Financial development and economic growth: literature survey and emiırical evidence from sub-saharan african countries
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.
Kaynak
South Afrıcan Journal of Economıc and Management ScıencesCilt
12Sayı
1Koleksiyonlar
- Makale Koleksiyonu [223]
- WoS İndeksli Yayınlar Koleksiyonu [243]