摘要：Th is paper investigated how financial development influences the relationship between foreign direct investment (FDI) and economic growth in selected Sub - Saharan Africa (SSA) countries. Th is study considered three alternative measures of financial development (FD) and their impacts on the FDI - growth linkage. It also explored the possibility of non - linearities in the tripartite relationship s . The results showed a positive influence of FDI on economic growth. Financial system development also had growth - promoting impact in the presence of FDI flows. Interestingly, these findings remained robust when potential endogeneity was accounted for using a well known instrumental variable (IV) estimator. Digging deeper, the findings also supported the existence of non - linearities in the role of FD in the FDI - growth association. In policy terms, these SSA countries will reap more growth benefits from foreign capital flows especially if financial reforms ar e sustained.
关键词：Financial Development; Foreign Direct Investment; Gross Domestic ; Product; Sub ; - ; Saharan Africa
