Purpose

This study purposely re‐examine the mortgage–finance nexus in Africa.

Design/methodology/approach

This study adopted a panel data set spanning over the period 1995–2017 by using system generalized method of moments (GMM) dynamic pooled estimator developed by Arellano and Bond (1991) and Arellano and Bover (1995) involving 51 African countries.

Findings

The findings discovered that financial development (bank asset) affects mortgage development positively and this effect is highly significant while broad money supply as a measure of financial development impedes mortgage development in Africa. Furthermore, with the introduction of the quadratic term, broad money supply established a U-shaped relationship with mortgage financing indicating that more money in circulation facilitates mortgage development in Africa. However, the shape of the other variables depends largely on the nature of proxy used.

Originality/value

This study is unique in many aspects. First, examining the extant literature on the financial development and mortgage financing nexus, to the best of the authors’ knowledge, no study is cited at the African level with this relationship. Secondly is the empirical model, as it used the system GMM dynamic pooled estimator developed by Arellano and Bond (1991) and Arellano and Bover (1995) to establish whether there is any effect of finance–mortgage nexus.

中文翻译：

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金融发展对非洲抵押贷款发展的影响：GMM 动态汇集估计量的应用

目的

本研究有意重新审视非洲的抵押贷款融资关系。

设计/方法/方法

本研究通过使用由 Arellano 和 Bond (1991) 以及 Arellano 和 Bover (1995) 开发的涉及 51 个非洲国家的系统广义矩量法 (GMM) 动态汇总估计器，采用了跨越 1995-2017 年的面板数据集。

发现

研究结果发现，金融发展（银行资产）对抵押贷款发展产生积极影响，这种影响非常显着，而作为金融发展衡量标准的广义货币供应量阻碍了非洲抵押贷款的发展。此外，随着二次项的引入，广义货币供应量与抵押融资建立了 U 型关系，表明更多的货币流通促进了非洲抵押贷款的发展。然而，其他变量的形状很大程度上取决于所使用的代理的性质。

原创性/价值

这项研究在许多方面都是独一无二的。首先，检查有关金融发展和抵押融资关系的现有文献，据作者所知，在非洲层面没有引用与这种关系相关的研究。其次是经验模型，因为它使用了由 Arellano 和 Bond (1991) 以及 Arellano 和 Bover (1995) 开发的系统 GMM 动态汇总估计量来确定是否存在金融抵押关系的任何影响。