Econometric Analysis of the Impact of Financial Variables on Investment Behavior in Sub-Saharan African (SSA) Countries

The objective of this paper is to propose an econometric analysis of the impact of financial variables on investment behavior in Sub-Saharan African countries. More specifically, the study estimates an investment function using cointegration techniques with a view to highlight the impact of Stock Exchange prices on the evolution of long-term investment and its determination in the short term. In order to take account of the effect on investment of the uncertainty in economic growth observed in recent years, we worked out several indicators of volatility in Stock Exchange prices of which, the real interest rate and the rate of growth of value-added.