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Published: 4 months ago
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Pages: 27
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Abstract
This study examines the nexus between ICT diffusion, financial development, industrialisation, and economic growth using a novel panel VAR approach in the generalized method of moments (GMM) estimation. Different proxies were used to measure the mentioned variables, instead of the popular measures employed in previous literature. Based on panel data covering 45 countries from 2000 to 2018, the empirical results suggest that there is bidirectional causality between: ICT diffusion and economic growth; financial development and industrialisation; financial development and economic growth; industrialisation and economic growth. The findings further provide evidence that financial development, levels of industrialisation, and economic growth are not significant or positive predictors of ICT diffusion. The study’s implications for policy are profound, suggesting that SSA governments should adopt a holistic approach to economic policy development, integrating ICT, financial, and industrial policies to harness these interdependencies effectively.
Nicholas M. Odhiambo Mr
Nicholas Ngepah
Charles Shaaba Saba
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