By: Chinedu A. Nwosu, Samuel N. Marcus, Osmond N. Okonkwo, Echeta O. Desmond
Pages: 20–40, Volume: 3, Number: 1
Published by: AEFUNAI Journal of Economics, Finance and Development Studies, Alex Ekwueme Federal University, Ndufu-Alike, 2/1/2026, 2026
ISSN (Electronic): 2536-6742
DOI:
Analysis of Human Development, FDI and Institutional Quality: Evidence from CS-ARDL and Granger Non-Causality Models
Abstract:
This study examined the relationship between human development, foreign direct investment, and institutional quality. Panel data on 34 Sub-Saharan countries spanning 1999 and 2022 were utilized to estimate a cross-sectional augmented autoregressive distributed lag (CS-ARDL) model and the Granger non-causality test. The findings based on the CS-ARDL indicate that institutional quality and FDI have a significant positive impact on human development in the long run. The Granger non-causality test reveals a bidirectional relationship between institutional quality and human development, and a unidirectional causality from FDI to human development.
Keywords: Human development, FDI quality, Institutional framework, Economic growth, SSA
How to Cite
Nwosu, C. A., Marcus, S. N., Okonkwo, O. N., & Desmond, E. O. (2026). Analysis of Human Development, FDI and Institutional Quality: Evidence from CS-ARDL and Granger Non-Causality Models. AEFUNAI Journal of Economics, Finance and Development Studies (AEFUNAI-JEFDS), Vol. 3(1), 20–40.
Creative Commons Attribution 4.0 International License (CC BY 4.0)
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