ABSTRACT

The study aims at determining the effect of inflation on finance-growth nexus on 23 Sub-Saharan Africa countries with 5-year averaged data set over the period 1982–2016. A non-dynamic threshold approach is utilized. Strong evidence of inflation threshold of 31% beyond which the impact of financial development on economic growth turns negative from positive is obtained. There is also inflation threshold of 13% obtained when financial development is represented by private credit by deposit money banks and other financial institutions (% of GDP) but with an even higher positive impact of financial development on economic growth beyond the identified inflation threshold. This supports the view that financial development can only become inversely related to growth at much higher-inflation level of above 31%, below which there is robust positive finance-growth nexus. It is, therefore, recommended to always keep inflation levels at lower levels, preferably below 31%, which would ensure sustainable development through financial development.

摘要

该研究旨在确定通货膨胀对 23 个撒哈拉以南非洲国家的金融增长关系的影响，其中设置了 1982 年至 2016 年期间的 5 年平均数据。使用非动态阈值方法。获得了31%的通胀门槛的有力证据，超过该门槛金融发展对经济增长的影响由正转负。当金融发展以存款货币银行和其他金融机构的私人信贷（占 GDP 的百分比）为代表时，也获得了 13% 的通胀门槛，但金融发展对经济增长的积极影响甚至超过了确定的通胀门槛。这支持了这样一种观点，即金融发展只能在高于 31% 的高通胀水平下与增长成反比，在此之下，存在强劲的正金融增长关系。因此，建议始终将通胀水平保持在较低水平，最好低于 31%，这将通过金融发展确保可持续发展。