Abstract This paper examines whether the effect of financial liberalization on economic growth depends on reform complementarities. A non-linear growth regression specification that interacts a proxy of financial liberalization with proxies of reform complementarities is estimated using a panel of 45 Sub-Saharan Africa (SSA) countries. The cross-country, panel-data evidence shows no clear relationship between financial liberalization and growth. The study however finds that financial liberalization is more likely to positively and significantly increase growth across the SSA region if the following complementary reforms are undertaken e.g. improvement in educational attainment, macroeconomic and external stability, and overall governance.

中文翻译：

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非洲经济金融自由化与增长：政策互补的作用

摘要本文探讨了金融自由化对经济增长的影响是否取决于改革的互补性。由45个撒哈拉以南非洲国家（SSA）国家组成的小组评估了一种非线性增长回归指标，该指标将金融自由化的代理与改革互补性的代理相互作用。跨国的面板数据证据表明，金融自由化与增长之间没有明确的关系。但是，该研究发现，如果进行以下补充性改革，例如提高教育水平，宏观经济和外部稳定性以及整体治理，则金融自由化更有可能积极且显着地促进整个撒哈拉以南非洲地区的增长。