Table of Contents
Title Page
Approval Page
Table of Contents
List of Tables
List of Figures

Chapter One: Introduction
1.0       Background of Study
1.2       Statement of Problem
1.3       Objectives of the Study
1.4       Research Questions
1.5       Research Hypotheses
1.6       Scope of the Study
1.7       Significance of Study
1.8       Philosophical Positioning of the Study

Chapter Two: Review of Related Literature
2.1       Theoretical Review
2.1.1    Economic Theories of Sustainable Development
2.1.2    Neo-classical Theory and Sustainable Development
2.1.3    Evolutionary Theoretical Approach for Environmental Economics
2.1.4    Environmental Economics Theories and Sustainable Development
2.1.5    Theoretical Development of Finance-Growth Nexus
2.1.6    Development Variables and Their Relevance
2.1.7    Finance and Growth of World Economies
2.1.8    Financial Development, Productivity and Growth
2.1.9    Financial System Size and the Economy
2.2       Empirical Review
2.2.1    An Overview of sub-Saharan African Development
2.2.2    Financial Sector and Economic Development
2.2.3    Financial Sector Development and Intermediation
2.2.4    Financial Sector Development and Sustainable Development
2.2.5    Banking Sector and Economic Development
2.2.6    Infrastructure Finance and Economic Development
2.2.7    The Capital Market and Economic Development
2.2.8    Financial Development and the Intersectoral Transfer of Resources
2.2.9    Financial Sector Development and Growth
2.2.10  Financial Sector Environment and Structure
2.2.11  Economic Crises and Financial Sector Development
2.2.12  Financial Development and Poverty Reduction
2.2.13  Human Capital and Economic Development
2.2.14  Finance Development and Employment
2.3       Review Summary

Chapter Three: Research Methodology
3.1       Research Design
3.2       Nature and Sources of Data
3.3       Model Specification
3.4       Description of Explanatory Variable
3.4.1    Dependent Variables
3.4.2    Independent Variable
3.4.3    Control Variables
3.5       Techniques of Analysis

Chapter Four: Presentation and Interpretation of Data
4.1       Presentation of Data
4.4.1    Testing for Stationarity
4.2       Test of Hypotheses
4.2.1    Test of Hypothesis One
4.2.2    Test of Hypothesis Two
4.2.3    Test of Hypothesis Three
4.2.4    Test of Hypothesis Four
4.2.5    Test of Hypothesis Five
4.3       Implications of Results

Chapter Five: Summary of Findings, Conclusion and Recommendations
5.1       Summary of Findings
5.2       Conclusion
5.3       Recommendations
5.3.1    Contributions to Knowledge
5.3.2    Recommendation for Further Studies


Sub-Saharan African countries are still at the crossroad of economic performance. Despite quarter of a century of economic reforms, propagated by national policies and international financial agencies and institutions, sub-Saharan Africa is still lagging behind in development. Once thought of as an area with huge potential for economic growth, sub-Saharan African countries are now representing the poorest and least developed populations of the world due largely to skewed economic development polices which are not geared towards sustainability. Economic development must be sustainable, implying that it should be on-going and dynamic in order to achieve the goal of poverty alleviation. A review of literature indicates that studies in this area of economics and finance have focused on the impact of finance on economic growth arising more from developed economies. Recommendations from these works may obviously have favoured these economies to the detriment of the developing ones, sub Saharan African countries inclusive. Such policies nonetheless are growth oriented as opposed to the more development oriented policies which developing countries need at least to salvage their numerous poor. Sub Saharan African countries need not only grow but to develop especially as financial intermediation is taking place in their economies. It is therefore in this context that for economies of sub Saharan African countries to grow, studies that will examine the impact of financial intermediation on economic development should be used as the basis for formulating economic policies for the structural transformation of their economies. It is therefore against the foregoing that this study sought to examine the impact of financial intermediation on quality of life; human development; per capita real income; gross domestic product and employment creation in Sub Saharan African countries. The study adopted the ex-post facto research design. Panel data set were collated from the World Bank for 49 sub Saharan African countries for the period, 1980 - 2012. Five (5) hypotheses which state that financial intermediation does not have positive and significant impact on the quality of life; human development; per capita real income; gross domestic product growth rate; employment creation in sub Saharan African countries were formulated and tested using the Ordinary Least Squares (OLS) technique. Credit to the private sector (FIM) was adopted as the independent variable and physical quality of life index (PQLI), human development index (HDI), per capita income (PCI), growth rate of gross domestic product (GDPGR) and unemployment index (UEI) were the dependent variables for the hypotheses respectively. Capital stock (CS) and trade stock (TS) were introduced as control variables. The result emanating from this study was mixed on the development indicators. While physical quality of life and per capital income was found to have positive and significant impact on economic development, human development index, gross domestic product growth rate and unemployment creation had negative and significant impact. The study, therefore, concludes that for the economies of sub Saharan African countries to develop, emphasis should be placed on developing and implementing policies that will address critical areas like health, education, agriculture, energy, infrastructural development etc as these are development oriented goals that can move the region forward. We thus recommend, among others, that governments in the sub region should prioritize investments in these areas. This would assist in addressing the problems of underdevelopment observed in the region.

1.0                 Background of Study

Over the past half century, developmental economics has undergone many changes as emphasis has shifted from the growth in gross domestic product (GDP) per capita (Morawetz, 1977), to employment creation (Lewis 1954; Kuzent, 1955), to basic human needs (see, Goldstein, 1985), to stabilization and structural adjustment (see, Jhingan, 1984), to human capabilities and development (Sen, 1989), and recently, to sustainable development (World Development Report, 1999-2000).

These changes in developmental economic policies over time from growth in GDP per capita to sustainable development could be attributed to the desire of nations to address the problem of poverty which is predominant in less developed economies of the world (Sub Saharan African countries inclusive). The Brundtland report of the World Commission on Environment and Development in 1987 however brought to limelight the concept of sustainable development as the report defined it as “meeting the needs of the present generation without compromising the need of the future generation” (Jhingan 2012:12). T hus, economic development must be sustainable implying that it should be on-going and dynamic in order to achieve the goal of poverty eradication.

The World Development Report (1999-2000) emphasizes the creation of sustainable improvement in the quality of life for all persons as the principal goal of development policy. According to the report, sustainable development has many objectives; beside increasing economic growth, meeting basic needs, and lifting the standard of living of citizens, it also include a number of specific goals such as; bettering people’s health and educational opportunities, giving everyone the chance to participate in public life, helping to ensure a clean environment, promoting intergenerational equality and much more (World Commission, 1999-2000).....

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