelling context for examining capital market development due to its distinctive combination of rapid technological adoption, persistent institutional challenges, and diverse economic structures. While the region has experienced significant economic growth over the past two decades, the contribution of capital markets to this growth trajectory remains unclear.
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