IMPACT OF FINANCIAL INTERMEDIATION ON ECONOMIC DEVELOPMENT OF SUB SAHARAN AFRICAN COUNTRIES
Abstract
Sub-Saharan African countries are
still at the crossroad of economic performance. Despite quarter of a
century of economic reforms, propagated by national policies and
international financial agencies and institutions, sub-Saharan Africa is
still lagging behind in development. Once thought of as an
area with huge potential for economic growth, sub-Saharan African
countries are now representing the poorest and least developed
populations of the world due largely to skewed economic development
polices which are not geared towards sustainability. Economic
development must be sustainable, implying that it should be on-going and
dynamic in order to achieve the goal of poverty alleviation. A review
of literature indicates that studies in area of economics and finance
have focused on the impact of finance on economic growth arising more
from developed economies. Recommendations from these works may obviously
have favoured these economies to the detriment of the developing ones,
sub Saharan African countries inclusive. Such policies nonetheless are
growth oriented as opposed to the more development oriented policies
which developing countries need at least to salvage their numerous poor.
Sub Saharan African countries need not only grow but to develop
especially as financial intermediation is taking place in their
economies. It is therefore in this context that for economies of sub
Saharan African countries to grow, studies that will examine the impact
of financial intermediation on economic development should be used as
the basis for formulating economic policies for the structural
transformation of their economies. It is therefore against the foregoing
that this study sought to examine the impact of financial
intermediation on quality of life; human development; per capita real
income; gross domestic product and employment creation in Sub Saharan
African countries. The study adopted the ex-post facto research design.
Panel data set were collated from the
World Bank for 49 sub Saharan African countries for the period, 1980 –
2012. Five (5) hypotheses which state that financial intermediation does
not have positive and significant impact on the quality of life; human
development; per capita real income; gross domestic product growth rate;
employment creation in sub Saharan African countries were formulated
and tested using the Ordinary Least Squares (OLS) technique. Credit to
the private sector (FIM) was adopted as the independent variable and
physical quality of life index (PQLI), human development index (HDI),
per capita income (PCI), growth rate of gross domestic product (GDPGR)
and unemployment index (UEI) were the dependent variables for the
hypotheses respectively. Capital stock (CS) and trade stock (TS) were
introduced as control variables. The result emanating from this study
was mixed on the development indicators. While physical quality of life
and per capital income was found to have positive and significant impact
on economic development, human development index, gross domestic
product growth rate and unemployment creation had negative and
significant impact. The study, therefore, concludes that for the
economies of sub Saharan African countries to develop, emphasis should
be placed on developing and implementing policies that will address
critical areas like health, education, agriculture, energy,
infrastructural development etc as these are development oriented goals
that can move the region forward. We thus recommend, among others, that
governments in the sub region should prioritize investments in these
areas. This would assist in addressing the problems of underdevelopment
observed in the region.
CHAPTER ONE
1.0 INTRODUCTION
1.1 Background of Study
Over the past half century, developmental
economics has undergone many changes as emphasis has shifted from the
growth in gross domestic product (GDP) per capita (Morawetz, 1977), to
employment creation (Lewis 1954; Kuzent, 1955), to basic human needs
(see, Goldstein, 1985), to stabilization and structural adjustment (see,
Jhingan, 1984), to human capabilities and development (Sen, 1989), and
recently, to sustainable development (World Development Report,
1999-2000).
These changes in developmental economic
policies over time from growth in GDP per capita to sustainable
development could be attributed to the desire of nations to address the
problem of poverty which is predominant in less developed economies of
the world (Sub Saharan African countries inclusive). The Brundtland
report of the World Commission on Environment and Development in 1987
however brought to limelight the concept of sustainable development as
the report defined it as “meeting the needs of the present generation
without compromising the need of the future generation” (Jhingan
2012:12). Thus, economic development must be sustainable implying that
it should be on-going and dynamic in order to achieve the goal of
poverty eradication.
The World Development Report (1999-2000)
emphasizes the creation of sustainable improvement in the quality of
life for all persons as the principal goal of development policy.
According to the report, sustainable development has many objectives;
beside increasing economic growth, meeting basic needs, and lifting the
standard of living of citizens, it also include a number of specific
goals such as; bettering people’s health and educational opportunities,
giving everyone the chance to participate in public life, helping to
ensure a clean environment, promoting intergenerational equality and
much more (World Commission, 1999- 2000).
Thus, meeting the need of the people in
the present generation is essential in order to sustain the needs of
future generations and the ability of developing economies to achieve
these objectives hinges on her ability to enhance rate of savings,
profit rate, rate of capital accumulation, technical improvement,
equitable distribution of wealth, expansion of foreign trade and
institutional changes, etc (Jhingan, 2012). Among all the factors of
economic development, the rate of savings and capital accumulation has
been described as one of the most important and necessary conditions to
the achievement of economic development of nations. No wonder from Smith
(1776) to Kings and Levine (1993), it has been argued that finance
plays an important role in the enhancement of economic development
through its financial intermediation (savings and capital accumulation)
function.
From the classical economic perspective,
Smith (1976) regards every person within the society as the best judge
of his/her self interest who should and must be left alone to pursue it
to his/her own advantage. In furthering their personal interest, the
interest of the society is enhanced through the invisible hand
mechanism. Smith (1776) regards financial intermediation (capital
accumulation) as a necessary condition for economic development and
opines that the process of economic development was largely as a result
of the ability of the people to save more and invest more in their
country, thus, Smith (1776) summaries that in any society every prodigal appears to be a public enemy and every frugal man a public benefactor (Jhingan, 2012:87).
In line with the above statement,
therefore, the level of capital accumulation through savings is
principally a necessary condition for economic development of nations.
Malthus (1836) also made mention of the role of financial intermediation
on economic development. However, he was concerned with the progress of
wealth which means economic development that could be achieved by
increasing, the wealth of a country. According to Malthus (1836), of all
the factors of production which are necessary condition for economic
development, it is the accumulation of capital that is the most
important determinant of economic development. It was against this
background that he suggests the concept of the optimum propensity to
save. This means saving from the stock which might have been destined
for immediate consumption thereby adding to that which is to yield
profit or in other words in the conversion of revenue into capital
(Malthus, 1836)
Mills (1871) emphasizes the role of
finance in the enhancement of economic development of nations. According
to Mills (1871) economic development is a function of land, labour and
capital and while land and labour are the two original factors of
production, capital is a stock previously accumulated of the products of
former labour. According to Mills (1871), the rate of capital
accumulation depends upon the amount of the fund which savings can be
made or the size of the net produce of industry and the strength of the
disposition to save. Therefore, capital is the result of savings and
savings comes from the abstinence from present consumption for the sake
of future goods. Thus for nations to achieve sustainable development,
there must be an effective desire to accumulate capital (Mill, 1871).
Like Smith (1776), Ricardo (1917)
highlights the connection between financial intermediation and economic
development however, he pointed towards the importance of capital
accumulation through agricultural development and increase in the
various sources of saving and profit rate.
According to Ricardo (1917) capital
accumulation which is a process of financial intermediation is the
outcome of profits as profits lead to saving of wealth which is used for
capital formulation and this is dependent on the capacity to save and
the will to save. Thus, for any economy to develop, such economy must
enhance her capacity to save.
Karl Marx, according to Jhingan (2012),
discusses the connection between financial intermediation and economic
development. Marx refers to financial intermediation which he called the
surplus value as a process of economic development. According to Marx,
every society’s class structure consists of the “have’ and “have not”
and states that since the mode of production is subject to change, a
stage will come in the development process of nations when the forces of
production will come into clash with the society’s class structure.
This will eventually lead to class struggle which ultimately will
overthrow the whole social system. Thus,
Marx used his theory of surplus value as
the economic basis of the class struggle under capitalism to building
the super structure of his analysis of the process of economic
development (see Jhingan, 2012).
Schumpeter (1911) also discusses the
importance of financial intermediation in the enhancement of economic
development. According to Schumpeter (1911), economic development is a
spontaneous and discontinuous change in the channel of the circular
flow, disturbances of equilibrium which forever alters and displaces the
equilibrium state previously existing.
Schumpeter (1911), thus states that,
economic development starts with the breaking-up of the circular flow
(stationary state) with an innovation in the form of a new product by an
entrepreneur for the purpose of earning profit. In order to break the
circular flow, the innovating entrepreneurs are financed by bank-credit
expansion (financial intermediation process).
Therefore, since investment is assumed to
be financed by the creation of bank credit, it increases income and
prices and this help to create a cumulative expansion throughout the
economy thereby inducing economic development (Schumpeter (1911).
The Keynesians were also not left out at
providing a link between financial intermediation and economic
development. Though there link does not analyze the problems of
underdeveloped economies it had relevance to advanced capitalist
countries. According to Jhingan (2012), total income is a function of
total employment in a country, thus, the greater the national income,
the greater the volume of employment. Again, according to them the
volume of employment depends on effective demand and effective demand
determines the equilibrium level of employment and income. Therefore,
for any economy, effective demand is determined at the point where
demand price aggregate equals aggregate supply price. Effective demand
according to the Keynesians consists of consumption demand and
investment demand. While consumption demand depends on the propensity to
consume, investment demand which is largely as a result of financial
intermediation does not increase at the same level as the increase in
income, hence, the gap between income and consumption is made up by
investment which grows the economy (Jhingan, 2012).
Rostow (1960) also provides his own
thought on the effect of financial intermediation on economic
development. He sought and advocated a historical approach to the
process of economic development. He distinguished five stages of
economic development viz a viz the traditional society, the
pre-conditions for take-off, the take-off, the drive to maturity and the
age of high maturity consumption. According to Rostow (1960) while the
traditional society is based on one whose structure is developed within
the limited production functions based on pre-
Newtonian science and technology, the
pre-condition take-off stage is based on the idea that economic progress
is possible and is a necessary condition for some other purpose, judged
to be good. Therefore, at this stage, new types of enterprising men
come forward in the private economy, in government or both willing to
mobilize savings (financial intermediation) and to take risks in
pursuits of profits to modernization (economic development). Emphasizing
the role of financial intermediation on economic development, Rostow
(1960) summarized that: …as banks and other institutions for mobilizing
capital appears, investment increase, notably in transport,
communication and in raw materials in which other nations may have an
economic interest. The scope of commerce, internal and external widens
and modern manufacturing enterprises appear using new methods… (Rostow,
1960:6-7) Gerschenkron (1962) also supports the importance of finance in
the enhancement of economic development. According to Gerschenkron
(1962), all nations were backward once, thus, to move from the
traditional levels of economic backwardness to a modern industrial
economy required a sharp break with the past. Gerschenkron (1962)
categorized countries into three groups on the basis of their degree of
economic backwardness: advanced, moderately backward and very backward.
To put perspectives on the role of financial intermediation on the
development of these economics Gerschenkron (1962) notes that advanced
nations started their first stage of development with the factory as the
organization lead; moderately backward nations starts with banks and
extreme backward nations with government. However, as argued by
Gerschenkron (1962), as a necessary precondition for development,
financial institutions through the process of intermediation can play an
important role in the achievement of economic development through the
enhancement of capital accumulation.
Given the contributions of economists
such as Smith, Ricardo, Malthus, Keynes, Rostow and Gerschenkron from
1776 to 1962, recent literature have also emphasized on the role of
financial intermediation on economic development. Though these recent
literature have emphasized more on economic growth rather than economic
development. These recent literature have supported their argument with
empirical results to buttress the impact of finance on economic growth.
Leading recent literature in this regard is king and Levine (1993) who
citing Schumpeter (1911) opines that the services provided by financial
intermediaries (mobilizing savings, evaluating and facilitating
transactions) are essential for technological innovation and economic
development. It was against the importance of financial intermediaries
in performing the above functions that king and Levine (1993) conducted a
pooled cross country time series survey of eighty countries for the
period 1960-1989 with the view to establishing the relationship between
financial intermediation and economic growth. Their findings suggest
that financial intermediation has a significant impact on growth.
Taking a cue from king and Levine (1993),
Jayaratne and Strathan (1996) support the influence of financial
intermediation on economic development though their emphasis were on
development through growth, however, with a clause that there should be
an improvement in the quality of bank lending and not necessarily the
volume of bank lending. Contributing to these debates on finance and
growth, Ragan and Zingales (1998) assert that financial development
enhances growth in indirect ways through the contribution of external
financing. Demirgue-Kunt and Maksimovic (1998) in supporting the role of
finance on economic development were of the view that an active stock
market is an indication of a well developed financial system and they
assert that firms in a country with a high rate of compliance with rules
and regulations have access to the capital market. Thus, a developed
financial system will ensure growth of firms listed in the exchange
thereby stimulating development. Amongst other recent works which have
increased literature on finance and growth are Odedokun (1998), Levine,
loayza and Beck (2000), McGaig and Stengos (2005), Hao (2006), Deidda
(2006), Romeo-Avila (2007), Odhiambo (2008) and Shittu (2012) etc.
As stated earlier, a review of recent
literature indicate that previous works in this area of economics and
finance have focused on the impact of finance on economic growth which
often are based on figures from developed economies. The adoption of
recommendations from these works obviously may not have any significant
effect on the economies of less developed countries (especially Sub
Saharan African countries) because policy implication from economic
growth oriented literature is quite distinct from economic development
oriented literature because growth and development are two distinct
words. Again, what developing economies need is economic development
polices which encompasses growth if the high rate of poverty which is
prevalent is to be conquered. Thus, as stated by Maddison (1970),
economic development refers to the problems of underdeveloped countries
and economic growth to those of developed countries. He summarized that
…the rising of income level is generally called economic growth in rich
countries and in poor ones it is called economic development. (Maddison,
1970:5).
However, this view does not specify the
underlying forces which raise the income level in the two types of
economies. Hicks (1957) points out in this connection that the problem
of underdeveloped countries are concerned with the development of unused
resources even though there are well know, while these of advanced
countries are related to growth as most of their resources is already
know and developed to a considerable extent.
It is against the background of the
distinctions between development and growth that Kindleberger (1965)
opines that while growth means more output, economic development implies
both output and changes in the technical and institutional arrangement
by which it is produced and distributed. Therefore, for economies of Sub
Saharan African countries to grow, studies that will examine the impact
of financial intermediation on economic development should be used as
the basis for economic policies which will eventually induce the
structural transformation of their economies.
It therefore against the foregoing that
this study sought to examine the impact financial intermediation on
economic development of sub Saharan African countries utilizing
indicators of development such as the physical quality of life which is
determined by three components (Infant mortality, life expectancy and
basic literacy rate), human development index which is calculated using
life expectancy at birth, educational attainment and decent standard of
living, per capita income, the gross domestic product (GDP) measured at
the purchasing power parity level of Sub Saharan African countries and
employment rate for the period 1980 to 2012.
1.2 Statement of Problem
Sub-Saharan Africa countries are still at
a crossroad of development. Despite a quarter of a century of economic
reforms propagated by national policies and international financial
agencies and institutions, Sub-Saharan Africa is still lagging in
development. This region was thought of as an area with huge potential
for economic growth; however, sub-Saharan Africa is now representing the
poorest and least developed populations in the world and becoming the
primary focus of international aid agencies (Tyler and Gopal, 2010). In
2001, Go et al. (2007) opine that sub-Saharan Africa had a poverty rate
of 46.1 percent, the highest regional poverty rate in the world;
therefore, this region represents 29 percent of the global population
living on less than $1 per day.
Again, according to UN (2012) report,
sub-Saharan Africa which comprises 49 countries, 47% of the people live
on less than $1.25 a day. Although in 2011, the World Bank confirmed a
positive declining trend in poverty, the level of poverty is still the
highest in the world (World Bank, 2011). While there is large
heterogeneity among countries in the sub regions, financial systems in
most sub Saharan African countries has remained poorly developed
relative to other regions with only 24% of the adult population having
bank accounts at a formal financial institution which is half the global
average. Banks and other deposit-taking institutions, like
cooperatives, dominate financial systems in sub-Saharan Africa with
regulated microfinance institutions though increasingly playing an
important role in expanding access to financial services to low income
earners is still not enough in sub Saharan African countries. According
to Financial
Stability Board (FSB), International
Monetary Fund (IMF), and World Bank (WB) (2011), the last couple of
years have also witnessed the emergence of Pan-African banking groups
expanding rapidly in the region with significant share of domestic
deposits. This has resulted in increased local competition while
infusing new technologies, products, and managerial techniques however;
there is still an un-served group in rural areas that need such
financial institutions. Though, mobile money is increasingly playing a
role in expanding access in the region where 16% of adults are reported
to use a mobile phone to pay bills or send or receive money but when
compared to global average it is less than 5% (FINDEX 2012).
One of the major indicators of
under-development in Sub Saharan African countries is high mortality
rate. The level of mortality in a population can be measured by the
number of deaths per thousand inhabitants, number of infant deaths per
1000 births and summary measure of death risks/ survival chances over
different ages. Of these, the infant mortality rate is the most widely
used indicator of the general health situation in a country. In the
1950s infant mortality rates in Asia were as high as in sub-Saharan
Africa. According to Malmberg (2010) after 1960, the decline became more
rapid in Asia, whereas the decline in sub-Saharan Africa continued at a
slow pace and opines that the stall of the infant mortality rate
decline during the last two decades of the 20th century can be seen as
the result of a policy failure. One possible reason for low rates of
improvements after 1980 could be the austerity measures imposed on many
sub-Saharan countries by the IMF and the World Bank (Malmberg, 2010).
Severe cuts in government budgets and large lay-offs of public employees
seem to have had negative effects on programs aimed at health
improvement. An alternative explanation is that the economic downturn
was the key factor. What is clear is that sub-Saharan Africa during this
period was unable to implement the kinds of broad-based health policies
which have been so successful in reducing infant-mortality in Asia
(Fort, Mercer et al. 2004).
According to the United Nations, as of
the year 2008, there were 26 countries in the world that qualified as
countries with “low human development” (United Nations Development
Programme 2008b). Low human development is defined as a country with an
HDI value of less than 0.5. Of the 26 countries, all but one
(Timor-Leste) are located in sub-Saharan Africa. Not one country in
contiguous sub-Saharan Africa (in other words excluding island states)
is considered to have “high human development.” The country with the
highest human development index (HDI) rating located in contiguous
sub-Saharan Africa is Gabon, with an HDI value of 0.729 (United Nations
Development Programme 2008a). To put this HDI value in perspective,
countries with similar HDI values are the Philippines, Paraguay, Sri
Lanka, and Jamaica (United Nations Development Programme 2008a). It is
clear that along with the highest rates of poverty in the world and
stagnant economic growth, sub- Saharan Africa is also home to the least
educated and least healthy populations in the world.
It is therefore, against the need to
explore the role of finance in tackling developmental issues in
developing economies with bias to sub Saharan African countries that
this study examined the impact of financial intermediation on economic
development of sub Saharan African countries from 1980 to 2012 utilizing
panel data set from the World Bank.
1.3 Objectives of the Study
The general objective of this study is to
examine the impact of financial intermediation on economic development
of sub Saharan African countries. However, the specific objectives of
this study are:
- To ascertain the impact of financial intermediation on the quality of life of sub Saharan African countries,
- To assess the impact of financial intermediation on the level of human development of sub Saharan African countries,
- To determine the impact of financial intermediation on the per capita real income of sub Saharan African counties,
- To examine the impact of financial intermediation on gross domestic product of sub Saharan African countries, and
- To ascertain the impact of financial intermediation on employment creation in sub Saharan African countries.
1.4 Research Questions
In order to empirically test the above objectives, the following research questions arose. There are:
- To what extent does financial intermediation have positive and significant impact on the quality of life of sub Saharan African countries?
- How far does financial intermediation play significant and positive impact on human development of sub Saharan African countries?
- To what extent does financial intermediation have positive and significant impact on per capita real income of sub Saharan African countries?
- How far does financial intermediations have positive and significant impact on gross domestic product growth rate of sub Saharan African countries?
- To what extent does financial intermediation have positive and significant impact on employment creation in sub Saharan African countries?
1.5 Research Hypotheses
The following hypotheses were stated in null forms in this study. There are:
- Financial Intermediation does not have positive and significant impact on the quality of life in sub Saharan African countries.
- Financial Intermediation does not have positive and significant impact on human development in sub Saharan African countries.
- Financial Intermediation does not have positive and significant impact on per capita real income of sub Saharan African countries.
- Financial intermediation does not have positive and significant impact on gross domestic product growth rate of sub Saharan African countries
- Financial intermediation does not have positive and significant impact on employment creation in sub Saharan African countries.
1.6 Scope of the Study
This study covered the period 1980 to
2012 and 47 Sub Saharan African countries were studied. According to
Jhingan (2012), in the early eighties, the decline in the growth rate of
developed countries, the rise in oil prices, the debt crisis in
developing countries and the worsening of their terms of trade pushed
the basic needs strategy in the background. Many countries embarked on
programmes of stabilization and structural adjustments. Initially
stabilization measures supported by the IMF and World Bank were aimed at
reducing inflation, cutting public spending, reducing wages and raising
interest rates. Goaded by the World Bank and IMF, many developing
countries (including sub Saharan African countries) switched to
long-term structural adjustment programmes. The programmes were
domestically designed programme of reforms by following the policies of
liberalization, adjustment and privatization. These involves reducing
the role of the state, removing subsidies, liberalizing prices and
opening economies to flows of international trade and finance. Most sub
Saharan African countries adopted the structural adjustment programmes.
Thus, this study examined the impact of financial intermediation on
economic development from the period of structural adjustment programmes
to this period of craving for sustainable development hence the scope
of this study, hence, the use of 1980 as a base year is predicated on
the era of structural adjustment programme among countries in the
region. There are presently 49 in Sub Saharan African Countries and the
sub Saharan African countries under focus in this study are Angola,
Benin, Botswana, Burkina Faso, Burundi, Cameroun, Cape Verde, Central
African Republic, Chad, Comoros, Congo Democratic Republic, Congo
Republic, Cote d Ivoire, Equatorial Guinea, Eritrea, Ethiopia, Egypt,
Gabon, Gambia, Ghana, Guinea Bissau, Libya, Liberia, Kenya, Lesotho,
Malawi, Mauritius, Mauritania, Morocco, Mali, Madagascar, Mozambique,
Namibia, Nigeria, Niger, Rwanda, Seychelles, Senegal, Somalia, South
Africa, Sierra Leone, Sudan, South Sudan, South Tome and Principe,
Swaziland, Tanzania, Uganda, Zambia, and Zimbabwe.
1.7 Significance of Study
This study will be significant to the following groups. There are:
- Government Policy Makers
Monetary and fiscal policies play a
significant role in accelerating development by influencing the cost of
availability of fund, controlling credit, maintaining balance of payment
equilibrium as well as taxation. Thus, this study will assist in
providing government policy makers with the necessary tools needed at
formulating economic policies that will enhance the current drive for
sustainable development especially in the sub Saharan African region.
- Academia
This study examined the impact of
financial intermediation on economic development in sub Saharan African
Countries. The study of economic development has attracted the attention
of economists’ right from Adam Smith to Marx and Keynes. However, most
of these studies have reviewed its impact based on developed economies.
However, this study primarily is based on underdeveloped countries in
the sub Saharan African region; thus, this study will increase
literature in this area of finance and economics.
1.8 Philosophical Positioning of the Study
The philosophical position taken by a
researcher determines the methodology and hence the method applied. As
stated by Saunders and Thornhill (2007), research philosophy can be
defined as the development of the research background, research
knowledge and its nature and this help the research paradigm. In this
study, the definition given by Cohen, Manion and Morrison (2000) that
research paradigm broadens the framework, which comprises perception,
beliefs and understanding of several theories and practices that are
used to conduct a research was insightful. The philosophical basis for
this study is ontology (study of reality) with epistemology (study of
knowledge) underpinning. However, we adopted the Realism paradigm to
explore the impact of financial intermediation on economic development
of sub Saharan African countries. Critical realism sees the social world
as existing externally and measurable by objective methods. It brings
together the natural and human social sciences and so is an integrative
epistemology blends structure and agency. It considers that the objects
of scientific knowledge exist and act independently of our beliefs about
them. These beliefs are always provisional and fallible. It acknowledge
the socially and historically constructed form of scientific theories
and knowledge claims and assumes scientific method which presupposes
independent existence as well as rejects socially constructed character
of knowledge (Neuman, 2000).
Augustus Comte was influential in this view and
believed that real knowledge was based upon observed fact (Comte, 1853). Although there is no single universally accepted set of characteristics, taking this view the researcher sees “truth” as logical, linked and predictable and believes it is possible to derive and understand it through objective mathematical logic and scientific methods. Thus, this study used quantitative methods from panel data obtained from the World Bank to derive a model of the impact of financial intermediation on economic development of sub Saharan African countries.
believed that real knowledge was based upon observed fact (Comte, 1853). Although there is no single universally accepted set of characteristics, taking this view the researcher sees “truth” as logical, linked and predictable and believes it is possible to derive and understand it through objective mathematical logic and scientific methods. Thus, this study used quantitative methods from panel data obtained from the World Bank to derive a model of the impact of financial intermediation on economic development of sub Saharan African countries.
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