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on Financial Development and Growth |
| By: | Rachel Cho; Rodolphe Desbordes; Markus Eberhardt |
| Abstract: | We study the causal implications of financial deepening for economic development and financial crises, adopting a heterogeneous difference-in-difference framework. Using cross-country data for the past six decades we demonstrate that very high levels of finance, proxied by credit/GDP, are neither associated with lower long-run growth nor with higher short-run propensity of banking crises due to ‘credit booms gone bust’ cycles or unfettered capital inflows. When we investigate ‘too much finance’ at intermediate levels of credit/GDP we find increased crisis propensity due to capital inflows and commodity price movements, but, again, no detrimental long-run growth effects for these (emerging) economies. |
| Keywords: | financial development, economic growth, financial crises, difference-in-difference, interactive fixed effects, heterogeneous treatment effects |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:not:notgep:2022-04&r= |
| By: | Hyojung Kang (Economics Department and International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University) |
| Abstract: | Sub-Saharan Africa(SSA)’s labor market has long struggled—data from the past two decades show that vulnerable employment consists of more than two thirds of employment, and, closely related, that 60-80% of employment comes from the informal sector. Industry-wise, the highest share of employment is in agriculture while the least is in manufacturing, and this trend is not expected to change, since most of the new jobs created in the past two decades have been in agriculture. With the expectation of the working-age population in the region to experience a net increase of 20 million per year over the next two decades, the need for sustained employment creation becomes more critical. And much of the hope for a solution has been placed on the role of foreign direct investment (FDI). This paper looks at the effect of manufacturing FDI on manufacturing employment in Sub-Saharan African countries, by using annual data for 16 manufacturing industry sectors in 15 SSA countries from 2003 to 2018. We find that manufacturing FDI has a positive effect on manufacturing employment at the industry sector level, which include indirect employment effects through potential spillover effects. We also look at how the effect of manufacturing FDI on manufacturing employment differs by groups of industry sectors. The results show that the effect of manufacturing FDI on employment creation varies by industry sector groups; automotive related industries create the most, followed by business machines/electronics related industries, and lastly metals/minerals related industries. The result reflects both direct and indirect employment effects via spillovers and forward and backward linkages. The paper implies that SSA countries would improve their labor market by attracting manufacturing FDI, which should also contribute to their industrial diversification/structural transformation. |
| Keywords: | economic development, labor, manufacturing, Africa |
| Date: | 2022–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:ays:ispwps:paper2205&r= |
| By: | Barauskaitė, Kristina; Nguyen, Anh D.M.; Rousová, Linda; Cappiello, Lorenzo |
| Abstract: | Using a novel quarterly dataset on debt financing of non-financial corporations, this paper provides the first empirical evaluation of the relative importance of loan and market-based finance (MBF) supply shocks on business cycles in the euro area as a whole and in its five largest countries. In a Bayesian VAR framework, the two credit supply shocks are identified via sign and inequality restrictions. The results suggest that both loan supply and MBF supply play an important role for business cycles. For the euro area, the explanatory power of the two credit supply shocks for GDP growth variations is comparable. However, there is heterogeneity across countries. In particular, in Germany and France, the explanatory power of MBF supply shocks exceeds that of loan supply shocks. Since MBF is mostly provided by non-bank financial intermediaries, the findings suggest that strengthening their resilience — such as through an enhanced macroprudential framework — would support GDP growth. JEL Classification: C32, E32, E44, E51, G2 |
| Keywords: | business cycles, credit supply, debt securities, loan, non-bank financial intermediation, VAR |
| Date: | 2022–06 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbwps:20222673&r= |
| By: | Pia Hüttl (Humboldt University Berlin, DIW Berlin); Matthias Kaldorf (University of Cologne) |
| Abstract: | This paper studies the effects of harmonizing collateral policy in a monetary union. In 2007, the European Central Bank replaced national collateral lists with a single list specifying which assets euro area banks can pledge as collateral. Banks holding newly eligible assets experience a reduction in their cost of funding and increase loan supply compared to banks without such assets. The effect is driven by core banks increasing credit supply to riskier and less productive firms located in periphery countries. These firms in turn experience growth in employment and investment. Our results suggest that a harmonized collateral framework facilitates cross-border lending to borrowing-constrained firms and, thereby, increases financial market integration in a monetary union. |
| Keywords: | E44, E52, E58, G20, G21 |
| Date: | 2022–06 |
| URL: | http://d.repec.org/n?u=RePEc:ajk:ajkdps:174&r= |
| By: | Kamalyan, Hayk; Davtyan, Vahagn |
| Abstract: | What is the impact of heightened exchange rate uncertainty on business cycle dynamics? This question is particularly important for emerging economies where exchange rate uncertainty is substantially higher and time-varying. Using data from emerging countries, we show that exchange rate uncertainty is essential for business cycle fluctuations. We find that heightened exchange rate uncertainty yields a drop in economic activity, an increase in prices, and an exchange rate depreciation. We rationalize our empirical findings in a small open economy model augmented with time-varying volatility of exchange rate shocks. In the structural model, the main ingredient of the transmission mechanism is the households’ precautionary behavior. We also show that no other shocks, often featured in the literature, can produce the reported co-movement pattern among the macro variables. |
| Keywords: | DSGE, Stochastic Volatility, Nominal Exchange Rate |
| JEL: | E32 F41 F44 |
| Date: | 2022–06–17 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:113443&r= |
| By: | Stephen Grenville |
| Abstract: | Controls on international capital flows were a central issue for the International Monetary Fund at Bretton Woods in 1944. But by the 1970s, mainstream thinking was encouraging open capital flows. A succession of damaging crises followed: Latin America in the 1980s, Mexico again in 1994 and Asia in 1997. Fund policies were tweaked, but the causes were seen as being largely in the recipient countries. Capital controls were specifically rejected. Nevertheless, the Fund’s view began to shift, probably encouraged by the 2008 global financial crisis. There was a growing recognition that the capital-flow surges at the heart of these crises were often externally driven, reflecting global factors. The appropriate response would include capital flow management (CFM). The Fund recognized this in its 2012 Institutional View, but CFM was at the bottom of the policy toolbox, surrounded by conditions and constraints, maintaining the stigma on CFM. Meanwhile many emerging economies were enhancing their ability to cope with excessive capital flows, although at some cost (slower growth, tighter fiscal policy, large foreign-exchange reserves). At the same time the flows were increasing, with a bigger component of flighty portfolio flows. CFM measures still have an important place in this new environment, but the Fund’s reluctance to embrace them means that a deep discussion on operationalizing effective CFMs is still lacking. |
| Keywords: | International Monetary Fund; capital flow management; economic crises |
| JEL: | F32 F33 F34 F42 F65 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pas:papers:2021-16&r= |
| By: | Amaral, Pedro |
| Abstract: | This paper examines the macroeconomic consequences of a demographic transition in an environment where a producer's capital structure is relevant, thereby introducing an asset supply channel. Producers are heterogeneous with respect to how productive they are in different states of the world and may pursue different combinations of safe and/or risky securities issuance when financing projects. I simulate a demographic transition calibrated to replicate the US experience starting in 1880. This transition results in modest increases in output, larger increases in saving as a whole, and particularly, in a relative increase in saving in the form of safe assets. Lower capital costs lead to producer entry (and more issuance) and to a tilt towards safe issuance. I show that omitting this asset supply channel, as standard representative firm models do, results in a quantitatively important overestimation of the transmission effects of the demographic transition, with larger output gains despite smaller interest rate reductions. |
| Keywords: | Demographic Transition; Overlapping Generations; Asset supply; Financing Policy |
| JEL: | E21 E43 E44 G32 J11 |
| Date: | 2022–06–30 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:113613&r= |
| By: | Ji Hyung Lee; Yuya Sasaki; Alexis Akira Toda; Yulong Wang |
| Abstract: | Accurately estimating income Pareto exponents is challenging due to limitations in data availability and the applicability of statistical methods. Using tabulated summaries of incomes from tax authorities and a recent estimation method, we estimate income Pareto exponents in U.S. for 1916-2019. We find that during the past three decades, the capital and labor income Pareto exponents have been stable at around 1.2 and 2. Our findings suggest that the top tail income and wealth inequality is higher and wealthy agents have twice as large an impact on the aggregate economy than previously thought but there is no clear trend post-1985. |
| Date: | 2022–06 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2206.04257&r= |
| By: | Takeshi Kato |
| Abstract: | What are the fundamental differences between an Islamic economy and capitalism? The Islamic economy is characterized by the prohibition of Riba (interest) and the enforcement of Mudaraba (joint venture) and Waqf (donation). We propose new econophysics models of wealth exchange and redistribution to quantitatively compare these characteristics with the differences in capitalism, and evaluate wealth distribution and disparities by simulation. Specifically, we propose a loan interest model representing finance capitalism and Riba, a joint venture model representing shareholder capitalism and Mudaraba with respect to exchange, and a transfer model representing inheritance tax and Waqf with respect to redistribution. As exchanges are repeated from an initial uniform distribution of wealth, the distribution of wealth approaches a power-law distribution more quickly in the loan than in the joint, and the Gini index, which represents disparity, rapidly increases. The joint has a slower increase in the Gini index, but eventually the wealth distribution in both models becomes a delta distribution, and the Gini index gradually approaches 1. Next, when both models are combined with the transfer model to redistribute wealth every given period, the loan has a larger Gini index than the joint, but both models converge to a value with a Gini index less than 1. These results quantitatively reveal that in the Islamic economy, disparities are restrained by their characteristics. These correspond to the three economic modes Polanyi presented: reciprocity, redistribution, and exchange. The insights encourage an economy that embraces the morals of mutual aid as described in Mauss's theory of gifts, Kropotkin's theory of mutual aid, Graeber's theory of debt, Sarthou-Lajus's repayment to third parties, and Karatani's mode of exchange D, and provide guidelines for the next alternative to capitalism. |
| Date: | 2022–06 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2206.05443&r= |
| By: | Cynthia Balloch; Yann Koby; Mauricio Ulate |
| Abstract: | Several advanced economies implemented negative nominal interest rates in the middle of the last decade, seeking to provide further monetary accommodation once cuts in positive territory had been exhausted. Negative rates affect banks in novel ways, mostly because during times of negative policy rates the interest rate that banks pay households on their deposits usually remains close to zero. In this review, we analyze the large literature that studies the impact of negative nominal interest rates, proceeding in four steps. First, we explain the theoretical channels through which negative rates affect banks. Second, we discuss the empirical findings about bank outcomes under negative rates. Third, we describe the aggregate transmission channels that influence the macroeconomic implications of a policy rate cut in negative territory. Finally, we compare the general-equilibrium models that have been used to quantify the effectiveness of negative rates and highlight why they have obtained mixed results. We conclude that, if properly implemented, negative rates are a valuable tool that central banks should not discard outright. However, negative rates can have quantifiable costs for the financial sector, and their effectiveness is likely to decline if implemented for long periods. |
| Keywords: | negative nominal interest rates; Negative Interest Rates; ZLB; ELB; Monetary Policy; Bank Profitability; Central Banking |
| JEL: | E32 E44 E52 E58 G21 |
| Date: | 2022–06–23 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedfwp:94465&r= |
| By: | Tihana Škrinjarić (Hrvatska narodna banka, Hrvatska) |
| Abstract: | Makroprudencijalna politika ima važan zadatak pratiti akumulaciju cikličkih sistemskih rizika pomoću širokog raspona indikatora. Odluke o upotrebi instrumenata kojima se nastoji ublažiti procikličnost sustava trebaju se donositi temeljeni na ispravno definiranim i stabilnim indikatorima koji na vrijeme signaliziraju buduća kretanja samog ciklusa. Europski odbor za sistemske rizike u svojoj Preporuci razmatra nekoliko važnih kategorija indikatora praćenja cikličkih rizika, a kako je kreditni jaz kao glavni indikator cikličkih rizika tijekom godina pokazao brojne nedostatke u praksi, u literaturi se razvijaju kompozitni indikatori koji obuhvaćaju širi skup informacija o kretanju cikličkih rizika u ekonomiji. Kako u dosadašnjoj praksi u Hrvatskoj nije postojao takav kompozitni indikator, u ovome istraživanju se razmatra nekoliko popularnih pristupa konstrukcije kompozitnih indikatora cikličkih rizika upravo za slučaj Hrvatske. Kako se radi o nekoliko različitih pristupa koji su trenutno dostupni, ovo istraživanje razmatra njihove karakteristike, prednosti i nedostatke, s posebnim osvrtom na hrvatske podatke. Usporedbom kompozitnog indikatora financijskog ciklusa, ciklograma, indikatora sistemskog cikličkog rizika, kao i dodatnim mogućnostima agregacije podataka u pogledu analize glavnih komponenti i indeksa pregrijavanja, rezultati upućuju da je problematika definiranja adekvatnog indikatora za slučaj Hrvatske zahtjevan zadatak. Razlozi se nalaze u kratkim vremenskim serijama, gdje izostaju karakteristike različitih tipova kriza koje su zahvatile druge zemlje, nestabilnosti pojedinih varijabli relevantnih za praćenje cikličkih rizika, kao i tumačenju rezultata za komunikaciju s javnosti. Na kraju se temeljem diskusije i odabira trenutno najboljeg indikatora razmatraju mogućnosti kalibracije protucikličkog zaštitnog sloja kapitala s obzirom na dobivene rezultate. Doprinos istraživanja se sastoji u sažimanju pregleda različitih pristupa na jednome mjestu, s posebnim fokusom na usporedbu, što se prethodno ne nalazi u literaturi, u prijedlozima unapređenja pojedinih indikatora, i dodatno, što se detaljno analizira mogućnost kalibracije protucikličkog zaštitnog sloja kapitala, što također nedostaje u primjenama. |
| Keywords: | sistemski rizik, makrobonitetna politika, protuciklički zaštitni sloj kapitala, kompozitni indikatori, ciklički rizici. |
| JEL: | C14 C32 E32 |
| Date: | 2022–07–08 |
| URL: | http://d.repec.org/n?u=RePEc:hnb:istraz:70&r= |
| By: | Kurter, Zeynep O. (University of Warwick) |
| Abstract: | This study quantifies the effects of macroeconomic variables on various market-based systemic-risk measures in 24 European banks over the 2008-2019 period. In a first step, I measure daily systemic risk for banks based on ∆CoVaR, MES, and SRISK frameworks, and examine the contributions of individual banks to aggregate systemic risk during specific stress events. Systemic risk in European banks has risen in the wake of the global financial crisis and the Brexit referendum result. In a second step, I investigate how macroeconomic conditions affect systemic risk in the short and long-run. I find that three systemic risk measures have a long-run stable relationship with EU industrial production, EU inflation, Euribor, and US equity market volatility, but some variables have opposite effects in the short and long-run. |
| Keywords: | Systemic Risk ; Value at Risk ; Quantile Regression ; DCC-GJRGARCH ; ARDL ; Banking Sector JEL classification: C22 ; G01 ; G18 ; G21 ; G32 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:wrk:warwec:1407&r= |
| By: | Vladimir Skavysh; Sofia Priazhkina; Diego Guala; Thomas Bromley |
| Abstract: | Computational methods both open the frontiers of economic analysis and serve as a bottleneck in what can be achieved. Using the quantum Monte Carlo (QMC) algorithm, we are the first to study whether quantum computing can improve the run time of economic applications and challenges in doing so. We identify a large class of economic problems suitable for improvements. Then, we illustrate how to formulate and encode on quantum circuit two applications: (a) a bank stress testing model with credit shocks and fire sales and (b) a dynamic stochastic general equilibrium (DSGE) model solved with deep learning, and further demonstrate potential efficiency gain. We also present a few innovations in the QMC algorithm itself and in how to benchmark it to classical MC. |
| Keywords: | Business fluctuations and cycles; Central bank research; Econometric and statistical methods; Economic models; Financial stability |
| Date: | 2022–06 |
| URL: | http://d.repec.org/n?u=RePEc:bca:bocawp:22-29&r= |
| By: | Lael Brainard |
| Date: | 2022–07–08 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgsq:94445&r= |
| By: | Theu Dinh; Stéphane Goutte (SOURCE - SOUtenabilité et RésilenCE - UVSQ - Université de Versailles Saint-Quentin-en-Yvelines - IRD [France-Nord] - Institut de Recherche pour le Développement, PSB - Paris School of Business); Khuong Nguyen (IPAG Business School); Thomas Walther |
| Abstract: | We investigate the time-varying dynamics of the precious metal markets. We employ a mixed data sampling technique to identify the impact of macroeconomic and financial drivers from G7 and BRICS countries on the daily volatility and pairwise correlation of Gold, Silver, Platinum, and Palladium. We find that the U.S. and Chinese economies in particular influence the precious metal markets, but in opposite directions. The stock markets and trade balance of both G7 and BRICS countries, as well as the consumer confidence of G7 countries, are the key drivers for the volatility of precious metals. The most influential drivers for correlation are stock markets, money supply, and the inflation rate. Surprisingly, the economic policy uncertainty does not affect the dynamics as much as expected. Lastly, the global financial crisis in 2008 affected the direction of most of the macroeconomic and financial drivers. |
| Keywords: | Precious metals,long-term volatility,long-term correlation,macroeconomic drivers,financial drivers,economic policy uncertainty,mixed data sampling |
| Date: | 2022–05–19 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-03672469&r= |
| By: | Ambler, Kate; de Brauw, Alan; Herskowitz, Sylvan; Pulido, Cristhian |
| Abstract: | The midstream of agricultural value chains are rapidly changing in response to shifting domestic and international demand. While the performance of this segment may have important implications for the entire sector, evidence on midstream actors and their financial needs remain thin. We use data from both the Living Standards Measurement Study – Integrated Surveys on Agriculture and the World Bank Enterprise Survey from seven African countries to identify these agricultural midstream firms and assess their access to formal credit, comparing them to other, non-agricultural midstream firms. We find that the identified agricultural midstream firms are larger and more productive than their non-agricultural midstream counterparts and are less likely to report barriers to accessing credit, though overall access levels remain low. Among agricultural midstream firms, those owned or managed by women are more likely to report barriers to accessing credit. Taken together, these findings help build our understanding about the financial needs of micro-, small-, and medium-size enterprises in the agricultural midstream. |
| Keywords: | AFRICA; AFRICA SOUTH OF SAHARA; CENTRAL AFRICA; EAST AFRICA; NORTH AFRICA; SOUTHERN AFRICA; WEST AFRICA; financial institutions; agro-industry; World Bank; surveys; value chains; demand; credit; enterprises; small and medium enterprises; finance |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:fpr:ifprid:2125&r= |
| By: | Asongu, Simplice A; Odhiambo, Nicholas M |
| Abstract: | This study focuses on linkages between bank accounts and supply-side mobile money drivers for mobile money innovations. It seeks to understand how bank accounts can be complemented with mobile subscription and mobile connectivity dynamics (i.e., mobile connectivity coverage and mobile connectivity performance) for mobile money innovations. The empirical evidence is based on quadratic Tobit regressions. First, there are positive net relationships from the roles of mobile subscriptions and mobile connectivity coverage in modulating bank accounts for mobile money innovations. Second, mobile connectivity performance does not significantly modulate bank accounts for mobile money innovations. Third, given the negative marginal relationships associated with the positive net relationships, thresholds for complementary policies in mobile money supply factors that are worthwhile for bank accounts to stimulate mobile money innovations are provided. The thresholds are: (i) mobile subscription rates of 87.50%, 80.50%, and 98.50% of the adult population for respectively, the mobile money accounts, the mobile used to send money, and the mobile used to receive money, and (ii) mobile connectivity coverages of 64.00%, 69.33%, and 78.00% for respectively, the mobile money accounts, the mobile used to send money, and the mobile used to receive money. |
| Keywords: | Mobile money; technology diffusion; financial inclusion; inclusive innovation |
| Date: | 2022–01 |
| URL: | http://d.repec.org/n?u=RePEc:uza:wpaper:29005&r= |
| By: | Lai, Tat-kei; Wang, Luhang |
| Abstract: | In China, the relative wages of high-skilled and low-skilled workers display huge variation across different regions. We examine whether financial intermediation development can explain such variation. Conceptually, better-developed financial intermediation helps financially-constrained firms raise new capital, which is usually skilled-biased, resulting in an increased demand for skilled labor and skill premium. Using a cross-section of workers from the 1% Population Survey of 2005, we find consistent evidence; besides, the relationship is stronger among workers in industries with higher capital-skill complementarity and in non-state-owned enterprises. Overall, our results suggest that the financial market plays a role in explaining skill premium in China. |
| JEL: | J24 J31 O11 |
| Date: | 2022–07–13 |
| URL: | http://d.repec.org/n?u=RePEc:bof:bofitp:2022_006&r= |
| By: | Qing Li (Department of Economics and Finance, SILC Business School, Shanghai University); Yanrui Wu (Business School, The University of Western Australia) |
| Abstract: | This study uses a rich city-level dataset to analyse the relationship between information and communication technology (ICT) and productivity performance in China during 2003-2016. It is shown that ICT positively contributes to Chinese cities’ productivity in conjunction with other growth determinants, such as human capital, foreign direct investment, infrastructure development, financial market development, and research and development investment. An identifiable amplified effect is detected when ICT exceeds certain threshold in Chinese cities. This threshold level is reached in over a half of Chinese cities particularly cities in coastal regions. Finally, ICT is found to substitute human capital in China’s context. Since the average education level in Chinese cities is low, the finding is in line with the argument that ICT only improves productivity of high-skilled workers but worsens that of the low-skilled ones. |
| Keywords: | ICT, human capital, productivity, China |
| JEL: | O47 O33 R10 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:uwa:wpaper:22-05&r= |
| By: | Stark, Oded (University of Bonn); Budzinski, Wiktor (University of Warsaw); Jakubek, Marcin (Institute of Economics, Polish Academy of Sciences); Kosiorowski, Grzegorz (Cracow University of Economics) |
| Abstract: | We develop a formula for the optimal size of a joint savings association between individuals who share the same financial goal and who can save towards that goal at the same rate. Our motivating example and the core of our analysis is a Rotating Savings and Credit Association (ROSCA). We measure the efficiency of a ROSCA by the expected waiting time that it takes a participant to attain his goal when no participant reneges on his commitment to contribute to the common fund, and when each of the participants receives (once) the funds needed to meet his goal. Given this criterion, we define the optimal size of a ROSCA as the number of participants that results in the minimal expected waiting time. We show that an optimal size of a ROSCA exists, that it is limited, and that it is a multiple of the number of time periods that it takes an individual to save on his own. Somewhat surprisingly, we find that when treated as a function of the size of a ROSCA, the expected waiting time is not monotonic when the size builds up from an individual saving on his own to the optimal size. A similar result obtains when we study cases where a ROSCA is enlarged beyond the optimal size. Our findings help explain the limited size as well as other features of ROSCAs observed in developing countries all over the world. |
| Keywords: | joint savings associations, A Rotating Savings and Credit Association (ROSCA), minimal expected waiting time, optimal size of a ROSCA, limited size of a ROSCA |
| JEL: | D01 D02 D16 D23 D71 D86 G23 O12 O17 P13 |
| Date: | 2022–06 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp15383&r= |
| By: | Pan, Lei; Dwumfour, Richard Adjei; Kheng, Veasna |
| Abstract: | This paper examines the impact of access to electricity on financial development. In doing so, we use plausibly exogenous variations in population density as an instrument for electrification rate. Using panel data for 44 countries in Sub-Saharan Africa over the period 2000 to 2018, the results suggest that more people having access to electricity can promote financial development. In addition, mobile phone and commercial bank branches diffusion serve as potential channels through which access to electricity affects financial development. The results have important implications for policies in overcoming barriers to electricity access. |
| Keywords: | Access to electricity; Financial development; Sub-Saharan Africa; Population density |
| JEL: | O16 Q43 |
| Date: | 2022–06–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:113358&r= |