Financial development and economic growth: Literature survey and empirical evidence from sub-Saharan African countries
Yükleniyor...
Tarih
2009
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
AOSIS (pty) Ltd
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
In this paper we review the literature on the finance-growth nexus and investigate the causality between financial development and economic growth in sub-Saharan Africa for the period 1975-2005. Using panel co-integration and panel GMM estimation for causality, the results of the panel co-integration analysis provide evidence of no long-run relationship between financial development and economic growth. The empirical findings in the paper show a bi-directional causal relationship between the growth of real GDP per capita and the domestic credit provided by the banking sector for the panels of 24 sub-Saharan African countries. The findings imply that African countries can accelerate their economic growth by improving their financial systems and vice versa.
Açıklama
Anahtar Kelimeler
Financial development, Growth, Panel causality, Sub-Saharan Africa
Kaynak
South African Journal of Economic and Management Sciences
WoS Q DeÄŸeri
Scopus Q DeÄŸeri
Q2
Cilt
12
Sayı
1
