shocks

Financial sector development, economic volatility and shocks in sub-Saharan Africa

The role of financial sector development in economic volatility has been extensively studied albeit without informative results largely on the failure of extant studies to decompose volatility into its various components. By disaggregating volatility, this study examines the effect of financial development on volatility as well as channels through which finance affects volatility components in 23 sub-Saharan African countries over the period 1980–2014 using the newly developed panel cointegration estimation strategy.

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