TO WHAT EXTENT DOES THE FINANCIAL SECTOR DRIVE INDUSTRIALISATION IN SUB-SAHARAN AFRICA?

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dc.contributor.authorAmy Ka
dc.date.accessioned2026-07-01T06:42:36Z
dc.date.available2026-07-01T06:42:36Z
dc.date.issued2026
dc.description.abstractThis paper examines the effect of financial development on industrialisation in a panel of 43 sub-Saharan African countries over the period 2000–2021. Using a dynamic panel model estimated using the System GMM method, the results show a positive and significant effect of financial development on industrialisation. The multidimensional analysis indicates that financial depth is the main driver, followed by accessibility and efficiency. A mediation analysis reveals that this effect is partly mediated through private investment and total factor productivity. The robustness of the results is confirmed using alternative fixed-effects estimates with instrumental variables (FE-2SLS). Overall, these results highlight the key role of financial institutions in supporting structural transformation and industrial development in sub-Saharan Africa.
dc.identifier.urihttps://publication.aercafricalibrary.org/handle/123456789/4120
dc.publisherAERC
dc.titleTO WHAT EXTENT DOES THE FINANCIAL SECTOR DRIVE INDUSTRIALISATION IN SUB-SAHARAN AFRICA?
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