This study empirically assesses the relationship between financial inclusion and economic growth in Sub-Saharan African (SSA) countries for the period of 2004–2017, using the generalized method of moments and Dumitrescu–Hurlin's causality test. Based on the multidimensionality of the financial inclusion measures, a principal component analysis was applied to develop a composite index for financial inclusion. The results show that financial inclusion has a significant positive influence on economic growth in SSA countries. Other findings indicate that there is causality running from economic growth to financial inclusion in the short run. Therefore, policymakers should emphasize strategies that foster access to quality and affordable financial services and products, to improve inclusive growth in the continent.

中文翻译：

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普惠金融：撒哈拉以南非洲经济体的经济增长之路

本研究采用广义矩法和杜米特雷斯库-胡林因果检验，实证评估了 2004 年至 2017 年期间撒哈拉以南非洲 (SSA) 国家的金融普惠与经济增长之间的关系。基于普惠金融测度的多维性，采用主成分分析法制定普惠金融综合指数。结果表明，普惠金融对撒哈拉以南非洲国家的经济增长具有显着的积极影响。其他研究结果表明，短期内经济增长与金融包容性之间存在因果关系。因此，政策制定者应强调促进获得优质且负担得起的金融服务和产品的战略，以改善非洲大陆的包容性增长。