Financial development and economic growth: literature survey and emiırical evidence from sub-saharan african countries
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Tarih
2009
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
UNIV PRETORIA
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
WOS: 000264712700002
Anahtar Kelimeler
Financial Development, growth, Panel Causality, Sub-Saharan Africa
Kaynak
South Afrıcan Journal of Economıc and Management Scıences
WoS Q Değeri
Scopus Q Değeri
Cilt
12
Sayı
1
