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Title: A critical analysis of the revised finance-growth nexus : a case for the exclusion of value added of financial services from GDP
Author: Itaman, Richard Eromose
ISNI:       0000 0004 7655 9441
Awarding Body: SOAS University of London
Current Institution: SOAS, University of London
Date of Award: 2018
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This thesis critically re-examines the finance-growth nexus. It takes a pluralist approach to draw upon the theoretical limitations of the literature and analyse the empirical revisionism that has emerged. The narrowness of the literature is seen in the disaggregation of the nexus through forms and channels for which finance is alleged to affect growth, neglecting other potential causal factors for both or their relationship. The limitations of the threshold analysis is taken as a point of departure, teasing out the implications for developing countries, and to broaden empirical investigation of the nexus. A critical analysis of the nexus in development literature is shown to reveal the gaps in understanding of the context and the limitations of measures through which the impact of finance on African countries has been analysed. Financial development in Nigeria is critically considered to better understand the nature of expanding finance in developing countries. With the objective of expanding the empirical literature of the nexus to include the debate on the productiveness or not, of the financial sector, an investigation is made into the political economy of the treatment of financial services in the System of National Accounts (SNA). The narrative on the productiveness of finance is arguably understood as giving potency to the nexus. We therefore exclude value added of financial services from GDP and re-estimate the threshold analysis of the finance-growth nexus using cross-sectional and panel data estimations to further understand the relationship between finance and growth.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral