n Review of Development Finance - Stock market development, human capital, and economic growth in sub-Saharan Africa

Volume 10, Issue 1
  • ISSN : 1879-9337


The study examines the relationship between stock market development, human capital development, and economic growth for nine Sub-Saharan Africa using a dynamic panel (system GMM) data model technique. The study employs stock market and banking sector development as measures of financial sector development. We also use the Human Capital Index based on the average years of schooling and an assumed rate of return to education. Our findings indicate that human capital leads to economic growth while stock market development does not influence economic growth, perhaps due to the relative underdevelopment of these markets or economic stagnation of the region.

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