FINANCIAL MARKET DRIVERS AND HUMAN DEVELOPMENT IN SUB-SAHARAN AFRICAN (SSA) COUNTRIES (1990-2023)
DOI:
https://doi.org/10.18623/rvd.v22.n3.3650Keywords:
Financial Market Drivers, Financial Market Efficiency, Financial Market, SSA, Human Development and Human Development IndexAbstract
The study examined financial market drivers and human development in SSA Countries. The study employed a panel data that spanned between 1990-2023. The study made used of ex-post facto research design. Panel Autoregressive Distributed Lag Model (PARDL) formed the main estimation technique. Findings showed that cointegration of financial market indicator has positive (∂=0.131) and significant (0.000) effect on human development index in SSA countries while financial market efficiency has negative (∂=-0.008) and insignificant (0.5506) effect on human development index in SSA countries. The study recommended that policymakers should strengthen mechanisms for monitoring and mitigating risks that may destabilize financial markets. This includes establishing robust risk management frameworks and implementing macro-prudential policies that balance financial stability. Policymakers should ensure that efforts to enhance financial market efficiency are aligned with developmental goals and also focus on the equitable distribution of financial resources.
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